- 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.
Enbridge earnings miss estimates due to hedging losses but revenues rise
Feb 14 2014, 10:38 ET