Enbridge reports $2.3B first-quarter profit up from $1.4B last year

Enbridge Inc. reported a first-quarter profit of $2.3 billion, up from $1.4 billion in the same quarter last year.

The pipeline company says the profit amounted to $1.04 per share for the quarter ended March 31, compared with a profit of 67 cents per share a year earlier.

On an adjusted basis, Enbridge says it earned $1.03 per share in its latest quarter, up from an adjusted profit of 92 cents per share in the first quarter of 2024.

Distributable cash flow per share amounted to $1.73 for the quarter, up from $1.63 per share a year ago.

Enbridge chief executive Greg Ebel said strong utilization across the company's asset base underpinned record financial results and set it up to meet or exceed its financial guidance.

He says the company looks forward to working with the new Canadian government to grow the conventional and unconventional energy sector, diversify the country's export markets and improve competitiveness.