ATCO Reports 2015 Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 02/25/16 -- ATCO Ltd. (TSX: ACO.X, ACO.Y)
ATCO today announced adjusted earnings for 2015 of $293 million compared to $374 million in 2014. ATCO had fourth quarter 2015 adjusted earnings of $92 million compared to $117 million in the same period of 2014. Lower earnings were mainly due to lower business activity in the Structures & Logistics business unit, lower Alberta Power Pool prices and the adverse earnings impact of several regulatory decisions received from the Alberta Utilities Commission (AUC) and the Australian Economic Regulation Authority in 2015.
Lower adjusted earnings in the Structures & Logistics business unit are related to weakened capital spending in various natural resource sectors in North America and Australia leading to a decline in manufacturing activity, reduced profit margins, and lower Workforce Housing and Space Rental fleet utilization. These decreases were partially offset by additional work at the Wheatstone project in Western Australia, the commencement of work at the Site C Clean Energy project in northeast BC and by business-wide cost reduction initiatives.
In March 2015, the AUC released decisions on the Generic Cost of Capital and Performance Based Regulation Capital Tracker proceedings that covered the period from the beginning of 2013 to the end of 2015. In July 2015, ATCO Gas Australia received the Access Arrangement decision, covering the period from July 2014 to December 2019. The 2013 to 2015 earnings impact that resulted from these decisions was recorded in 2015. If the prior period impact of these retroactive decisions had been recorded in 2013 and 2014, adjusted earnings in 2015 would have been $27 million higher than the same period last year. The primary reason for increased earnings was due to the ongoing investment in building Alberta's and Australia's infrastructure.
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 $154 million in 2015 compared to $420 million in the prior year. 2015 earnings attributable to Class I and Class II Shares have been adjusted for:
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 year ended December 31, 2015, will be available on the ATCO website (), via SEDAR () or can be requested from the Company.
With nearly 8,000 employees and assets of approximately $19 billion, ATCO is a diversified global corporation delivering service excellence and innovative business solutions in Structures & Logistics (workforce housing, innovative modular facilities, construction, site support services, and logistics and operations management); Electricity (power generation, distributed generation, and electricity distribution, transmission and infrastructure development); Pipelines & Liquids (natural gas transmission, distribution and infrastructure development, natural gas liquids storage and processing, and industrial water solutions); and Retail Energy (electricity and natural gas retail sales). 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: 25.02.2016 - 12:38 Uhr
Sprache: Deutsch
News-ID 453232
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Equipment
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