Enbridge beats expectations, reports $378M in profit in Q4

CALGARY -- Enbridge beat expectations with a $378 million profit and $494 million in adjusted earnings in the fourth quarter, a period when it completed several pipeline projects including the reversal and expansion of Line 9B in southern Ontario.

See Full Article

It also acquired the New Creek Wind Project in West Virginia and a quarter interest in a U.K. offshore wind project as part of the Calgary-based company's investments in renewable power sources.

Enbridge CEO Al Monaco said Friday the company brought a total of 14 development projects worth $8 billion into service in 2015 -- most of them on time and on budget.

"Executing projects well in today's environment is no small feat so we are very pleased with this result," Monaco said in a statement.

The company made little mention of its Northern Gateway oil pipeline project in British Columbia, which has faced opposition and court challenges from some First Nations groups.

Enbridge said two U.S. projects may be delayed because the Minnesota Public Utilities Commission has ordered final environmental impact statements to be completed before it builds portions of the Sandpiper and Line 3 projects.

It said if the commission's orders are upheld, construction on those projects could be delayed and $5 billion of spending planned for 2016 and 2017 would be deferred, mostly to 2018.

In its financial report, Enbridge said its adjusted earnings for the quarter rose to 58 cents per share after excluding certain items, up $85 million or nearly 21 per cent from the fourth quarter of 2014.

Analysts had estimated 52 cents per share of adjusted earnings, according to Thomson Reuters.

The fourth quarter net income was worth 44 cents per share, up from 11 cents per share or $88 million in the 2014 fourth quarter.

For the full year, Enbridge had a $37 million net loss and $1.87 billion of adjusted earnings.

The net loss included a previously announced writedown of goodwill assets in the second quarter as well as taxes incurred as a result of transferring some of Enbridge's pipeline and power-generation assets to an affiliated business.



Advertisements

Latest Economic News

  • Shkreli defies advice to keep quiet before fraud trial

    Economic CTV News
    NEW YORK -- "Pharma Bro" just won’t keep his mouth shut. Even with his federal securities fraud trial set to begin Monday, Martin Shkreli has blatantly defied his attorneys’ advice to lay low. The former pharmaceutical CEO, who became a pariah after raising the cost of a life-saving drug 5,000 per cent, has been preening for cameras and trolling on social media, potentially complicating his defence. Source
  • Asian markets higher after Wall Street rebound

    Economic CTV News
    BEIJING - Asian markets rose Monday after Wall Street rebounded from losses to end the week higher on stronger oil and natural gas prices. KEEPING SCORE: The Shanghai Composite Index rose 0.5 per cent to 3,174.73 and Hong Kong's Hang Seng gained 0.5 per cent to 25,809.12. Source
  • Takata Corp. files for bankruptcy in Japan and U.S. following air bag recalls

    Economic Toronto Sun
    Japanese air bag maker Takata Corp. has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of faulty air bag inflators. The company announced the expected action Monday morning Tokyo time. Source
  • From condoms to caskets: merchandise marks Canada's 150th birthday

    Economic CBC News
    It's been said that Canadians are not brash about their patriotism, but you wouldn't know it from the variety of merchandise, big and small, being snapped up in advance of Canada's 150th birthday July 1. From T-shirts to hats, flags to flasks, condoms to caskets, goods adorned with celebratory logos are popping up faster than you can say sesquicentennial. Source
  • Canadian lumber producers brace for second round of softwood lumber duties

    Economic CTV News
    MONTREAL -- Canada's softwood lumber industry is bracing for a second wave of U.S. duties expected to come Monday that could put further pressure on producers, particularly smaller ones, to cut jobs. The U.S. Source
  • Warning labels might be coming to cheese: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC-TV's Marketplace. Get this in your inbox every Friday. Sign up here. Fake drugs American prosecutors accuse CanadaDrugs.com and its CEO Kris Thorkelson of selling unapproved and counterfeit cancer drugs to U.S. Source
  • Debt, protectionism could drag down improving global economy

    Economic CTV News
    FRANKFURT -- The global economy has picked up and prospects for the next few months are the best in a long time. But the recovery is maturing and faces risks from populist rejection of free trade and from high debt that could burden consumers and companies as interest rates rise. Source
  • Air bag maker Takata bankruptcy expected Monday

    Economic CTV News
    DETROIT -- Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday. Takata was done in by defective air bag inflators that can explode with too much force, spewing out shrapnel. Source
  • Air bag maker Takata files for bankruptcy in Japan, U.S.

    Economic CTV News
    Japanese air bag maker Takata Corp. has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of faulty air bag inflators. The company announced the expected action Monday morning Tokyo time. Source
  • How Sears' troubles could hasten radical change in Canada's malls

    Economic CBC News
    Sears' plan to shut down 59 of its locations is grim news for the chain's landlords across Canada. Could it also spell doom for the nation's neighbourhood malls? Anchor tenants — typically big department stores — have always been a critical component of mall design. Source