ATCO Reports Higher Second Quarter Earnings
27 Luglio 2012 - 2:17PM
Marketwired Canada
ATCO Ltd. (TSX: ACO.X, ACO.Y)
ATCO Ltd. today reported higher earnings for the second quarter led by worldwide
increased activity for ATCO Structures & Logistics, additional infrastructure
investment in the utilities to support Alberta growth and increased earnings
from ATCO Australia, offset by the impact of major planned maintenance outages
at two of ATCO Power's generating plants.
Earnings attributable to Class I and Class II Shares were $73 million ($1.28 per
share) and Adjusted Earnings were $74 million for the second quarter of 2012
compared to $61 million ($1.07 per share) and $61 million, respectively, in the
same period of 2011.
Earnings attributable to Class I and Class II Shares were $194 million ($3.37
per share) and Adjusted Earnings were $190 million for the six months ended June
30, 2012, compared to $171 million ($2.96 per share) and $169 million,
respectively, in the first half of 2011.
ATCO Structures & Logistics continued its strong performance this quarter as
rental activity increased and manufacturing expanded to meet the growing demand
for modular structures and services, especially new workforce housing in the
resource-rich regions of Australia, Canada, and South America. In particular,
building and installation are progressing as planned for major workforce housing
complexes to accommodate more than 5,600 persons constructing three liquefied
natural gas projects on Curtis Island, Queensland, Australia.
ATCO Electric, ATCO Gas and ATCO Pipelines invested an additional $438 million
in the second quarter in infrastructure to support Alberta's continuing growth,
bringing the total for the first half of 2012 to $937 million, which was more
than double the $458 million invested in the first half of 2011. These
expenditures add to the rate base upon which the companies earn a return. A
significant amount of this investment was required 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.
Earnings from ATCO Australia include those from ATCO Gas Australia, which was
acquired at the end of July 2011. This quarter, ATCO Gas Australia received a
favorable decision on its appeal of an earlier decision covering the current
access arrangement period 2010 to 2014, which resulted in increased Adjusted
Earnings of $5 million.
ATCO's increased earnings for the second quarter and first half of 2012 were
reduced by major planned maintenance outages at the largest of ATCO Power's
three Battle River units and one of its two Sheerness units. Scheduled
maintenance is undertaken to ensure continued safe, reliable and efficient plant
operations.
RECENT DEVELOPMENTS
-- ATCO declared a third 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.
-- ATCO Structures & Logistics opened a 200,000 sq. ft. manufacturing plant
in Pocatello, Idaho - its third in the U.S. - to help meet growing
demand for its products and services throughout North America.
-- ATCO's subsidiary, Canadian Utilities Limited, issued $150 million of
4.90% Cumulative Redeemable Second Preferred Shares Series AA on June 18
in order to redeem $150 million of 6.00% Cumulative Redeemable Second
Preferred Shares Series X on June 30. Canadian Utilities issued $150
million of 4.90% Cumulative Redeemable Second Preferred Shares Series BB
on July 5 in order to redeem $150 million of 5.80% Cumulative Redeemable
Second Preferred Shares Series W on July 19.
-- ATCO launched ATCO Sustainable Communities Inc., a new company that
provides a full range of pre-fabricated building solutions for
Indigenous and other remote communities. The new company will bring a
focus to building partnerships that will develop sustainable Indigenous
communities throughout Canada.
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to earnings
attributable to Class I and Class II Shares is provided below:
For the Three Months For the Six Months
Ended June 30 Ended June 30
----------------------------------------------------------------------------
($ Millions except per share data) 2012 2011 2012 2011
============================================================================
Adjusted Earnings (1) 74 61 190 169
Adjustments for Rate Regulated
Activities (2) (1) 2 4 4
Acquisition Transaction Costs - (2) - (2)
----------------------------------------------------------------------------
Earnings Attributable to Class I
and Class II Shares 73 61 194 171
============================================================================
Earnings Per Share 1.28 1.07 3.37 2.96
============================================================================
Revenues 987 882 2,101 1,903
============================================================================
Funds Generated By Operations (3) 332 297 788 722
============================================================================
(1) 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.
(2) 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.
(3) This measure is cash flow from operations before changes in non-cash working
capital. It does not have standardized meaning under International Financial
Reporting Standards (IFRS) and may not be comparable to similar measures used by
other companies.
The increase in revenues in the second quarter and first half of 2012 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 in the second quarter and first half of
2012 primarily for the same reasons earnings increased, as well as higher
contributions by utility customers required to connect customers to utility
infrastructure.
ATCO's consolidated financial statements and management's discussion and
analysis for the three and six months ended June 30, 2012, will be available on
the ATCO website (www.atco.com), via SEDAR (www.sedar.com) or can be requested
from the Corporation.
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.
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