Leading energy infrastructure company Enbridge Inc. 's ENB first-quarter 2018 results showed improvement on higher liquid delivery volumes from the Canadian Mainline and Lakehead System. Contributions from acquisitions and new projects also led to the impressive performance.
Adjusted earnings per share came in at 82 Canadian cents, higher than the year-ago quarter's 57 Canadian cents. Total revenues in the quarter rose 14.2% year over year to C$12,726 million.
Liquids Pipelines: Adjusted operating income at this segment was C$1,627 million, up almost 23% from C$1,325 million a year ago. Higher delivery of liquids from the Canadian Mainline and Lakehead System led to the upside.
Gas Transmission and Midstream: The segment reported earnings of C$1,046 million, skyrocketing from C$472 million in first-quarter 2017. Contributions from acquisitions and new projects drove the upside.
Gas Distribution: This business unit reported profit of C$646 million, up more than 69% from C$381 million in the January-March 2017 quarter. Higher volumes and rise in demand from active customers supported the upside.
Green Power and Transmission: This segment saw earnings of C$139 million, higher than C$101 million recorded in the prior-year quarter.
Energy Services: The segment reported earnings of C$22 million against a loss of C$4 million in first-quarter 2017.
During the first quarter, the company reported total operating expenses of C$11,848 million, up 21% from C$9,788 million in the January-to-March quarter of 2017.
Enbridge Inc Price, Consensus and EPS Surprise
Enbridge Inc Price, Consensus and EPS Surprise | Enbridge Inc Quote
Zacks Rank & Key Picks
Currently, Enbridge carries a Zacks Rank #3 (Hold). A few players in the energy space that warrant a look are BP plc BP , WildHorse Resource Development Corporation WRD and W&T Offshore, Inc. WTI . BP and WildHorse sport a Zacks Rank #1 (Strong Buy), while W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
BP managed to beat the Zacks Consensus Estimate in three of the last four quarters.
WildHorse is expected to see year-over-year earnings growth of 288.4% in 2018.
W&T Offshore, Inc. (WTI) will likely witness earnings growth of 7.1% in 2018.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report Enbridge Inc (ENB): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Wildhorse Resource Development Corporation (WRD): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research