By Judy McKinnon
Canadian pipeline operator Enbridge Inc. (ENB) said its
first-quarter profit dipped 4%, hurt in part by additional costs
related to a 2010 oil spill in Michigan.
The Calgary, Alberta-based company, which also said Wednesday it
will purchase US$1.2 billion of preferred units in its Enbridge
Energy Partners LP (EEP) affiliate, beat analyst expectations in
the latest quarter on an adjusted basis.
Enbridge said it earned 250 million Canadian dollars ($249
million), or 31 Canadian cents a share, down from C$261 million, or
34 Canadian cents a year earlier.
Adjusted earnings, which exclude unrealized mark-to-market
losses and an additional C$175 million in costs related to the
clean up of the 2010 Line 6B oil spill in Michigan, improved to 62
Canadian cents a share from 49 Canadian cents.
The Thomson Reuters mean estimate was for a profit of 52
Canadian cents a share.
on revenue of C$6.60 billion.
Revenue improved to C$8.02 billion from C$6.63 billion. Analysts
polled by Thomson Reuters expected revenue of C$6.60 billion.
Write to Judy McKinnon at judy.mckinnon@dowjones.com
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