Enbridge Inc (NYSE:ENB) reported a fourth-quarter FY23 adjusted EPS of C$0.64, higher than C$0.63 a year ago.

Adjusted EBITDA rose to C$4.11 billion from C$3.91 billion a year ago. This was led by higher Mainline volumes, increased contributions from the Midcontinent and Gulf Coast segment, higher Canadian utility rates and customer base, the expiration of certain transportation commitments in the Energy Services business, and favorable USD/CAD hedge settlement rates. 

Liquids Pipelines adjusted EBITDA increased to C$2.39 billion from C$2.33 billion a year ago on higher contributions from the Gulf Coast and Mid-Continent System, Southern Lights revenue from uncommitted volumes, and increased Mainline System throughput.

Gas Transmission and Midstream adjusted EBITDA decreased to C$1.08 billion from C$1.12 billion the prior year. 

Gas Distribution And Storage adjusted EBITDA rose to C$519 million from C$467 million a year ago. Renewable Power Generation adjusted EBITDA stood at C$141 million vs. C$122 million the prior year.

Distributable cash flow stood at C$2.73 billion vs. C$2.66 billion in the prior year.

Dividend: The company raised the 2024 quarterly dividend by 3.1% to C$0.915 (C$3.66 annualized) per share, reflecting the 29th consecutive annual increase.

In the quarter, Enbridge announced the sale of it’s 50% stake in Alliance Pipeline (Alliance) and its 42.7% interest in Aux Sable to Pembina Pipeline Corporation for C$3.1 billion.

Also Read: Enbridge’s ‘Once-In-A-Generation Opportunity’ Triggers Golden Cross Ahead Of Q4 Earnings

Price Action: ENB shares are trading lower by 0.99% at $34.01 on the last check Friday.