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Enbridge missed third-quarter profit estimates on Friday, pressured by higher financing costs from capital investments including U.S. gas utility acquisitions, sending its shares down nearly 2% in premarket trading.
The Calgary-based pipeline operator had bought three Dominion Energy utilities last year — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — in a $14 billion deal, including debt.
It reported adjusted core profit of C$2.31 billion ($1.65 billion) from its liquid pipelines unit, down from C$2.34 billion a year earlier, due to lower contributions from the Flanagan South and Spearhead pipelines.
The company’s Mainline system, the largest pipeline network in North America, saw third-quarter adjusted core profit marginally fall to C$1.34 billion due to lower toll pricing.
The system has the capacity to move 3 million barrels per day of crude from Western Canada to markets in Eastern Canada and the U.S. Midwest.
Enbridge sanctioned roughly C$3 billion in new projects during the quarter and its growth backlog now sits at about C$35 billion.
It reaffirmed its 2025 adjusted core profit to be between C$19.4 billion and C$20.0 billion.
The company said it did not expect tariffs to have a material impact on its current operations or deployment of capital, but would continue to monitor trade developments.
Enbridge reported adjusted profit of 46 Canadian cents per share for the quarter ended September 30, missing analysts’ average expectation of 51 Canadian cents per share, according to data compiled by LSEG.
($1 = 1.4024 Canadian dollars)
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