Source: Enbridge.
  • Canadian energy stock Enbridge reported its Q4 2023 financial results, noting a profit below analysts’ estimates
  • The Calgary-based pipeline operator declared a profit of C$1.73 billion in its Q4 compared with loss a year earlier
  • Enbridge stated it earned 64 cents per share in Q4 2023 on an adjusted basis, compared with an adjusted profit of 63 cents per share a year earlier.
  • Enbridge stock opened trading at C$46.34 per share

Canadian energy stock Enbridge (TSX:ENB) reported its Q4 2023 financial results, noting a profit below analysts’ estimates.

The Calgary-based pipeline operator declared a profit of C$1.73 billion in its Q4 compared with loss a year earlier. The company had taken a large non-cash goodwill impairment charge. Its full year generally accepted accounting principles (GAAP) earnings were C$5.8 billion (C$2.84 per share) compared with GAAP earnings of C$2.6 billion (C$1.28 per share in 2022).

This compared with a C$1.07 billion (53 cents per share) loss over the past three months of 2022 when the company took a C$2.5-billion charge related to its gas transmission business.

Enbridge said it earned 64 cents per share in Q4 2023 on an adjusted basis, compared with an adjusted profit of 63 cents per share a year earlier.

The company also stated that it had exceeded its midpoint 2023 financial guidance for earnings before interest, taxes, depreciation and amortization (EBITDA) and distributable cash flow, claiming this reflects resilient growth embedded in the business and the predictable nature of its results.

In a news release on this update, the company’s CEO, Greg Ebel, said, “While geopolitical instability, persistent inflation and rising interest rates impacted the North American energy industry, Enbridge achieved its financial guidance for the 18th year in a row. Our stable, low-risk, diversified business remains well positioned to grow earnings and dividends for shareholders for years to come.”

Enbridge is a multinational pipeline and energy company with headquarters in Calgary and active businesses in crude oil, natural gas, natural gas liquids and renewable energy. The company has produced billions in net income each year over the past five years, with 2024 expected to yield EBITDA between C$16.6 billion and C$17.2 billion, reflecting more than 4 per cent growth relative to the midpoint of 2023 guidance.

Enbridge stock opened trading at C$46.34 per share. The stock has given back more than 12 per cent year-over-year and has lost more than 3 per cent since 2019.

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