Enbridge reports a profit of $1.73 billion in the fourth quarter, compared with a loss a year ago

Enbridge Inc. reported a profit of $1.73 billion in its fourth quarter, compared with a loss of $1.73 billion a year ago when it took a large non-cash goodwill impairment charge.

According to the company, in the quarter ended December 31, the profit per share was 81 cents.

The result was attributable to its gas transportation business, compared with a loss of $1.07 billion, or 53 cents per share, in the final three months of 2022, when the company took in $2.5 billion.

On an adjusted basis, Enbridge says it earned 63 cents per share in the latest quarter, compared with adjusted earnings of 64 cents a year ago.

Last month, the company said it would cut 650 jobs due to what it called “increasingly challenging business conditions.”

Enbridge CEO Greg Ebel said that while geopolitical instability, persistent inflation and rising interest rates have affected the North American energy industry, the company has achieved its financial guidance for the 18th year in a row.

This report by The Canadian Press was first published on February 9, 2024.