07:33 AM EDT, 08/02/2024 (MT Newswires) -- Enbridge ( ENB ) reported on Friday lower adjusted earnings in the second quarter while GAAP attributable earnings remained flat.

Enbridge's ( ENB ) share price inched up 0.1% at last look to US$37.65 in NYSE pre-market trading.

The company's adjusted earnings slipped to $1.25 billion, or $0.58 per share, from $$1.38 billion, or $0.68 per share.

Enbridge ( ENB ) attributed the decline to higher financing costs, income taxes and depreciation expenses.

GAAP attributable earnings held steady at $1.85 billion, or $0.86 per share, from $1.85 billion, or $0.91 per share.

Adjusted EBITDA increased to a record $4.34 billion from $4.01 billion.

"The need for reliable and affordable energy drove high utilization across all of our systems during the quarter," President and CEO Greg Ebel said. "Customer demand and operational reliability of our assets helped generate record second quarter EBITDA."

Enbridge ( ENB ) recast its 2024 full-year financial outlook to include contributions from the U.S. gas utilities acquisitions announced in September 2023 and associated financing.

The company increased its EBITDA guidance in the range of $17.7 billion to $18.3 billion while distributable cash flow per share was unchanged at $5.40 to $5.80.

"A well supported dividend and visible growth is expected to deliver low double digit annual shareholder returns for many years to come, which positions us as a first-choice investment opportunity," Ebel said.