Line 9 delays hit Enbridge’s 2015 earnings
by The Canadian Press
The pipeline company says the delays affect this year's earnings because Line 9 was expected to be in service early in 2015
CALGARY—Enbridge says delays in completing its Line 9 pipeline project through southern Ontario is having a negative effect on its profit this year.
The Calgary-based company says it now expects 2015 adjusted earnings to be at the low end of its previous estimates of between $2.05 and $2.35 per share of adjusted earnings.
The company, which has a number of controversial pipeline projects in the works in different parts of Canada, says deliveries on Line 9 are now expected to begin in December.
The timing affects this year’s earnings because Line 9 was expected to be in service early in 2015.
The project update was included in Enbridge’s third-quarter financial report, which said its adjusted earnings were up from last year at $399 million or 45 cents per share. That was four cents per below analyst estimates of 49 cents per share.
Enbridge also reported a $609 million net loss in the quarter, which included several unusual and non-recurring factors as well as the impact of changing foreign exchange rates on its financial derivatives.
