By Emon Reiser
Enbridge reported lower third-quarter earnings as its commodity sales declined and the company signed more acquisition deals.
The gas and oil provisioner posted net income of 532 million Canadian dollars ($387.3 million), or C$0.26 a share, compared with C$1.28 billion, or C$0.63 a share, a year earlier. Analysts polled by FactSet expected C$0.59.
Net sales fell to C$9.84 billion from C$11.57 billion. Analysts polled by FactSet had expected C$11.33 billion.
During the quarter, the company announced the acquisition of three U.S. gas utilities, from which Enbridge will create a gas utility platform with about 7,000 employees and 7 million customers.
Enbridge also said it is acquiring seven operating landfill-to-renewable natural gas assets located in Texas and Arkansas from Morrow Renewables for US$1.2 billion.
"Year to date, we have executed over $3 billion of accretive tuck-in M&A and are on track to place approximately $3 billion of capital into service by year end," said Chief Executive Gregory L. Ebel.
Write to Emon Reiser at emon.reiser@wsj.com
(END) Dow Jones Newswires
11-03-23 0813ET