Enbridge reports $1.84B fourth quarter profit, up from $1.78B a year ago

Pipeline marker Source: Enbridge

Enbridge Inc. reported its fourth-quarter profit rose compared with a year ago.

The company says its profit attributable to common shareholders totalled $1.84 billion or 91 cents per share for the quarter ended Dec. 31. The result compared with a profit of $1.78 billion or 88 cents per share in the same quarter a year earlier.

On an adjusted basis, Enbridge says it earned 68 cents per share for the quarter compared with an adjusted profit of 56 cents per share in the final three months of 2020.

Analysts on average had expected an adjusted profit of 76 cents per share, according to financial markets data firm Refinitiv.

Enbridge says it's going ahead with a US$400-million plan to modernize compressor equipment in Texas that will increase safety and reliability of the system and reduce associated greenhouse gas emissions.

It will also spend US$100 million to expand its Texas Eastern system to provide additional capacity to meet U.S. northeast demand for natural gas.

© 2022 The Canadian Press

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