Nov 6 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.