Enbridge ends first quarter with earnings up 5%, C$27 million of cash

By Lisa Kerner

Charlotte, N.C., May 11 - Enbridge Inc. had "another busy quarter with many positive developments," president and chief executive officer Patrick D. Daniel said during the company's first-quarter earnings call on Wednesday.

The company is on track to achieve its full-year adjusted earnings guidance of between C$2.75 and C$2.95 per share, Daniel said.

Enbridge's first-quarter adjusted earnings rose 5% to C$334 million, or C$0.89 per share.

At March 31, Enbridge had net available liquidity of C$2.88 billion, including cash and cash equivalents of C$27 million. The total liquidity is expected to be sufficient to finance all currently secured capital projects and provide flexibility for new investment opportunities, a company news release said.

The company expects to use cash from operations and the issuance of replacement debt, commercial paper and/or credit facility draws to fund liabilities as they become due, finance capital expenditures, fund debt retirements and pay common share dividends.

Not including Southern Lights project financing, Enbridge had C$5.67 billion of committed credit facilities of which C$3.06 million was drawn or allocated to backstop commercial paper.

Cash from operating activities was C$957 million for the quarter, compared with C$646 million for the prior-year period.

Enbridge is a Calgary, Alta.-based natural gas pipeline operator.

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