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Canada's Enbridge misses profit estimate as expenses rise





By Reuters

Published: 07:59 EST, 17 February 2017 | Updated: 07:59 EST, 17 February 2017

Feb 17 (Reuters) - Enbridge Inc , Canada's largest pipeline company, reported a smaller-than-expected quarterly profit on Friday as expenses jumped and the company said its deal to buy Spectra Energy Corp was on track to close this quarter.

Earnings attributable to the company's shareholders fell 3.4 percent to C$365 million ($279 million), or 39 Canadian cents per share, in the fourth quarter, hurt by charges, including for asset impairment and restructuring.

Excluding items, Encana earned 56 Canadian cents per share, missing analysts' average estimate of 58 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Enbridge said its expenses jumped 11 percent to about C$9 billion in the three months ended Dec. 31.

Revenue rose nearly 5 percent to C$9.34 billion, edging past analysts' estimate of C$9.31 billion.

Enbridge announced its deal to Spectra Energy for about $28 billion in September, and on Thursday got U.S. antitrust approval for the transaction that will create the largest North American energy infrastructure company.

Enbridge's pipelines mainly send Canadian crude from oil sands to refiners on the U.S. Gulf Coast, while Spectra's network ships natural gas to the U.S. East Coast. ($1 = C$1.31) (Reporting by Arathy S Nair in Bengaluru; Editing by Savio D'Souza)

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Larry Whyte
Larry Whyte

He is a leading authority on business trends including ‘big data’, self-employment and the social media revolution. He’s the author of the award-winning book, Marketing Shortcuts for the Self-Employed (2011, Wiley) and a regular speaker for Bloomberg TV. He has spoken about global mega trends, big data and the social media revolution at conferences and business events around the world .

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