Enbridge reports $1.9B first-quarter profit compared with loss last year

Enbridge returns to profit

Enbridge Inc. reported a first-quarter profit of $1.9 billion compared with a loss of $1.4 billion in the same quarter last year when it took a number of large one-time charges.

The pipeline company says the profit amounted to 94 cents per share for the quarter ended March 31 compared with a loss of 71 cents per share a year ago when the company.

Operating revenue totalled $12.2 billion, up from $12 billion in the first three months of 2020.

Enbridge says its most recent quarter included a gain of $300 million related to the mark-to-market value of derivatives used to manage foreign exchange risk.

In the first quarter last year, the company says it took a $1.7-billion charge related to the value of its investment in DCP Midstream LLC, as well as a $2.0-billion charge related to derivatives.

On an adjusted basis, Enbridge says it earned 81 cents per share for the quarter, down from an adjusted profit of 83 cents per share in the same quarter last year.

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