Enbridge Q2 Earnings & Revenues Beat Estimates, Increase Y/Y

Core Insights - Enbridge Inc. reported second-quarter 2025 adjusted earnings per share of 47 cents, exceeding the Zacks Consensus Estimate of 41 cents and improving from 42 cents per share in the prior year [1] - Total quarterly revenues reached $10.8 billion, up from $8.3 billion in the same quarter last year, also surpassing the Zacks Consensus Estimate of $9.1 billion [1] Financial Performance - The strong quarterly results were driven by higher Adjusted EBITDA contributions from the Gas Transmission and Gas Distribution and Storage segments [2] - Enbridge's Distributable Cash Flow (DCF) was reported at C$2.9 billion, an increase from C$2.86 billion a year ago [8] Segment Analysis - Liquids Pipelines: Adjusted EBITDA totaled C$2.34 billion, down from C$2.46 billion in the prior year, primarily due to lower contributions from the Gulf Coast and Mid-Continent systems [4] - Gas Transmission: Adjusted earnings increased to C$1.38 billion from C$1.08 billion in the second quarter of 2024, aided by higher contributions from the U.S. gas transmission segment and rate case settlements [5] - Gas Distribution and Storage: This segment generated a profit of C$840 million, up from C$567 million in the prior year, driven by increased contributions from U.S. Gas Utilities [6] - Renewable Power Generation: Earnings decreased to C$120 million from C$147 million in the prior year [6] - Eliminations and Other: This segment recorded a negative adjusted EBITDA of C$36 million, compared to earnings of C$83 million in the second quarter of 2024 [7] Balance Sheet - At the end of the second quarter, Enbridge reported long-term debt of C$97 billion, with cash and cash equivalents of C$1.2 billion and a current portion of long-term debt of C$3.2 billion [9] Outlook - Enbridge reaffirmed its 2025 guidance, projecting adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90 [12] - The company also reaffirmed a near-term growth outlook (2023-2026) of 7-9% for adjusted EBITDA and 3% for DCF per share [12]