Enbridge Q3 Profit Rises; Aims To Achieve Net Zero GHG Emissions By 2050

(RTTNews) - Enbridge Inc. (ENB, ENB.TO) reported that its third quarter earnings rose to C$990 million or C$0.49 per share, from C$949 million or C$0.47 per share in 2019.

Adjusted earnings were C$961 million or C$0.48 per share, compared to C$1.12 billion or C$0.56 per share in 2019. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.53per share. Analysts' estimates typically exclude special items.

The company expects to generate Distributable Cash Flow per share near the mid-point of its original guidance range of C$4.50 to C$4.80 for 2020.

The company said it continues to advance the development of its approximately C$11 billion inventory of secured growth projects with approximately C$5 billion of growth capital remaining to be spent through 2022, net of anticipated project level financing provided by third parties.

In addition, the company announced C$0.2 billion of utility growth capital for the London Line Replacement Project.

Enbridge aims to achieve net zero greenhouse gas emissions by 2050; with an interim target to reduce greenhouse gas emissions intensity 35% by 2030.

The company aims to increase representation of diverse groups within its workforce by 2025 including acceleration of existing goals of 28% from Racial and Ethnic groups, along with new actions to enhance supplier diversity.

The company also aims to strengthen board diversity with an increased goal of 40% representation of women and new goal of 20% of Racial and Ethnic groups by 2025.