11:53 AM EDT, 05/10/2024 (MT Newswires) -- Enbridge ( ENB ) on Friday reported better than expected adjusted earnings for the first quarter, while reaffirming financial guidance and advancing its strategic priorities.

Enbridge ( ENB ) posted adjusted earnings, excluding most one-time items, of $1.96 billion, or $0.92 per share, rising from $1.73 billion, or $0.85, in the year-prior quarter. The Capital IQ consensus analyst forecast was $0.81 per share.

Adjusted EBITDA jumped to $4.95 billion from $4.47 billion. The Capital IQ forecast was nearer to $4.581 billion.

The company reaffirmed its 2024 guidance for EBITDA and discounted cash flow while noting it continues to expect strong asset utilization and operating performance during the year with normal course seasonality, including Mainline volumes of approximately 3.0 million barrels per day on average for the year.

The gas utilities acquisitions announced on September 5, 2023, are not included in the 2024 financial guidance.

Meanwhile, National Bank of Canada rated Enbridge ( ENB ) sector perform with a $52.00 price target.

"With a strong start to 2024 firming up our outlook and a bump to the company's secured backlog, we expect a modest increase to our estimates and valuation following the company's conference call," the bank said.

Enbridge ( ENB ) shares were last seen up $0.58 to $51.72 on the Toronto Stock Exchange.

Price: 51.69, Change: +0.55, Percent Change: +1.08