CALGARY – Pipeline operator Enbridge Inc. reports better-than-expected second-quarter earnings of $1.07 billion, as it worked to sell a number of non-core assets to help eliminate debt.
The Calgary-based company’s profit amounted to 63 cents per share and compared with $919 million, or 56 cents per share in the second quarter of 2017. Both quarters included the impact of a number of unusual items.
Adjusted earnings came in at 65 cents per share, up from 41 cents in the year-earlier period and beating analysts expectations for 53 cents per share, according to Thomson Reuters Eikon.
During the quarter, the company announced agreements to sell $7.5 billion worth of non-core assets, significantly above its original $3 billion target.
Enbridge said in May it would gain nearly $3.2 billion by selling renewable power facilities and natural gas gathering and processing assets in the United States.
It also received positive news on its Line 3 replacement project, with a Minnesota regulator approving its plan.
The company says it is on track to achieve its 2018 guidance and expects about $7 billion worth of new projects to be introduced over the course of 2018, the majority of which will come on line in the second half of the year.