(Calgary) Enbridge saw its net income attributable to common shareholders decline in the most recent quarter, despite an increase in revenue.
Posted at 1:47 p.m.
The Calgary energy company raked in a profit of $450 million, or 22 cents a share, in its second quarter, down from $1.39 billion, or 69 cents a share, in the same period a year earlier.
Adjusted earnings were $1.35 billion, or 67 cents per share, compared to $1.36 billion, or 67 cents per share, in the same quarter in 2021.
Revenue for the quarter ended June 30 reached $13.22 billion, down from $10.95 billion in the previous second quarter.
The company reaffirmed its fiscal 2022 financial guidance, which still targets earnings before interest, taxes, depreciation and amortization of between $15.0 billion and $15.6 billion and distributable cash flow of $5.20 to $5.50 per share.
Enbridge expects its strong operational performance to be offset by difficult market conditions affecting energy services and higher financing costs due to rising interest rates.
Enbridge President and CEO Al Monaco said Friday that the company continued to make progress on its top priorities during the quarter.
“Operational performance remained strong, which translated into strong financial results for the second quarter,” he said in a statement.