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Enbridge earnings miss estimates due to hedging losses but revenues rise

  • Enbridge (ENB +0.2%) shares fluctuate in early trading after the largest transporter of Canadian crude to the U.S. posted lower than expected Q4 earnings, hurt by losses on hedging contracts.
  • ENB's unadjusted C$276M loss was mainly driven by a C$337M loss at its energy services business due to a decline in the fair value of its unrealized derivatives.
  • Sales climbed more than 18% to C$8.29B, beating expectations, as higher volumes were pumped through ENB's Canadian Mainline and other new pipeline systems.
  • Issues in-line guidance for FY 2014, seeing EPS of C$1.84-C$2.04 vs. C$1.95 analyst consensus estimate.
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