Enbridge Inc says its net income attributable to common shareholders fell 15% in the second quarter despite rebounding energy demand as economies recover from COVID-19.
The Calgary-based energy company said it earned $ 1.39 billion or 69 cents per share in the three months ended June 30, down from $ 1.65 billion or 82 cents per share a year earlier.
The decrease is in part due to the reduction in foreign exchange gains.
Adjusted earnings were $ 1.36 billion or 67 cents per share, 10 cents per share above forecast by financial data firm Refinitiv and up from $ 1.13 billion or 56 cents per share in the second quarter of 2020.
Revenue jumped nearly 38 percent to $ 10.9 billion from nearly $ 8 billion in the previous year quarter.
Enbridge has reaffirmed its financial guidance for 2021 of earnings before interest, taxes, depreciation and amortization of between $ 13.9 billion and $ 14.3 billion and distributable cash flow of $ 4.70 to $ 5 per share.
“The global economic recovery is now well underway and our strengths have been essential in ensuring access to reliable and affordable conventional and renewable energy throughout this critical period,” said CEO Al Monaco.
“We are pleased with our progress in the first half of 2021, having advanced our strategic priorities, including adding opportunities to the backlog. Our strong execution positions us well to deliver on our three-year plan and helps solidify our growth trajectory beyond 2023.
Your time is precious. Receive the Top Business Headlines newsletter delivered to your inbox in the morning or evening. register today.