Enbridge Reaffirms FY24, Post 2026 View; Increases And Extends Outlook Through 2026

(RTTNews) - Enbridge Inc. (ENB, ENB.TO), a Canadian pipeline and energy company, on Wednesday reaffirmed its fiscal 2024 base business financial guidance for adjusted EBITDA and distributable cash flow or DCF per share.

Further, the company increased and extended its financial outlook through 2026. EBITDA's average annual growth would be 7% to 9% and its average annual DCF per share and earnings per share growth would be 3% and 4% to 6%, respectively.

Post 2026, Enbridge reaffirmed average annual growth forecast of around 5% for EBITDA, DCF per share and earnings per share.

According to the company, the increase in EBITDA growth view from the previous Enbridge Day is primarily driven by acquisitions, expected to close in 2024, combined with base business growth.

Enbridge said its C$25 billion secured growth backlog and the C$19 billion acquisition of three premier U.S. gas utilities announced in September 2023 are expected to drive long-term transparent growth throughout the decade.

Further, the company said it plans to invest C$6 bnillion to C$7 billion annually on secured projects. The company will be investing around C$3+ billion annually in low-risk natural gas utility infrastructure.

In pre-market activity on the NYSE, Enbridge shares were gaining around 1 percent to trade at $34.96.