ATCO Reports 2015 First Quarter Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/29/15 -- ATCO Ltd. (TSX: ACO.X)(TSX: ACO.Y)
ATCO today announced first quarter 2015 adjusted earnings of $78 million compared to $115 million in 2014. The main driver of this decrease was a one-time earnings adjustment for the years 2013 and 2014 resulting from regulatory decisions received by the Utilities from the Alberta Utilities Commission (AUC) in the first quarter of 2015. The earnings were also impacted by unfavourable market conditions in the Company''s Energy businesses and reduced earnings from ATCO Structures & Logistics.
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. These decisions reduced first quarter 2015 adjusted earnings in the Utilities by $24 million. Without the one-time earnings adjustments from these decisions related to the years 2013 and 2014, adjusted earnings in the Utilities in the first quarter of 2015 were $12 million higher than the same period last year. The primary reason for increased earnings was due to the ongoing investment in building Alberta''s infrastructure.
Lower earnings in the first quarter of 2015 in the Energy segment also impacted overall results primarily due to a 52 per cent decline in average Alberta Power Pool prices in the first quarter of 2015 over the same period in 2014, and lower commodity prices in the Energy Solutions business. In addition, ATCO Structures & Logistics earnings were lower primarily as a result of the cyclical nature of the resources sector and timing of project revenues. These lower earnings were partly offset by cost reduction initiatives.
Earnings attributable to Class I and Class II Shares were $94 million in the first quarter of 2015 compared to $127 million in 2014. Decreased earnings attributable to Class I and Class II Shares were primarily the result of lower adjusted earnings.
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:
ATCO''s consolidated financial statements and management''s discussion and analysis for the first quarter ended March 31, 2015, will be available on the ATCO website (), via SEDAR () or can be requested from the Company.
With more than 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
(403) 292-7502
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Datum: 29.04.2015 - 05:34 Uhr
Sprache: Deutsch
News-ID 1354944
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