Thx
EPS of 58c missed estimates of 64c. Revenue of $11.33B beat estimates. EBITDA of $4.33B beat estimates by 2.6%. Enbridge upgraded 2024 Ebitda guidance to include US utility acquisitions, implying about 13% growth in 2H. With a full quarter of Questar and Wexpro operations -- in addition to the East Ohio Gas addition in March -- Gas Distribution and Storage Ebitda could accelerate from the 54.5% gain in 2Q. The Fecamp project and another quarter of easy comparisons to higher stakes in Hohe See and Albatros German offshore wind projects should sustain strong Renewable Power Generation Ebitda growth. Lower Mainline tolls will likely limit Liquids Pipelines cash-flow expansion. Enbridge may close the PSNC acquisition by the end of 3Q, the last of the US utility deals with Dominion. The company raised its full-year Ebitda projection by C$1.1 billion to C$17.7-$18.3 billion, and we expect it to reach the high end. Things look solid at ENB right now.