May 8 (Reuters) – Pipeline operator Enbridge beat first-quarter adjusted profit expectations on Friday, helped by steady gains in its gas transmission and utility businesses.
The company is benefiting from rising demand for natural gas, utility infrastructure and power supply for data centers, allowing the company to generate steady growth even amid geopolitical tensions and commodity price volatility.
It reported a rise in core profit from its gas distribution unit to C$1.7 billion, from C$1.6 billion last year.
Calgary, Alberta-based Enbridge reported adjusted profit of 98 Canadian cents per share for the three months ended March 31, compared with analysts’ average estimate of 94 Canadian cents, according to data compiled by LSEG.
(Reporting by Katha Kalia in Bengaluru; Editing by Pooja Desai)