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Enbridge misses profit estimates on lower demand for natgas
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Enbridge misses profit estimates on lower demand for natgas
Aug 2, 2024 4:22 AM

Aug 2 (Reuters) - Pipeline operator Enbridge ( ENB )

missed market estimates for second-quarter profit on Friday,

hurt by lower Canadian gas transmission income.

Demand for natural gas fell during the reported quarter, as

utilities, which are one the largest consumers of the fuel, had

tremendous oversupply of gas in storage.

Quarterly adjusted core profit from Enbridge's ( ENB ) Canadian Gas

Transmission segment was down 30% to C$98 million from a year

earlier.

Adjusted core profit from the company's Mainline System fell

9.3% to C$1.32 billion in the quarter ended June 30.

The company reported an adjusted profit of 58 Canadian cents

per share, compared with analysts' average estimate of 64

Canadian cents, according to LSEG data.

(Reporting by Tanay Dhumal in Bengaluru; Editing by Shinjini

Ganguli)

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