Pipeline operator Enbridge reports $1.89B Q1 profit, beats expectation
Chief executive Al Monaco said "We're very pleased with our strong start to 2019"
CALGARY—Enbridge Inc. topped expectations as it reported a first-quarter profit of $1.89 billion.
The pipeline company says the profit amounted to 94 cents per share for the quarter ended March 31.
The result was up from $445 million or 26 cents per share a year ago when the company was hit by a number of one-time charges.
On an adjusted basis, Enbridge says it earned $1.64 billion or 81 cents per share in its most recent quarter, up from $1.38 billion or 82 cents per share a year ago when it had fewer shares outstanding.
Analysts on average had expected a profit of 72 cents per share for the quarter, according to Thomson Reuters Eikon.
The results came as chief executive Al Monaco said the company’s systems were running well and near capacity.
“We’re very pleased with our strong start to 2019,” Monaco said in a statement.
“In fact, we hit record throughput levels this quarter on the Liquids Mainline System. In addition, our gas transmission systems were in high demand given the colder weather we experienced in our franchises this winter, and the Ontario gas utility business hit record dispatch days in January and February.”