Reported and adjusted earnings rise at different rates
Enbridge reported third-quarter earnings attributable to common shareholders of C$1.288 billion, or C$0.59 per share, compared with C$682 million, or C$0.30 per share, a year earlier. Its November 6 release says non-cash, unrealized derivative-value changes were the main reason for the increase, alongside operating performance.
Adjusted earnings were C$1.074 billion, or C$0.49 per share, compared with C$997 million, or C$0.46 per share. This is a non-GAAP measure; it is separate from reported profit.
Operating cash flow and DCF are different measures
Cash provided by operating activities fell to C$2.703 billion from C$2.868 billion. Distributable cash flow, Enbridge’s non-GAAP measure, rose to C$2.689 billion from C$2.566 billion. The release reconciles that measure to operating cash flow, including working-capital and maintenance-capital adjustments.
Enbridge reaffirmed full-year guidance of C$20.2 billion to C$20.8 billion in adjusted EBITDA and C$5.70 to C$6.10 in DCF per share. These remain forecasts rather than achieved full-year results.
Two gas expansions entered service in the quarter
The company says the Aspen Point expansion of British Columbia’s pipeline system and the Tennessee Ridgeline project entered service during the third quarter. It reports C$3 billion of completed projects entering service in that period, while its secured growth backlog stands at about C$38 billion.
The November results report does not mean those projects opened today. It covers infrastructure serving Canadian and U.S. markets, and does not announce a uniform new household gas tariff or guarantee lower customer bills.
