Enbridge reports $1.3 billion in third-quarter earnings

FORT ST. JOHN, B.C. — Enbridge is reporting a significant uptick in earnings for the third quarter of 2024 compared to 2023.

The company released its financial report on November 1st, reporting $1.3 billion in third-quarter Generally Accepted Accounting Principles (GAAP) earnings, equal to $0.59 per common share.

That’s compared against GAAP earnings of $0.5 billion, or $0.26 per common share, in 2023’s third quarter.

Despite the improvements in earnings, the company reported a slight decline in cash provided by operating activities, down to $3.0 billion from $3.1 billion in the third quarter of last year.

According to President and CEO Greg Ebel, Enbridge is currently North America’s largest natural gas utility after acquiring several smaller US-based utilities throughout the quarter.

“The [acquired utilities] are a perfect fit within Enbridge’s existing low-risk business model, offer reliable cash flow, and come with embedded quick-cycle growth opportunities,” Ebel says.

“I am very proud of our team’s commitment to execution and ongoing integration efforts and look forward to working with our new colleagues and stakeholders to deliver safe, reliable, affordable energy to over seven million gas distribution customers in North America.”

So far this year, the company has reported $4.5 billion in GAAP earnings, up from $4.1 billion by the end of the third quarter in 2023.

The report claims the company’s results for the first nine months of the year are in line with expectations, and it anticipates “its businesses will continue to experience strong capacity utilization and operating performance through the balance of the year.”