Enbridge Q1 Earnings Beat Estimates, Revenues Increase Y/Y

Core Insights - Enbridge Inc. reported first-quarter 2025 adjusted EPS of 72 cents, exceeding the Zacks Consensus Estimate of 68 cents, and up from 68 cents in the prior year [1] - Total revenues for the quarter reached $12.9 billion, significantly higher than $8.2 billion in the same quarter last year, and also surpassed the Zacks Consensus Estimate of $9.5 billion [1] Financial Performance - The strong quarterly results were driven by higher Adjusted EBITDA contributions from major business segments including Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage [2] - Enbridge's Distributable Cash Flow (DCF) was reported at C$3.77 billion, an increase from C$3.46 billion a year ago [7] Segment Analysis - Liquids Pipelines: Adjusted EBITDA totaled C$2.59 billion, up from C$2.40 billion year-over-year, supported by higher contributions from Mainline and Line 9 throughputs [4] - Gas Transmission: Adjusted earnings reached C$1.47 billion, an increase from C$1.27 billion in the first quarter of 2024, aided by U.S. gas transmission contributions and new acquisitions [5] - Gas Distribution and Storage: Generated a profit of C$1,600 million, up from C$765 million in the prior year, primarily due to increased contributions from U.S. Gas Utilities [6] - Renewable Power Generation: Recorded earnings of C$223 million, down from C$257 million in the prior year [6] - Eliminations and Other: Achieved a profit of C$40 million, improving from a loss of C$642 million in the first quarter of 2024 [6] Balance Sheet - As of the end of the first quarter, Enbridge reported long-term debt of C$97.2 billion and cash and cash equivalents of C$2.3 billion, with a current portion of long-term debt at C$5.1 billion [8] Outlook - For 2025, the company reaffirmed its guidance for adjusted EBITDA in the range of $19.4-$20.0 billion and DCF per share between $5.50-$5.90 [9] - Enbridge also reaffirmed a near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and 3% for DCF per share [9]