November 9, 2011 / 12:23 PM / 7 years ago

UPDATE 2-Enbridge Q3 beats estimates, sees strong finish to year

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* Q3 EPS C$0.32 vs est C$0.28

* Sees 2011 adj EPS at about top end of its view

Nov 9 (Reuters) - Canada’s second-largest pipeline operator Enbridge Inc posted a better-than-expected quarterly profit as it transported more crude across its network of pipelines, and said its adjusted profit for the year could edge past its own estimates.

“We are now trending to finish the year near or slightly above the top end of our adjusted earnings per share guidance range of C$1.38 to C$1.48,” Chief Executive Patrick Daniel said in a statement.

The company said its Canadian Mainline, the main pipeline network for Canadian oil exports to the United States, transported 2.3 million barrels of liquid per day, up 7 percent from last year.

Enbridge, which is seeking approval for a C$5.5 billion pipeline to move oil sands-derived crude to Canada’s West Coast, earned C$4 million ($3.9 million), or 1 Canadian cent a share, For the third quarter, down from C$157 million, or 21 Canadian cent a share, a year ago.

Excluding unusual items, earnings rose 23 percent to C$241 million, or 32 Canadian cents a share.

Analysts, on average, were expecting the company to earn 28 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Regulatory hearings into Enbridge’s Northern Gateway pipeline, which would allow Canadian crude to be shipped to Asia, are due to start in January. Environmental and aboriginal groups have opposed the proposal.

Enbridge shares closed at C$35.35 on the Toronto Stock Exchange on Tuesday. They are up about a fourth this year. ($1 = 1.014 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian, Saumyadeb Chakrabarty)

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