Content
Quarterly Financial Information 1
| 2008 | Q1 | Q2 | Q3 | Q4 | Total | ||||||
(millions of Canadian dollars, except for per share amounts) |
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| Revenues | 3,967.8 | 3,871.5 | 4,368.5 | 3,923.5 | 16,131.3 | ||||||
| Earnings applicable to common shareholders | 251.3 | 657.7 | 148.4 | 263.4 | 1,320.8 | ||||||
| Earnings per common share | 0.70 | 1.83 | 0.41 | 0.72 | 3.67 | ||||||
| Diluted earnings per common share | 0.70 | 1.81 | 0.41 | 0.71 | 3.64 | ||||||
| Dividends per common share | 0.33 | 0.33 | 0.33 | 0.33 | 1.32 | ||||||
| 2007 | Q1 | Q2 | Q3 | Q4 | Total | ||||||
(millions of Canadian dollars, except for per share amounts) |
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| 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 | ||||||
- 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 impact revenues and earnings from Energy Services businesses.
Significant items that impacted the quarterly earnings and revenue were as follows:
- Fourth quarter earnings in 2008 included higher contributions from Aux Sable and Energy Services, Liquids Pipelines and EGD. EGD's fixed charge per customer increased with a corresponding decrease in the per unit volumetric charge. These changes modify the quarterly earnings profile, but do not materially affect full year earnings as revenues are shifted from the colder winter quarters to the warmer summer quarters.
- Third quarter earnings in 2008 reflected increased earnings from Athabasca System, EGD, Aux Sable and Energy Services. Revenues increased due to higher average commodity prices in 2008.
- Second quarter 2008 earnings included a gain on the sale of the Company's investment in CLH as well as increased earnings from EEP, Aux Sable and Energy Services. Revenues were higher than the comparable 2007 period due to higher commodity prices impacting Energy Services.
- First quarter 2008 earnings included higher contributions from EGD as well as improved results in Aux Sable and Energy Services, partially offset by the recognition of an income tax charge related to previously owned U.S. pipeline assets. Revenues were higher than the comparable 2007 period due to higher commodity prices impacting Energy Services.
- 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.