Enbridge Reports Solid Financials, Shares Drop 3.4%

By Bobby Samwell • Friday, February 14 15:17 • Permanent Link

Enbridge Inc. has reported its financial results for the fourth quarter of 2024, reaffirmed its 2025 financial guidance, and provided a quarterly business update. Here is a breakdown of key financial metrics and changes compared to the previous period:

Full-year GAAP earnings for 2024 were $5.1 billion or $2.34 per common share, a decrease from $5.8 billion or $2.84 per common share in 2023.
Full-year adjusted earnings for 2024 were $6.0 billion or $2.80 per common share, compared to $5.7 billion or $2.79 per common share in 2023.
Full-year adjusted EBITDA for 2024 was $18.6 billion, marking a 13% increase from $16.5 billion in 2023.
Full-year cash provided by operating activities in 2024 amounted to $12.6 billion, down from $14.2 billion in 2023.
Full-year distributable cash flow (DCF) for 2024 reached $12.0 billion, showing a 6% increase from $11.3 billion in 2023.

The company achieved its financial guidance for the 19th consecutive year and increased the 2025 quarterly dividend by 3.0% to $0.9425 per share, reflecting the 30th consecutive annual increase.

Enbridge placed $5 billion of organic projects into service in 2024 across all four business units and sanctioned $8 billion of new organic projects during the year.

CEO Greg Ebel highlighted that 2024 was a historic year for Enbridge, with record EBITDA and DCF per share, marking the 19th straight year of meeting or exceeding financial guidance. He also emphasized the company's low-risk business model, which continues to deliver predictable results and stable returns for shareholders.

The company reaffirmed its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90. Enbridge also reaffirmed its 2023 to 2026 near-term growth outlook, with expected growth rates of 7-9% for adjusted EBITDA, 4-6% for adjusted earnings per share (EPS) growth, and approximately 3% for DCF per share growth.

Enbridge's debt-to-EBITDA metric at the end of the year was 5.0x, and the company plans to continue financing its secured capital growth program within an equity self-funding model.

In 2024, Enbridge brought approximately $5 billion of growth projects into service across all business units and added approximately $8 billion of new organic growth projects to its backlog.

Following these announcements, the company's shares moved -3.4%, and are now trading at a price of $43.26. For the full picture, make sure to review Enbridge's 8-K report.

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