Monday, August 15, 2011

Enbridge boosts second quarter profits as revenues soar

CALGARY, Alta. - Second-quarter profits at major oil and gas pipeline company Enbridge Inc. (TSX and NYSE: ENB) nearly doubled as earnings from its liquids pipelines and gas distribution showed substantial improvements, and the firm predicted it will hit the upper range of its own expectations this year.

Enbridge, which is one of Canada's largest natural gas distributors, said on Aug. 5 that it earned $259 million or 35 cents a share, up from $138 million or 19 cents a share a year earlier. Revenues soared to just under $5 billion from $3.5 billion in the same period last year.

That beat analyst consensus expectations for earnings of 33 cents per share.

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