Thx
EPS of 92c beat estimates of 82c; revenue of $11.0B missed estimates. But EBITDA of $4.95% was 8% better than expected. Enbridge's 2Q Ebitda growth will likely be fueled by a robust gain from the Gas Distribution and Storage unit. Higher rates and a growing customer base in its legacy business could boost revenues in the first full quarter to include the recently acquired Enbridge Gas Ohio utility. Renewable Power Generation may not replicate the 100% gain from 1Q, yet higher stakes in Hohe See and Albatros German offshore wind projects could fuel increased earnings. Lower Mainline tolls will likely squeeze cash flows from Liquids Pipelines. Asset sales are an option to help fund the remaining C$2.8 billion needed for the cash portion of pending utilities acquisitions. Enbridge continues to pursue M&A and agreed to buy two marine docks and land near its Ingleside crude export terminal in Texas for $200 million.We would consider the quarter 'good' and the stock is acting well, now up 8% YTD.