Enbridge, the Calgary-based pipeline and energy company, announced a profit of 1.73 billion Canadian dollars ($1.29 billion) in the fourth quarter. This marks a significant turnaround from the loss of C$1.07 billion in the same quarter the previous year. The company attributed this positive outcome to the absence of noncash goodwill impairment charges that were incurred in the previous year.
Adjusted earnings, which exclude exceptional and one-off costs, were reported at C$0.64 a share, falling short of analyst expectations. However, distributable cash flow saw an increase of C$69 million to reach C$2.73 billion. This growth was primarily driven by higher adjusted earnings before interest, taxes, depreciation, and amortization.
Enbridge remains optimistic about its future performance, reaffirming its guidance for the 2024 year. The company expects growth to be fueled by recent acquisitions, including the $14-billion acquisition of U.S.-based utilities from Dominion Energy in September. Additionally, Enbridge anticipates that assets coming online throughout the year will further contribute to its success.
For more information, please visit the company’s official website.