By Adriano Marchese


Enbridge Inc. on Friday reported a rise in fourth-quarter profit, missing expectations on an adjusted basis, but said that it has increased its quarterly dividend by 3%.

The Canadian natural gas distribution provider said earnings per share were 91 Canadian cents, the equivalent of 72 U.S. cents, up from C$0.88 in the comparable quarter a year ago.

Net income was C$1.84 billion, compared with C$1.78 billion a year ago.

Adjusted earnings were C$0.68 a share. According to FactSet, analysts were expecting C$0.75 a share in the period.

Distributable cash flow in the quarter rose to C$2.49 billion from C$2.21 billion.

The company increased its quarterly dividend by 3%, to C$0.86 a share.

Looking ahead, the company reiterates its guidance for 2022 with adjusted earnings before interest, taxes, depreciation and amortization of between C$15 billion and C$15.6 billion and distributable cash flow per share between C$5.20 to C$5.50.

The company reported adjusted Ebitda of C$14 billion and distributable cash flow of C$4.96 a share in 2021.

Enbridge said growth in the year is expected to be driven by higher mainline volumes, contributions from projects put into service in 2021, but said that it expects these to be offset by continued weakness in energy services.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

02-11-22 0737ET