Enbridge (NYSE:ENB) is set to announce its fourth-quarter 2024 earnings on Friday, February 14, before the market opens, with Wall Street expecting earnings per share of $0.52, representing a decline of 18.8% year-over-year, on $5.37 billion in revenue. Last quarter, Enbridge's adjusted earnings more than doubled from the prior year but missed analyst estimates by one cent.
The company has reaffirmed its full-year 2024 guidance, expecting to finish near the high end of its earnings before interest, taxes, depreciation, and amortization range of $17.7 billion to $18.3 billion, and around the midpoint for distributable cash flow, which is projected to be between $5.40 and $5.80 per share. Looking ahead, Enbridge maintains its 7% to 9% earnings before interest, taxes, depreciation, and amortization growth outlook through 2026, with 4% to 6% earnings growth and approximately 3% distributable cash flow growth.
Analysts at Barclays recently praised Enbridge's unmatched asset network, calling it defensive in a potential recession. Meanwhile, United States tariffs on Canadian crude have not significantly impacted Enbridge's 3 million barrel per day Mainline pipeline system. Over the last two years, the company has beaten earnings per share estimates 88% of the time but has yet to beat revenue forecasts.
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