Enbridge reporting higher profit, revenue in third quarter

File: Enbridge chief executive Al Monaco prepares to address the company's annual meeting in Calgary, Wednesday, May 8, 2019. Jeff McIntosh, THE CANADIAN PRESS

Enbridge Inc. says it earned $1.28 billion in its latest quarter, up from $682 million in the same quarter last year.

The pipeline operator says the profit amounted to 63 cents per share for the quarter ended Sept. 30, up from 34 cents per share a year ago.

Operating revenue grew to $11.57 billion in the company’s third quarter, compared with $11.47 billion in 2021.

On an adjusted basis, Enbridge says it earned 67 cents per share in its latest quarter, up from an adjusted profit of 59 cents per share in the same quarter last year.

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Analysts on average had expected an adjusted profit of 64 cents per share, according to financial markets data firm Refinitiv.

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Al Monaco, Enbridge president and CEO, says while global economies and energy markets are experiencing significant volatility, the fundamentals of the company’s business continue to be positive.

“It’s clear that the world needs all forms of energy to meet future demand, especially in the context of the energy security, reliability, and affordability challenges that everyone is faced with in today’s environment,” he said in a statement.

“The current environment and strong global energy fundamentals validate our dual-pronged strategy of expanding and modernizing our conventional business and increasing investment in low-carbon growth.”

Click to play video: 'Enbridge sells minority stake in 7 Alberta pipelines to Indigenous communities'
Enbridge sells minority stake in 7 Alberta pipelines to Indigenous communities

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