Enbridge reports strong second quarter 2021 financial results and advances strategic priorities

Calgary, ab, july 30, 2021 /prnewswire/ - enbridge inc. (enbridge or the company) (tsx: enb) (nyse: enb) today reported second quarter 2021 financial results, reaffirmed its 2021 financial outlook, and provided a mid-year business update. highlights (all financial figures are unaudited and in canadian dollars unless otherwise noted) second quarter gaap earnings of $1.4 billion or $0.69 per common share, compared with gaap earnings of $1.6 billion or $0.82 per common share in 2020 adjusted earnings of $1.4 billion or $0.67 per common share, compared with $1.1 billion or $0.56 per common share in 2020 adjusted earnings before interest, income taxes and depreciation and amortization (ebitda) of $3.3 billion, compared with $3.3 billion in 2020 cash provided by operating activities of $2.2 billion, compared with $2.4 billion in 2020 distributable cash flow (dcf) of $2.5 billion or $1.24 per common share, compared with $2.4 billion or $1.21 per common share in 2020 reaffirmed 2021 full year guidance range of ebitda of $13.9 billion to $14.3 billion and dcf per share of $4.70 to $5.00 construction of the final leg of the u.s. line 3 replacement project is progressing on schedule with an expected fourth quarter in-service date placed initial phases of the $1.0 billion t-south expansion and $0.5 billion spruce ridge projects into service; both projects expected to be fully in-service in the fourth quarter announced collaboration with the government of ontario to expand natural gas access to rural, northern and indigenous communities announced development of ridgeline expansion project in tennessee to provide affordable and reliable natural gas power generation to displace higher carbon coal generation advancing the us$2.1 billion multi-year gas transmission modernization program announced plans to file a rate case on texas eastern with rates effective in early 2022, ensuring the system continues to earn an appropriate rate of return on invested capital construction on three french offshore wind projects progressing well, which will collectively generate 1.4 gw (0.3 gw net) of renewable power once placed into service continued development of solar self-power program in both liquids pipelines and gas transmission; 3 facilities in operation and 4 more under construction announced the $1.14 billion sale of enbridge's interest in noverco inc. (noverco), which is expected to close by early 2022, providing increased financial flexibility received moody's upgrade to baa1 for enbridge inc.; all four agencies' ratings are bbb+, or equivalent, reflecting enbridge's sector leading financial strength and cash flow resiliency published enbridge's 20th annual sustainability report and announced the first midstream sector sustainability-linked bond issuance of us$1.0 billion ceo comment commenting on enbridge's second quarter operational performance and financial results, al monaco, president and ceo of enbridge noted the following: "following a strong start to the year, our four franchises delivered solid financial performance in the second quarter, with good operating performance and high utilization across our systems.
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