1. Enbridge completed a $19 billion acquisition of U.S. gas utilities. 2. Record EBITDA and cash flow achieved, reaffirming 2025 financial guidance. 3. Dividend increased for the 30th consecutive year, signaling stability. 4. Mainline volumes exceeded guidance, indicating strong operational performance. 5. Expansion projects underway bolster future growth prospects.
The acquisition and dividend increase may enhance investor confidence, similar to past growth boosts.
The article highlights significant acquisitions and financial performance, critical for ENB's valuation.
Expansion projects and new utilities will generate growth for years, akin to previous expansions.
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
Greg Ebel, President and CEO commented the following:
"2024 has been a historic year for Enbridge. We completed the previously announced $19 billion acquisition of three leading U.S. gas utilities (the Acquisitions), raised our dividend for the 30th consecutive year, and posted record EBITDA and DCF per share marking the 19th straight year that we have met or exceeded our financial guidance. Enbridge's operational and financial performance throughout the year helped deliver a 37% total annual return to investors and 2025 is off to a good start. Our low-risk business model continues to deliver predictable results and stable returns for shareholders and impacts from proposed tariffs on U.S. energy imports are not expected to be material to Enbridge's financial guidance. I would also like to acknowledge and thank our dedicated and hardworking employees who, once again, delivered for our customers, communities and investors in 2024."
Financial results for the three and twelve months ended December 31, 2024 and 2023 are summarized in the table below:
| Period | GAAP Earnings attributable to common shareholders | GAAP Earnings per common share | Cash provided by operating activities |
|---|---|---|---|
| Three months ended December 31, 2024 | 493 | 0.23 | 3,662 |
| Three months ended December 31, 2023 | 1,726 | 0.81 | 3,812 |
| Twelve months ended December 31, 2024 | 5,053 | 2.34 | 12,600 |
| Twelve months ended December 31, 2023 | 5,839 | 2.84 | 14,201 |
1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.
The Company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.
Enbridge will host a conference call and webcast on February 14, 2025 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2024 fourth quarter results. Analysts, members of the media, and other interested parties can access the call toll free at 1-800-606-3040.
It is recommended that participants dial in or join the audio webcast fifteen minutes prior to the scheduled start time.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. To learn more, visit us at enbridge.com.