Enbridge Full Year 2024 Earnings: Revenues Beat Expectations, EPS Lags

Simply Wall St

February 17, 2025

Enbridge (TSE:ENB) Full Year 2024 Results

Key Financial Results

Revenue: CA$53.5b (up 23% from FY 2023).
Net income: CA$5.05b (down 14% from FY 2023).
Profit margin: 9.4% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses.
EPS: CA$2.35 (down from CA$2.84 in FY 2023).

revenue-and-expenses-breakdown — TSX:ENB Revenue and Expenses Breakdown February 17th 2025

All figures shown in the chart above are for the trailing 12 month (TTM) period

Enbridge Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) missed analyst estimates by 19%.

The primary driver behind last 12 months revenue was the Liquids Pipelines segment contributing a total revenue of CA$38.2b (71% of total revenue). Notably, cost of sales worth CA$29.0b amounted to 54% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to CA$9.24b (48% of total expenses). Explore how ENB's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 2.3%.

Performance of the Canadian Oil and Gas industry.

The company's shares are down 4.8% from a week ago.

Risk Analysis

You still need to take note of risks, for example - Enbridge has 2 warning signs we think you should be aware of.

Valuation is complex, but we're here to simplify it.

Discover if Enbridge might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.