-- Enbridge (ENB.TO)'s earnings declined year over year in the first quarter, the company said Friday, amid commodity market volatility driven by the Middle East war.
The company posted attributable GAAP earnings of C$1.67 billion, or $0.77 per share, in the three months ended March 31, compared to $2.26 billion, or $1.04 per common share, recorded in the year-ago period.
Analysts expected GAAP earnings of $0.96 per share, based on consensus estimates compiled by FactSet.
The company's adjusted earnings slipped year over year to $2.13 billion, or $0.98 per share, from $2.24 billion, or $1.03 per share.
The analyst consensus non-GAAP earnings estimate was $0.95, according to FactSet.
Adjusted EBITDA inched down to $5.81 billion in the first quarter from $5.83 billion in the previous year.
"The past several months have presented some of the most volatile and complex conditions the global energy sector has faced in decades," President and Chief Executive Officer Greg Ebel said.
"Commodity price fluctuations, rapidly shifting geopolitical dynamics, and unprecedented supply disruptions have significantly impacted the energy landscape," Ebel said. "Throughout this period, Enbridge--alongside the North American energy industry--has continued to deliver critical energy to homes and businesses around the world."
Enbridge reaffirmed its 2026 financial guidance including adjusted EBITDA of between $20.2 billion and $20.8 billion and post-2026 adjusted EBITDA, discounted cash flow per share, and earnings per share near-term average compound annual growth rate of about 5%.