ATCO Ltd. (TSX: ACO.X, ACO.Y)
ATCO Ltd. today reported higher earnings for the first quarter
of 2012 led by worldwide increased activity for ATCO Structures
& Logistics and additional infrastructure investment in the
utilities to support Alberta growth.
Earnings attributable to Class I and Class II Shares were $121
million ($2.09 per share) and Adjusted Earnings were $116 million
for the three months ended Mar. 31, 2012, compared to $110 million
($1.89 per share) and $108 million, respectively, in the first
quarter of 2011.
ATCO Structures & Logistics had a strong quarter as rental
activity increased and manufacturing expanded to meet the growing
demand for modular structures and services, especially new
workforce housing needs in the resource- rich regions of Australia,
Canada, and South America. In particular, Australia continues to be
strong as building and installation is underway for major workforce
housing complexes to accommodate more than 5,600 persons
constructing three liquefied natural gas projects on Curtis Island,
Queensland.
ATCO Electric, ATCO Gas and ATCO Pipelines invested almost $500
million in infrastructure to support Alberta's continuing growth,
adding to the rate base upon which the companies earn a return. A
significant amount of this quarter's investment took place to
connect major industrial customers in northeast Alberta to the
province's transmission grid and to reinforce the electricity
system serving that growing region of the province.
ATCO's increased earnings were partially offset by lower
earnings from natural gas storage operations in ATCO Midstream.
RECENT DEVELOPMENTS
-- ATCO declared a second quarter dividend for 2012 of 32.75 cents per
Class I Non-Voting and Class II Voting Share. ATCO's dividend per share
has increased for 19 consecutive years.
-- In March, ATCO Structures & Logistics was awarded the largest Canadian
contract in its history to construct a 2,586-person workforce housing
lodge for BHP Billiton's Jansen Potash Project in Saskatchewan.
-- ATCO Structures & Logistics is opening a 200,000 sq. ft. manufacturing
plant in Pocatello, Idaho - the third in the U.S. - to help meet growing
demand for its products and services throughout North America. The plant
is expected to open in the second quarter of 2012.
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to
earnings attributable to Class I and Class II Shares is provided
below:
For the Three Months
Ended March 31
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($ Millions except per share data) 2012 2011
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Adjusted Earnings (1) (2) 116 108
Adjustments for Rate Regulated Activities (3) 5 2
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Earnings Attributable to Class I and Class II
Shares 121 110
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Earnings Per Share 2.09 1.89
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Revenues 1,114 1,021
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Funds Generated By Operations (1) (4) 456 425
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(1) These measures do not have standardized meaning under
International Financial Reporting Standards (IFRS) and may not be
comparable to similar measures used by other companies.
(2) Adjusted Earnings are earnings attributable to Class I and
Class II Shares after adjusting for the timing of revenues and
expenses associated with rate regulated activities. Adjusted
Earnings also exclude one-time gains and losses and items that are
not in the normal course of business or day-to-day operations.
Adjusted Earnings present earnings on the same basis as was used
prior to adopting IFRS - that basis being the U.S. accounting
principles for rate regulated entities - and they are a key measure
used to assess segment performance, to reflect the economics of
rate regulation and to facilitate comparability of ATCO's earnings
with other Canadian rate regulated companies.
(3) Refer to Note 3 to the consolidated financial statements for
descriptions of the adjustments for rate regulated activities and
the timing of their recovery from or refund to customers.
(4) This measure is cash flow from operations before changes in
non-cash working capital.
The $93 million increase in revenues was due primarily to higher
business activity in ATCO Structures & Logistics and increased
rate base in the utilities, as well as the addition of ATCO Gas
Australia in late July 2011. These increases were partially offset
by lower flow through natural gas sales in ATCO Midstream and lower
Alberta Power Pool prices.
Funds Generated by Operations increased $31 million primarily
for the same reasons earnings increased, as well as higher total
payments by utility customers for infrastructure.
ATCO's consolidated financial statements and management's
discussion and analysis for the three months ended Mar. 31, 2012,
will be available on the ATCO website (www.atco.com), via SEDAR
(www.sedar.com) or can be requested from the Company.
Alberta-based ATCO Ltd., with more than 8,800 employees and
assets of approximately $13 billion, delivers service excellence
and innovative business solutions worldwide with leading companies
engaged in structures & logistics (manufacturing, logistics and
noise abatement), utilities (pipelines, natural gas and electricity
transmission and distribution), energy (power generation, natural
gas gathering, processing, storage and liquids extraction) and
technologies (business systems solutions). More information can be
found at www.atco.com.
Forward-Looking Information:
Certain statements contained in this news release may constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward-looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no
assurance can be given that these expectations will prove to be
correct and such forward-looking information should not be unduly
relied upon.
Any forward-looking information contained in this news release
represents the Corporation's expectations as of the date hereof,
and is subject to change after such date. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
information whether as a result of new information, future events
or otherwise, except as required by applicable securities
legislation.
Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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