Enbridge Inc. has reported strong second-quarter 2024 financial results, with a recast 2024 full-year financial outlook to include contributions from the U.S. gas utilities acquisitions. The company's adjusted earnings before interest, income taxes, depreciation, and amortization (EBITDA) saw a significant increase, reaching $4.3 billion, up 8% from $4.0 billion in 2023.
The company's cash provided by operating activities for the second quarter of 2024 was $2.8 billion, a decrease from $3.4 billion in 2023. However, distributable cash flow (DCF) for the same period saw an increase of 3%, reaching $2.9 billion, compared to $2.8 billion in 2023.
Enbridge's GAAP earnings for the second quarter of 2024 remained at $1.8 billion, with GAAP earnings per common share at $0.86, compared to $1.8 billion and $0.91 per common share in 2023, respectively.
Adjusted earnings for the second quarter of 2024 were $1.2 billion, or $0.58 per common share, a decrease from $1.4 billion, or $0.68 per common share in 2023.
Enbridge's financial outlook for 2024 has been recast, with adjusted EBITDA expected to be between $17.7 billion to $18.3 billion, up from the previous range of $16.6 billion to $17.2 billion. The company has also reaffirmed its near-term growth outlook for adjusted EBITDA, adjusted EPS, and DCF per share.
In terms of financing, Enbridge has fully financed the $12.8 billion cash consideration for the acquisitions. The company has also terminated its at-the-market equity issuance program and intends to return to an equity self-funding model.
In business updates, Enbridge has sanctioned a 120 kbpd expansion of the gray oak pipeline, with the incremental volumes expected to serve growing demand at the company's Enbridge Ingleside energy center. Additionally, the company has reached a negotiated settlement with customers on Texas Eastern transmission and closed the acquisition of a Permian Basin natural gas joint venture interest.
Enbridge's CEO, Greg Ebel, noted the company's progress on strategic priorities, and the scale and connectivity of its business, which is extending growth opportunities across its four business franchises.
These figures and developments indicate Enbridge's continued focus on growth and financial performance, despite some fluctuations in specific metrics compared to the previous period. As a result of these announcements, the company's shares have moved 0.5% on the market, and are now trading at a price of $37.6. If you want to know more, read the company's complete 8-K report here.
