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Enbridge Q4, full-year 2017 earnings up on contributions from new assets

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Enbridge Q4, full-year 2017 earnings up on contributions from new assets

Enbridge Inc. on Feb. 16 reported fourth-quarter 2017 adjusted earnings of C$1.01 billion, or 61 cents per share, an increase from C$522 million, or 56 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent quarter was 58 cents.

Fourth-quarter adjusted EBITDA totaled C$2.96 billion, rising from C$1.76 billion in the prior-year period. Distributable cash flow, or DCF, which Enbridge formerly labeled as adjusted cash flow from operations, also grew to C$1.74 billion, from C$879 million in the same period a year ago.

For the full year 2017, Enbridge posted adjusted earnings of C$2.98 billion, or C$1.96 per share, compared to C$2.08 billion, or C$2.28 per share, in 2016. The S&P Global Market Intelligence consensus normalized EPS estimate for 2017 was C$1.91.

Adjusted EBITDA for the full year surged to C$10.32 billion, from C$6.90 billion a year ago. DCF also increased to C$5.61 billion, from C$3.71 billion a year ago.

Enbridge attributed both fourth-quarter and full-year earnings growth to higher contributions from its new natural gas, liquids and utility assets, as well as stronger crude oil throughput on the Mainline system and new projects coming into service in its liquids pipelines, gas transmission and midstream and gas distribution segments. Enbridge also announced its 2018 DCF guidance at a range of C$4.15 to C$4.45 per share.

Enbridge Energy Partners LP on Feb. 15 posted fourth-quarter adjusted EBITDA of $430.0 million, down from $469.0 million a year earlier. The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $414.4 million.

Adjusted net income for the quarter was up to $122 million, from $104 million in the comparable quarter of 2016. The partnership's distributable cash flow in the fourth quarter was $211.0 million, down from $221.0 million in the year-earlier period. Enbridge Energy Partners reported a net loss of $6.0 million, compared with net income of $81.0 million a year earlier.

For the full year, the partnership posted adjusted EBITDA of $1.67 billion, a drop from $1.88 billion a year earlier. The S&P Global Market Intelligence consensus estimate for full-year adjusted EBITDA was $1.65 billion.

Adjusted net income for 2017 grew to $365 million, from $442 million a year earlier. Distributable cash flow for the year was $784.0 million, down from $943.0 million in the prior year. Net income came at $245.0 million, compared with a net loss of $162.0 million in the previous year.

Enbridge Energy Partners updated its 2018 DCF guidance range as a result of the U.S. tax reform, reducing it to a range of $720 million to $770 million. The previous range was $775 million to $825 million. Total distribution coverage in 2018 is now at about 1.15x, from 1.2x.