Enbridge profit rises as crude pipeline volumes increase

Wed Nov 6, 2013 8:22pm IST

Related Topics

Stocks

   

Nov 6 (Reuters) - Enbridge Inc, Canada's largest pipeline company, on Wednesday reported higher third-quarter earnings, with increased volumes on its crude pipelines offsetting higher costs.

Excluding one-time items, profit rose 4 percent to C$278 million, or 34 Canadian cents per share, from C$267 million, or 34 Canadian cents a share, a year earlier.

Analysts on average were expecting 35 Canadian cents per share, according to Thomson Reuters I/B/E/S. Shares of the Calgary-based company were relatively flat shortly after the market opened on Wednesday, trading down 1 Canadian cent at C$45.79 in Toronto.

Net income attributable to common shareholders, impacted by unrealized derivative gains or losses, more than doubled to C$421 million, or 51 Canadian cents per share, from C$187 million, or 24 Canadian cents per share.

Enbridge's pipelines carry the bulk of the oil transported each day from Canada to the United States. The company is in the process of expanding its network of pipelines as output increases from Alberta's oil sands.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Canada Shooting

Canada Shooting

Attack on parliament, killing of soldier stun Canada's capital.  Full Article 

Earnings Season

Earnings Season

Wipro sees rosier end to year as U.S. clients spend.  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

New Email Service

New Email Service

Google launches new email service dubbed "Inbox".  Full Article 

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Book Keeping

Book Keeping

RBI fires warning shots on companies' lack of FX hedging.  Full Article 

Policy Repo Rate

Policy Repo Rate

Most external members suggested rate cut in RBI's Sept review.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage