CALGARY – Enbridge Inc. (TSX:ENB) is reporting a $383 million net loss in the first quarter, mostly as a result of currency fluctations, and lower adjusted earnings that came in below analyst estimates.
The adjusted earnings excluding currency hedges were $468 million, or 56 cents per common share.
Analysts had estimated 58 cents per share of adjusted earnings, according to Thomson Reuters, down from $492 million or 60 cents per share in last year’s first quarter.
Enbridge said a variety of factors pushed down the adjusted earnings for its liquids pipelines business and gas distribution arm but that it’s still on track to achieve between $2.05 and $2.35 per share of adjusted earnings for the full year.
The results were issued ahead of the Calgary-based company’s annual meeting, which is being held in Toronto.
— Follow @DavidPaddon on Twitter.