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 $150 million of 5.80% Cumulative Redeemable
Second Preferred Shares Series W on July 19.
-- ATCO launched ATCO Sustainable Communities Inc., a new company that
provides a full range of pre-fabricated building solutions for
Indigenous and other remote communities. The new company will bring a
focus to building partnerships that will develop sustainable Indigenous
communities throughout Canada.
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to
earnings attributable to Class I and Class II Shares is provided
below:
For the Three Months For the Six Months
Ended June 30 Ended June 30
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($ 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.
Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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