Canadian energy company Enbridge (TSX:ENB) has adjusted its financial outlook for 2024, raising its full-year profit forecast but reporting lower-than-expected profits in Q2. The company now expects its EBITDA to fall between C$17.7 billion to C$18.3 billion, compared to the previous range of C$16.6 billion to C$17.2 billion.
In Q2 2024, Enbridge posted adjusted earnings of C$1.2 billion, or $0.58 per common share, down from C$1.4 billion ($0.68 per common share) in the same period in 2023. The company’s stock opened trading at C$51.75 per share.
Enbridge’s president and CEO, Greg Ebel, cited strong operational performance and customer demand as factors contributing to record second-quarter EBITDA. He highlighted the company’s disciplined capital allocation strategy and robust balance sheet, which enables Enbridge to fund its capital projects and provide shareholder returns.
Despite the lower-than-expected profits in Q2, Enbridge reaffirmed its growth outlook for the near term, anticipating adjusted EBITDA, adjusted EPS, and DCF per share growth in the coming years. The company has also completed several strategic transactions this year, including acquisitions and pipeline expansions.
Enbridge is a Calgary-based pipeline operator that serves customers with North American energy networks and is expanding into renewable energy technologies. The company’s stock (TSX:ENB) saw a slight decrease in trading but has risen by 8.30% since the beginning of the year.
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