Canadian Manufacturing

Enbridge reports third quarter loss on one time charges, adjusted profit up

On an adjusted basis, Enbridge says it earned $933 million or 55 cents per share in the three-month period, up from an adjusted profit of $632 million or 39 cents per share a year ago


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CALGARY – Enbridge Inc. says it lost $90 million in its latest quarter as it was hit by a number of one-time charges.

The pipeline and utility company says the loss amounted to five cents per share for the quarter compared with a profit of $765 million or 47 cents per share a year ago.

The loss for the most recent quarter included a non-cash charge of nearly $1.02 billion after taxes.

On an adjusted basis, Enbridge says it earned $933 million or 55 cents per share in the three-month period, up from an adjusted profit of $632 million or 39 cents per share a year ago.

Analysts on average had expected a profit of 51 cents per share for the quarter, according to Thomson Reuters Eikon.

Enbridge says the improvement was driven by strong operating results from across its business, new projects coming into service, benefits from its Spectra Energy acquisition and more favourable foreign exchange hedge rates.

The company also says it’s suspending its dividend reinvestment and share purchase plan.

The change means shareholders will only receive dividends in cash effective with the payment scheduled for Dec. 1.

Enbridge says it decided to suspend the programs because of its progress on its funding and asset sales plan.

 

News from © Canadian Press Enterprises Inc. 2016

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