Enbridge (NYSE: ENB) reported Q2 EPS of $0.67, $0.12 better than the analyst estimate of $0.55.

• Second quarter GAAP earnings of $1.4 billion or $0.69 per common share, compared with GAAP earnings of $1.6 billion or $0.82 per common share in 2020
• Adjusted earnings of $1.4 billion or $0.67 per common share, compared with $1.1 billion or $0.56 per common share in 2020
• Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA) of $3.3 billion, compared with $3.3 billion in 2020
• Cash Provided by Operating Activities of $2.2 billion, compared with $2.4 billion in 2020
• Distributable Cash Flow (DCF) of $2.5 billion or $1.24 per common share, compared with $2.4 billion or $1.21 per common share in 2020
• Reaffirmed 2021 full year guidance range of EBITDA of $13.9 billion to $14.3 billion and DCF per share of $4.70 to $5.00
• Construction of the final leg of the U.S. Line 3 Replacement Project is progressing on schedule with an expected fourth quarter in-service date
• Placed initial phases of the $1.0 billion T-South Expansion and $0.5 billion Spruce Ridge projects into service; both projects expected to be fully in-service in the fourth quarter
• Announced collaboration with the Government of Ontario to expand natural gas access to rural, northern and Indigenous communities
• Announced development of Ridgeline Expansion Project in Tennessee to provide affordable and reliable natural gas power generation to displace higher carbon coal generation
• Advancing the US$2.1 billion multi-year Gas Transmission modernization program
• Announced plans to file a rate case on Texas Eastern with rates effective in early 2022, ensuring the system continues to earn an appropriate rate of return on invested capital
• Construction on three French offshore wind projects progressing well, which will collectively generate 1.4 GW (0.3 GW net) of renewable power once placed into service
• Continued development of solar self-power program in both Liquids Pipelines and Gas Transmission; 3 facilities in operation and 4 more under construction
• Announced the $1.14 billion sale of Enbridge's interest in Noverco Inc. (Noverco), which is expected to close by early 2022, providing increased financial flexibility
• Received Moody's upgrade to Baa1 for Enbridge Inc.; All four agencies' ratings are BBB+, or equivalent, reflecting Enbridge's sector leading financial strength and cash flow resiliency
• Published Enbridge's 20th annual Sustainability Report and announced the first midstream sector sustainability-linked bond issuance of US$1.0 billion

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