Enbridge adjusted profit beats estimate

Wed Nov 5, 2014 7:33am EST
 
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Nov 5 (Reuters) - Enbridge Inc, Canada's largest pipeline company, reported a better-than-expected third-quarter profit as it shipped more volumes on its Canadian Mainline pipeline, and said it was on track to achieve its full-year earnings forecast.

The company's adjusted profit rose 24 percent to C$345 million, or 41 Canadian cents per share, in the quarter ended Sept. 30. Analysts on average had expected 38 Canadian cents per share, according to Thomson Reuters I/B/E/S.

The company posted a loss attributable to common shareholders of C$80 million, or 10 Canadian cents per share, mainly due to losses on hedging contracts.

It had posted a profit of C$421 million, or 51 Canadian cents, a year earlier. (Reporting by Ashutosh Pandey in Bangalore and Nia Williams in Calgary; Editing by Don Sebastian)