Canada’s Enbridge misses Q3 profit estimates amid higher financing costs
Canadian pipeline operator Enbridge Inc. missed third-quarter profit expectations on Friday, as higher financing costs tied to its recent U.S. utility acquisitions and other investments weighed on earnings.
The company reported an adjusted profit of 46 Canadian cents per share, below analysts’ forecast of 51 cents, according to LSEG data. Its liquid pipelines unit earned C$2.31 billion ($1.65 billion) in adjusted core profit, slightly down from C$2.34 billion a year earlier, News.Az reports, citing Reuters.
Shares of Enbridge fell nearly 1% in premarket trading following the results.
Calgary-based Enbridge last year acquired three U.S. gas utilities — East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina — from Dominion Energy in a $14 billion deal, including debt.
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