Enbridge Backs FY21 View; Ups Dividend; Announces $1.1 Bln Capital Projects

(RTTNews) - Enbridge Inc. (ENB), a pipeline company, said on Tuesday that it reiterated earnings guidance for the current fiscal and also expects an increase in earnings for 2022. In addition, Enbridge has raised its quarterly and annual dividends.

The company also announced $1.1 billion of newly sanctioned growth projects

The Calgary-headquartered firm reaffirmed its 2021 full year guidance range for adjusted earnings before interest, income taxes, and depreciation (EBITDA). The company still expects its adjusted EBITDA to be in the range of $13.9 billion - $14.3 billion.

For the next fiscal, owing to persisting positive market cues, the pipeline company expects its EBITDA to be in the range of $15.0 billion - $15.6 billion.

The company increased quarterly cash dividend from $0.835, to $0.86 per share of common stock, payable to shareholders of record on February 15, 2022.

With an aim to further strengthen its growth, the company also announced its intention to establish a normal course issuer bid program, allowing for the repurchase of up to $1.5 billion of its outstanding common shares.