11:16 AM EDT, 05/09/2025 (MT Newswires) -- (Adds comment and updates shares.)

Enbridge ( ENB ) on Friday said its adjusted earnings rose the first quarter.

The pipeline and energy company booked adjusted earnings of $2.24 billion, or $1.03 per share, rising from $1.96 billion, or $0.92, in the prior-year quarter, beating the consensus estimate of $0.96 per share.

Attributable GAAP earnings jumped to $2.26 billion, or $1.04 per share, from $1.42 billion, or $0.67 per share. The result was above the analyst consensus GAAP earnings forecast of $0.94 per share.

Adjusted EBITDA rose to $5.83 billion from $4.95 billion, while revenue was not disclosed.

"Despite the unique challenges that 2025 has presented, Enbridge ( ENB ) is operating from a position of strength and stability and will continue to deliver safe, reliable, and affordable energy to our customers throughout North America and beyond," President and CEO Greg Ebel said.

Enbridge ( ENB ) reaffirmed its 2025 financial guidance for adjusted EBITDA of $19.4 billion to $20.0 billion and discounted cash flow per share of $5.50 to $5.90.

"Strong utilization across our asset base underpinned record financial results and sets us up to meet or exceed our financial guidance for the 20th consecutive year," Ebel said.

National Bank of Canada maintained its sector-perform rating and $63.00 price target on the company's shares following the earnings.

The bank said it expects a bump to its long-term estimates and valuation for Enbridge ( ENB ), citing the company's strong start to 2025 supporting momentum to exceed financial guidance for the year, as well as incremental growth adding to the company's secured backlog.

It also said Enbridge's ( ENB ) adjusted EBITDA was above its estimate of $5.50 billion.

Enbridge ( ENB ) shares were last seen up $0.04 to $63.83 on the Toronto Stock Exchange.

Price: 63.86, Change: +0.07, Percent Change: +0.11