ATCO Reports 2015 Second Quarter Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 07/29/15 -- ATCO Ltd. (TSX: ACO.X)(TSX: ACO.Y)
ATCO today announced second quarter 2015 adjusted earnings of $57 million, compared to $57 million in 2014, led by continued investment in utility infrastructure, offset by lower project activity in Structures & Logistics and an unfavourable regulatory decision in Australia.
ATCO continued to invest in utility infrastructure in Alberta in addition to achieving improvements in operations and maintenance costs. The Company's Utilities in Alberta invested $306 million in the second quarter and $617 million for the year to date. This investment was for projects to replace aging infrastructure as well as new infrastructure to meet Alberta's long-term natural gas and electricity demand, and improve reliability for customers.
Increased earnings in the Utilities were partly offset by lower earnings in ATCO Structures & Logistics as a result of lower project activity due to the conclusion of several major projects in late 2014 and early 2015. Also contributing to ATCO Structures & Logistics' lower earnings were reduced fleet rental rates and utilizations, and lodging occupancy levels and room rates, all due to a weakened demand from customers whose business activity is exposed to commodity price declines.
On July 9, 2015, ATCO declared a third quarter dividend for 2015 of 24.75 cents per Class I Non-Voting and Class II Voting Share. This represents a 15 per cent increase on the dividends declared in the same period last year. ATCO's annual dividend per share has increased for 22 consecutive years.
RECENT DEVELOPMENTS
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:
Earnings attributable to Class I and Class II Shares were $8 million in the second quarter of 2015 compared to $66 million in the same period of 2014. The largest impact was due to the Government of Alberta announced increase in the corporate tax rate from 10 per cent to 12 per cent effective July 1, 2015. The Company made a one-time adjustment to earnings relating to deferred income taxes to reflect the portion of the income tax that will be billed and recovered from utility customers in future periods.
Also included in earnings attributable to Class I and II Shares was a $13 million write-down relating to ATCO Structures & Logistics' open lodge assets. As this charge was a significant impairment, it was excluded from adjusted earnings.
This news release should be used as a preparation for reading the full disclosure documents. ATCO's consolidated financial statements and management's discussion and analysis for the second quarter ended June 30, 2015, will be available on the ATCO website (), via SEDAR () or can be requested from the Company.
With nearly 9,000 employees and assets of approximately $18 billion, ATCO is a diversified global corporation delivering service excellence and innovative business solutions through leading companies engaged in Structures & Logistics, Utilities and Energy. More information can be found at .
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 Company's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company.
The Company 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 Company's expectations as of the date hereof, and is subject to change after such date. The Company 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:
Media & Investor Inquiries:
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer
ATCO Ltd.
(403) 292-7502
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Datum: 29.07.2015 - 11:34 Uhr
Sprache: Deutsch
News-ID 409907
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Equipment
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