has reported an 18.9 per cent increase in first-quarter profit to $227 million, largely thanks to colder weather in Ontario than a year earlier.
Calgary-based Enbridge said Wednesday its January-March profit was worth 65 cents per share, up from $190.9 million or 56 cents per share in the first three months of last year.
The increase "reflected a higher contribution from Enbridge Gas Distribution as weather in its franchise area was significantly colder than the first quarter 2006," the company stated.
Earnings also rose at Enbridge Offshore Pipelines as insurance proceeds from 2005 hurricanes were received.
Enbridge Gas Distribution's profit swelled to $86.2 million from $58.3 million as slightly colder than normal weather in Ontario contrasted with the unusually mild winter of early 2006.
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Expenses were $2.96 billion, compared with $2.99 billion, as commodity costs declined but operating and administrative spending increased.
"Enbridge is off to a good start again in 2007. As you know, reported and adjusted EPS for the quarter are the same, at 65 cents per share, which is slightly ahead of the consensus estimate," CEO Patrick Daniel said in a conference call.
"This puts us on a solid footing now to achieve our previously announced adjusted EPS guidance of $1.75 to $1.85 for the year.
"But even more pleasing ... is the fact we had strong performance across all of our business segments in Enbridge, and the quarter was also very significant in that several large projects that we talked to you about before have now moved from the planning phase into the construction phase."
Daniel also hinted at developments with the company's proposed pipeline to the Gulf of Mexico.
"This is a very exciting opportunity for Enbridge, and it is in the early stages of development," he said. "As we reach commercial terms on this project, we will be back to you."
Calgary-based Enbridge said Wednesday its January-March profit was worth 65 cents per share, up from $190.9 million or 56 cents per share in the first three months of last year.
The increase "reflected a higher contribution from Enbridge Gas Distribution as weather in its franchise area was significantly colder than the first quarter 2006," the company stated.
Earnings also rose at Enbridge Offshore Pipelines as insurance proceeds from 2005 hurricanes were received.
Adjusted operating earnings were up 9.5 per cent to $229.4 million.
Enbridge Gas Distribution's profit swelled to $86.2 million from $58.3 million as slightly colder than normal weather in Ontario contrasted with the unusually mild winter of early 2006.
Overall revenue was flat at $3.36 billion, compared with $3.35 billion a year earlier.
Expenses were $2.96 billion, compared with $2.99 billion, as commodity costs declined but operating and administrative spending increased."Enbridge is off to a good start again in 2007. As you know, reported and adjusted EPS for the quarter are the same, at 65 cents per share, which is slightly ahead of the consensus estimate," CEO Patrick Daniel said in a conference call.
"This puts us on a solid footing now to achieve our previously announced adjusted EPS guidance of $1.75 to $1.85 for the year.
"But even more pleasing ... is the fact we had strong performance across all of our business segments in Enbridge, and the quarter was also very significant in that several large projects that we talked to you about before have now moved from the planning phase into the construction phase."
Daniel also hinted at developments with the company's proposed pipeline to the Gulf of Mexico.
"This is a very exciting opportunity for Enbridge, and it is in the early stages of development," he said. "As we reach commercial terms on this project, we will be back to you."
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