Canadian Utilities Reports Higher Third Quarter 2013 Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/30/13 -- Canadian Utilities Limited (TSX: CU, CU.X) -
Canadian Utilities today reported higher earnings for the third quarter of 2013 led by continued investment in utility infrastructure to support Alberta growth.
Third quarter Adjusted Earnings were $112 million compared to $105 million for the same period in 2012 driven by strong earnings contributions from the Utilities.
Earnings attributable to equity owners were $127 million compared to $117 million in the same period in 2012. Adjusted Earnings will differ from earnings attributable to equity owners because of the timing of recoveries from or refunds to customers of amounts that are deferred by the Utilities for regulatory purposes; however, over time there is no difference. In addition, one-time items are not included in Adjusted Earnings.
Adjusted Earnings were $423 million for the nine months ended September 30, 2013 compared to $374 million in 2012. Earnings attributable to equity owners were $470 million for the nine months ended September 30, 2013 compared to $411 million in 2012.
Investment in Alberta's utility infrastructure by ATCO Electric, ATCO Gas and ATCO Pipelines in the third quarter was $514 million, bringing the total for the first nine months of 2013 to $1,488 million, which is comparable to the same period of 2012.
RECENT DEVELOPMENTS
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of Adjusted Earnings to earnings attributable to equity owners is provided below:
Canadian Utilities recognized a one-time gain through its investment in ATCO Structures & Logistics, which sold its interest in the Chilean joint venture, Tecno Fast ATCO S.A. This gain is included in earnings attributable to equity owners but is excluded from Adjusted Earnings.
Revenues in the third quarter and the first nine months of 2013 increased primarily due to increased rate base in the Utilities and higher power pool prices in ATCO Power.
Funds Generated by Operations increased in the third quarter and the first nine months of 2013 primarily for the same reasons earnings increased.
Canadian Utilities' consolidated financial statements and management's discussion and analysis for the three and nine months ended September 30, 2013 will be available on the Canadian Utilities website (), via SEDAR () or can be requested from the Corporation.
Canadian Utilities Limited, an ATCO company, with more than 7,100 employees and assets of approximately $15 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in 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 .
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:
Canadian Utilities Limited
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer
(403) 292-7502
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Datum: 30.10.2013 - 07:03 Uhr
Sprache: Deutsch
News-ID 1277492
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