ATCO Ltd. (TSX: ACO.X, ACO.Y)
ATCO today reported higher earnings for the third quarter led by
strong contributions from ATCO Structures & Logistics and
growth in utility infrastructure.
Earnings attributable to Class I and Class II Shares were $82
million ($1.43 per share) for the third quarter compared to $54
million ($0.93 per share) for the same period in 2011. Adjusted
Earnings were $80 million for the third quarter of 2012 and $78
million for the same period in 2011.
Earnings attributable to Class I and Class II Shares were $276
million ($4.80 per share) for the nine months ended September 30,
2012 compared to $225 million ($3.89 per share) for the same period
in 2011. Adjusted Earnings were $270 million for the nine months
ended September 30, 2012 compared to $247 million for the same
period in 2011.
Earnings at ATCO Structures & Logistics increased mainly due
to strong contributions from Modular Structures operations,
particularly in Australia due to the construction of workforce
housing for three liquefied natural gas plants which are
progressing on schedule and are expected to be completed in the
first quarter of 2013.
In the third quarter, ATCO Electric, ATCO Gas and ATCO Pipelines
invested an additional $557 million in infrastructure to support
Alberta's continuing growth, bringing the total investment in the
first nine months of 2012 to $1.5 billion. A significant amount of
this capital investment is related to regulated transmission
infrastructure projects required to reinforce the electricity
system and supply growing electricity demand in northeast Alberta.
ATCO earns a regulated return on its infrastructure
investments.
Construction continues on the Hanna Region Transmission
Development Project in southeast Alberta with an expected
in-service by the end of the second quarter of 2013.
Pre-construction activities continue on the Eastern Alberta
Transmission Line with final approval of the facility application
expected by late 2012.
RECENT DEVELOPMENTS
-- ATCO Structures & Logistics announced a contract to build the second
phase of a workforce accommodation expansion for the Escondida copper
mine in northern Chile. Construction of the first phase of the project,
which was awarded at the end of 2011, was completed at the end of
September 2012. When both phases are complete, the 7,700 person facility
will provide sleeping accommodations, common facilities and utility
infrastructure to support a mine expansion project at the world's
largest copper mine.
-- ATCO declared a fourth quarter dividend for 2012 of 32.75 cents per
Class I Non-Voting and Class II Voting Share. ATCO's annual dividend per
share has increased for 19 consecutive years.
-- On August 1, 2012, ATCO announced the combination of the operations of
ATCO Midstream and ATCO Energy Solutions under the name ATCO Energy
Solutions, reflecting its focus on offering comprehensive gas storage,
industrial water infrastructure, natural gas gathering, processing,
transportation and gas liquids services to the oil and gas sector.
-- ATCO's subsidiary, CU Inc., issued $500 million of 3.805% Debentures
maturing on September 10, 2042 and $200 million of 3.825% Debentures
maturing on September 11, 2062.
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to
earnings attributable to Class I and Class II Shares is provided
below:
For the Three Months Ended For the Nine Months Ended
September 30 September 30
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($ Millions except per
share data) 2012 2011 2012 2011
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Adjusted Earnings (1) 80 78 270 247
Adjustments for Rate
Regulated Activities
(2) 2 - 6 4
Acquisition
Transaction Costs - (24) - (26)
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Earnings Attributable
to Class I and Class
II
Shares 82 54 276 225
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Earnings Per Share 1.43 0.93 4.80 3.89
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Revenues 1,076 958 3,177 2,861
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Funds Generated By
Operations (3) 422 318 1,210 1,040
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(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 third quarter and the first nine
months of 2012 was due primarily to higher business activity in
ATCO Structures & Logistics, increased rate base in the
Utilities, and the addition of ATCO Gas Australia in late July
2011. These increases in revenues were partially offset by lower
flow through natural gas sales in ATCO Energy Solution's natural
gas liquids extraction operations.
Funds Generated by Operations increased in the third quarter and
the first nine months 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 nine months ended
September 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 $14 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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