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Enbridge Swings to 3Q Profit, Beats Analysts' Expecations

By Patrick Thomas

 

Enbridge Inc. (ENB) swung to a C$949 million ($720.1 million) profit in the third quarter, after reporting a C$90 million loss in the same period a year ago.

The pipeline operator recorded a C$1.01 billion goodwill impairment charge during the third quarter of 2018.

Earnings per share were C$0.47 in the latest quarter, compared with C$0.05 a share a year ago.

The company reported adjusted earnings of C$0.56 a share. Analysts polled by FactSet were expecting earnings of C$0.51 a share, or C$0.52 a share on an adjusted basis.

Enbridge attributed its adjusted earnings results to stronger operating results across many of its business units and from new projects put into service in late 2018.

 

Write to Patrick Thomas at patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

November 08, 2019 07:36 ET (12:36 GMT)

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