Enbridge Inc (ENB.TO: Quote), Canadas No. 2 pipeline company, reported a better-than expected third-quarter profit and raised its full-year adjusted earnings outlook on strength in its liquid pipelines and natural gas businesses.

The company expects full-year earnings of C$2.30 to C$2.36 a share, an increase of more than 20 percent over last year. It had previously expected C$2.18 to C$2.32 per share.

Despite the recession, the company is in the midst of a C$12 billion expansion program in order to ship more oil sands crude to the United States as it looks to boost its earnings by 20 percent or more a year.

For the third quarter, adjusted profit rose to 42 Canadian cents a share from 24 Canadian cents a year ago.

The adjusted result beat the average analyst profit estimate of 38 Canadian cents per share, according to Thomson Reuters I/B/E/S.

The company, whose pipelines carry the lions share of Canadas oil exports to the United States, said net income climbed to C$303.8 million, or 83 Canadian cents per share, from C$148.4 million, or 41 Canadian cents, a year ago.

Revenue fell 40 percent to C$2.63 billion.

Enbridge shares closed at C$41.95 on Tuesday on the Toronto Stock Exchange.