Enbridge Inc. reports 8% increase in adjusted earnings

By Bobby Samwell • Friday, May 10 11:47 • Permanent Link

Enbridge Inc. has reported its first quarter 2024 financial results, reaffirmed its 2024 financial guidance, and provided a quarterly business update. Let's dive into the numbers.

First quarter GAAP earnings were $1.4 billion or $0.67 per common share, down from $1.7 billion or $0.86 per common share in 2023.
Adjusted earnings saw an 8% increase to $2.0 billion or $0.92 per common share, compared to $1.7 billion or $0.85 per common share in 2023.
Adjusted EBITDA increased by 11% to $5.0 billion, up from $4.5 billion in 2023.
Cash provided by operating activities decreased to $3.2 billion from $3.9 billion in 2023.
Distributable cash flow (DCF) increased by 9% to $3.5 billion, compared to $3.2 billion in 2023.

Looking at the financial outlook, Enbridge reaffirms its 2024 base business financial guidance for EBITDA and DCF, anticipating strong asset utilization and operating performance throughout the year.

The company has been active in financing the acquisitions, pre-financing approximately $10 billion of the $12.8 billion cash consideration since the announcement of the acquisitions on September 5, 2023. Enbridge closed the sale of its interest in Alliance Pipeline and Aux Sable for proceeds of $3.1 billion on April 1, 2024.

In terms of secured growth project execution, Enbridge placed four 500k bbl crude oil storage tanks into service and added the previously announced $1.1 billion Tennessee Ridgeline expansion project to its secured backlog.

CEO Greg Ebel highlighted, "We are executing on our strategic priorities and are on track to achieve our full-year EBITDA and DCF per share guidance."

Today the company's shares have moved 1.3% to a price of $37.85. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.