Content
Quarterly Financial Information
|
2007 (millions of dollars, except for per share amounts) |
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|---|---|---|---|---|---|
Revenues |
3,358.2 |
2,728.7 |
2,634.0 |
3,198.5 |
11,919.4 |
Earnings applicable to common shareholders |
227.0 |
146.5 |
78.1 |
248.6 |
700.2 |
Earnings per common share |
0.65 |
0.41 |
0.22 |
0.70 |
1.97 |
Diluted earnings per common share |
0.64 |
0.41 |
0.22 |
0.69 |
1.95 |
Dividends per common share |
0.3075 |
0.3075 |
0.3075 |
0.3075 |
1.23 |
|
2006 (millions of dollars, except for per share amounts) |
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|---|---|---|---|---|---|
Revenues |
3,346.7 |
2,327.2 |
2,184.9 |
2,785.7 |
10,644.5 |
Earnings applicable to common shareholders |
190.9 |
157.9 |
95.5 |
171.1 |
615.4 |
Earnings per common share |
0.56 |
0.47 |
0.28 |
0.50 |
1.81 |
Diluted earnings per common share |
0.56 |
0.46 |
0.28 |
0.49 |
1.79 |
Dividends per common share |
0.2875 |
0.2875 |
0.2875 |
0.2875 |
1.15 |
- Quarterly Financial Information has been extracted from financial statements prepared in accordance with generally accepted accounting principles.
Revenue includes amounts billed to customers of EGD for natural gas, which varies with fluctuations in the commodity price. Higher natural gas commodity prices increase revenues, but would not similarly impact earnings, given the cost of natural gas flows through to customers. Fluctuations in commodity prices also impact revenues from Energy Services businesses.
In addition, revenue fluctuates due to the seasonality of EGD's business. Typically, revenue peaks in the winter months during the first quarter and, to a lesser extent, in the fourth quarter of the year when higher gas volumes are sold. Finally, EGD's revenue and earnings are affected by variations in the weather, especially in the winter, when warmer or colder than normal temperatures can result in lower or higher distribution volumes, respectively.
Significant items that impacted the quarterly earnings and revenue, in addition to the seasonal fluctuations described above, were as follows:
- Fourth quarter earnings in 2007 included the impact of tax changes, which increased consolidated earnings.
- Third quarter 2007 included a loss from Aux Sable.
- Second quarter 2007 included higher earnings from EGD due to colder than normal weather and a dilution gain in EEP.
- First quarter 2007 included higher earnings from EGD due to colder weather than the prior year period and the receipt of 2005 hurricane insurance proceeds.
- Fourth quarter earnings in 2006 reflected higher earnings from the Enbridge System and Aux Sable, offset by lower earnings from EGD due primarily to warmer than normal weather and higher costs.
- Third quarter earnings in 2006 reflected higher earnings from Enbridge System, increased earnings from the Company's investment in EEP and the recognition of upside sharing in Aux Sable.
- Second quarter earnings in 2006 included the impact of tax rate reductions, which increased consolidated earnings.
- First quarter earnings in 2006 reflected increased earnings in Enbridge System more than offset by lower results from EGD, due primarily to warmer than normal weather.