March 3rd, 2024

Enbridge reports $1.73B fourth-quarter profit compared with loss a year earlier

By The Canadian Press on February 9, 2024.

The Enbridge logo is shown at the company's annual meeting in Calgary on May 9, 2018. THE CANADIAN PRESS/Jeff McIntosh

CALGARY – Enbridge Inc. reported a profit of $1.73 billion in its fourth quarter compared with loss a year earlier when it took a large non-cash goodwill impairment charge.

The company says the profit amounted to 81 cents per share for the quarter ended Dec. 31.

The result compared with a loss of $1.07 billion or 53 cents per share in the last three months of 2022 when the company took at $2.5-billion charge relate to its gas transmission business.

On an adjusted basis, Enbridge says it earned 64 cents per share in its latest quarter compared with an adjusted profit of 63 cents per share a year earlier.

The company said last month it was cutting its workforce by 650 positions due to what it called “increasingly challenging business conditions.”

Enbridge CEO Greg Ebel said while geopolitical instability, persistent inflation and rising interest rates impacted the North American energy industry, the company achieved its financial guidance for the 18th year in a row.

This report by The Canadian Press was first published Feb. 9, 2024.

Companies in this story: (TSX:ENB)

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