Pipeline Giant Enbridge Backs 2024 Guidance Post Q4 Results: Details
Portfolio Pulse from Lekha Gupta
Enbridge Inc (NYSE:ENB) reported a slight increase in Q4 FY23 adjusted EPS to C$0.64 from C$0.63 a year ago, with adjusted EBITDA rising to C$4.11 billion from C$3.91 billion. The growth was driven by higher Mainline volumes, increased contributions from the Midcontinent and Gulf Coast segment, and higher Canadian utility rates, among other factors. The company also announced a 3.1% increase in its 2024 quarterly dividend, marking the 29th consecutive annual increase, and reiterated its 2024 financial guidance. Additionally, Enbridge sold its stakes in Alliance Pipeline and Aux Sable to Pembina Pipeline Corporation for C$3.1 billion. ENB shares dropped by 0.99% to $34.01.
February 09, 2024 | 5:58 pm
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NEUTRAL IMPACT
Enbridge Inc reported a slight increase in Q4 FY23 adjusted EPS and EBITDA, announced a 3.1% increase in its 2024 quarterly dividend, and reiterated its 2024 financial guidance. Additionally, the company sold its stakes in Alliance Pipeline and Aux Sable to Pembina Pipeline Corporation.
The slight increase in EPS and EBITDA, along with the dividend increase, reflect positively on Enbridge's financial health and operational efficiency. However, the sale of significant assets and the current share price drop indicate potential short-term market skepticism or adjustment, leading to a neutral short-term impact score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100