Enbridge (NYSE:ENB) reported Q1 EPS of Cdn$0.84, Cdn$0.01 worse than the analyst estimate of Cdn$0.85.
FINANCIAL OUTLOOK:
The Company reaffirms its 2022 financial guidance announced at its December Investor Day, which included adjusted EBITDA between $15.0 and $15.6 billion and distributable cash flow per share between $5.20 to $5.50. Strong first quarter results are in line with expectations and the Company anticipates that its businesses will continue to experience strong utilization and good operating results through the balance of the year with normal course seasonality. Forward financial guidance reflects a provision in recognition of the uncertainty of future Mainline tolls associated with the ongoing commercial framework discussions with shippers.
Strong operational performance is expected to be offset by challenging market conditions which continue to impact Energy Services, along with moderately higher financing costs, due to rising interest rates, relative to 2022 financial guidance.