CALGARY - Enbridge Inc (TSX:ENB). (NYSE:ENB) reported lower second quarter earnings that missed analyst estimates, but maintained its full-year financial guidance as it integrates recent acquisitions.
The Canadian energy infrastructure company posted adjusted earnings of C$0.58 per share in Q2, down from C$0.68 per share a year ago and below the C$0.63 analyst consensus estimate.
Despite the earnings miss, Enbridge reaffirmed its 2024 distributable cash flow guidance of C$5.40 to C$5.80 per share. The company raised its full-year adjusted EBITDA outlook to C$17.7 billion to C$18.3 billion, up from its previous range of C$16.6 billion to C$17.2 billion, to reflect contributions from recently closed U.S. gas utility acquisitions.
"During the quarter, we made significant progress on our strategic priorities," said Greg Ebel, Enbridge's President and CEO. "We completed the acquisition of Questar and filed a settlement with the Public Staff for the North Carolina Utilities Commission giving us a clear path to closing the acquisition of PSNC in Q3."
Enbridge said it has now fully financed its US$14 billion acquisition of three U.S. gas utilities from Dominion Energy (NYSE:D). The company expects these deals to strengthen its financial position once fully integrated.
The pipeline operator reported record Q2 adjusted EBITDA of C$4.3 billion, up 8% YoY, driven by strong demand across its liquids and gas pipeline systems. Mainline volumes averaged 3.1 million barrels per day in the quarter.
Enbridge maintained its 2023-2026 outlook for 7-9% annual adjusted EBITDA growth and approximately 3% annual distributable cash flow per share growth.
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