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Enbridge Lower After Q1

Enbridge Inc (ENB.TO), Canada's No. 2 pipeline company, is lower in line with losses for the broader stock market after reporting net income for the first quarter of $393 million or C$1.04 per share, up from C$342 million, or 92 cents a share in the first quarter of 2010.

The stock has given up a lot of its gains of yesterday, when it gained 34 cents to close at $60.95 but touched a day high of $61.45.

Adjusted profit, which excludes most one-time items rose 5% to $334 million or 89 cents, from $318 million or 86 cents.

Analysts on average expected the company to report an adjusted profit of 87 cents, according to Thomson Reuters I/B/E/S.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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