CALGARY – Enbridge Inc. (TSX:ENB) says its adjusted earnings in the third quarter rose to $278 million, which was up four per cent from a year earlier but below analyst estimates.
The adjusted earnings amounted to 34 cents per share, which was a penny below estimates compiled by Thomson Reuters.
The Calgary-based pipeline company did better in terms of net income, which more than doubled to $421 million in the quarter, or 51 cents per share, from $187 million, or 24 cents per share a year earlier.
The net income, which includes the impact of Enbridge’s hedging program and an insurance payment received by the company, was above estimates of 36 cents per share.
Enbridge’s overall revenue was just under $9 billion, up from $5.6 billion a year earlier, largely due to higher commodity sales. Revenue from pipeline and gas distribution sales were also up.
Commodity sales accounted for $7.1 billion of overall revenue, up from $4.5 billion a year earlier. Gas distribution sales rose to $270 million from $230 million while transportation services, which includes oil and gas pipelines, provided about $1.6 billion, up from $908 million.