Enbridge reports Q4 loss on asset revaluation

Net loss amounts to 32 cents per diluted common share after adjusted earnings miss estimates.

CALGARY – Enbridge Inc. had a $267-million net loss in the fourth quarter as it recognized lower values for some of its assets.

The net loss amounted to 32 cents per diluted common share, under standard accounting.

That compared with a year-earlier profit of 18 cents per share when Enbridge had $146 million of net income in the fourth quarter of 2012.

On an adjusted basis, the Calgary-based pipeline and energy services company earned $362 million or 44 cents per share in the quarter.

That was up from 42 cents per share in the comparable period of 2012 but two cents short of analyst estimates.

Analysts were looking for 46 cents per share in adjusted earnings, according to data compiled by Thomson Reuters.

In addition to the financial report, Enbridge announced its quarterly dividend will rise by 11%.

The payout to Enbridge shareholders will rise to 35 cents per common share as of March 1.

©The Canadian Press