Enbridge reports strong first quarter 2021 financial results; reaffirms 2021 financial outlook

Calgary, ab, may 7, 2021 /prnewswire/ - enbridge inc. (enbridge or the company) (tsx: enb) (nyse: enb) today reported first quarter 2021 financial results, reaffirmed its 2021 financial outlook, and provided a quarterly business update. highlights (all financial figures are unaudited and in canadian dollars unless otherwise noted) first quarter gaap earnings of $1.9 billion or $0.94 per common share, compared with gaap loss of $1.4 billion or $0.71 per common share in 2020 adjusted earnings of $1.6 billion or $0.81 per common share, compared with $1.7 billion or $0.83 per common share in 2020 adjusted earnings before interest, income taxes and depreciation and amortization (ebitda) of $3.7 billion, compared with $3.8 billion in 2020 cash provided by operating activities of $2.6 billion, compared with $2.8 billion in 2020 distributable cash flow (dcf) of $2.8 billion or $1.37 per common share, compared with $2.7 billion or $1.34 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 advancing $17 billion secured capital program with $10 billion expected to be placed into service in 2021, supporting significant cash flow growth in 2022 construction of the final leg of the u.s. line 3 replacement project is progressing on schedule towards the targeted q4 2021 in-service date reached rate settlements in principle with customers on several gas transmission assets, which provide cash flow stability and an appropriate return on our investments gas distribution capital growth program advancing; on track for another 45 thousand customer additions this year sanctioned 4 additional self-power projects for the liquids system and placed the 10.5 mw alberta solar one facility into service, reducing pump station co2 emissions sanctioned the 448 mw calvados offshore wind farm backed by a 20-year fixed price power purchase agreement announced development of a 20 mw green hydrogen production and blending project in quebec through gazifere, in partnership with evolugen closed the previously announced sale of 49% of enbridge's interests in three french offshore wind projects under construction to cpp investments completed the previously announced purchase of 6.6 million barrels of storage assets located in cushing, further advancing our u.s. gulf coast strategy ceo comment commenting on the company's results and outlook, al monaco, president and ceo of enbridge noted the following: "we've had a strong start to the year.
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