Enbridge reports $765M third quarter profit

Enbridge Inc. says it earned $765 million in its latest quarter compared with a loss a year ago.

The pipeline company says the profit amounted to 47 cents per share for the quarter ended Sept. 30 compared with a loss of $103 million or 11 cents per share in the same quarter last year.

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On an adjusted basis, Enbridge says it earned $632 million or 39 cents per share for the quarter compared with an adjusted profit of $437 million or 47 cents per share a year ago.

Revenue in the quarter amounted to $9.23 billion, up from $8.49 billion.

Enbridge says the largest driver of growth for the quarter were the natural gas, liquids and utility assets acquired in its takeover of Spectra Energy earlier this year.

The company says it was also helped by stronger crude oil throughput on its Mainline system, new projects coming into service and stronger realized foreign exchange hedge rates.