Enbridge reports higher fourth quarter profits despite rising Line 3 costs

Image: Enbridge Inc.

Enbridge Inc. says its profits rose in the fourth quarter, despite increasing costs of its Line 3 project.

The company reported fourth-quarter earnings attributable to shareholders of $1.78 billion, or 88 cents per common share, compared with profits of $746 million, or 37 cents per common share, in the fourth quarter of 2019.

On an adjusted basis, Enbridge says its fourth-quarter earnings were $1.13 billion, or 56 cents per common share, compared with adjusted earnings of $1.23 billion, or 61 cents per share, in the year-ago period.

Analysts on average expected Enbridge to report adjusted fourth-quarter net income of $1.24 billion, or 61 cents per share, according to financial data firm Refinitiv.

The company is raising its Line 3 Replacement Project estimated capital costs from $8.2 billion to $9.3 billion, and says it is planning to put the project into service late this year.

Enbridge's financial report comes after the company asked U.S. courts to dismiss a fight over the easement around its Line 5 in Michigan.

The company says it is continuing construction on a tunnel that would further protect the Great Lakes and make an “already safe pipeline safer.''

© 2021 The Canadian Press

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