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Enbridge Q1 results beat estimates on back of new projects placed into service

Enbridge Inc. on May 10 reported first-quarter 2018 adjusted earnings of C$1.38 billion, or 82 Canadian cents per share, an increase from C$675 million, or 57 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the most recent quarter was 64 cents.

The company attributed the growth in its adjusted earnings to increased volumes on its pipelines and new projects placed into service across multiple of the company's segments. The company said that is has placed C$800 million worth of projects into service since the end of 2017, with a total of about C$7.0 billion worth of projects expected to come into service this year.

First-quarter adjusted EBITDA totaled C$3.41 billion, rising from C$2.19 billion in the prior-year period. Distributable cash flow, which Enbridge formerly labeled as adjusted cash flow from operations, also grew to C$2.31 billion, from C$1.22 million in the same period a year ago.