Enbridge Q1 profit down on non-cash, net unrealized derivative fair value loss
CALGARY — Enbridge Inc. reported its first-quarter profit fell compared with a year ago as it recorded a non-cash, net unrealized derivative fair value loss as well as costs related to job cuts announced in February.
The pipeline company says its profit attributable to common shareholders amounted to $1.42 billion or 67 cents per share for the quarter ended March 31.
The result was down from a profit of $1.73 billion or 86 cents per share in the same quarter last year.
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On an adjusted basis, Enbridge says it earned 92 cents per share in its latest quarter, up from an adjusted profit of 85 cents per share in the first quarter of 2023.
Analysts on average had expected a profit of 81 cents per share for the quarter, according to LSEG Data & Analytics.
Enbridge chief executive Greg Ebel says strong operational performance and execution drove record financial results in the quarter.
This report by The Canadian Press was first published May 10, 2024.
Companies in this story: (TSX:ENB)
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The Canadian Press