Canadian Utilities Reports Third Quarter 2016 Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/26/16 -- Canadian Utilities Limited (TSX: CU, CU.X) -
Canadian Utilities Limited today announced third quarter adjusted earnings for 2016 of $96 million compared to $99 million in 2015.
Earnings growth in the third quarter of 2016 was offset by the prior period impacts associated with the ATCO Electric Transmission 2015 to 2017 General Tariff Application (GTA) decision received in the quarter. Excluding the prior period impacts of the GTA decision, normalized adjusted earnings were $108 million. Higher normalized adjusted earnings were due to continued capital investment and growth in rate base within the Regulated Utilities, and business-wide cost reduction initiatives.
Canadian Utilities invested $340 million in the third quarter and $1,014 million for the year to date, 92 per cent of which was in the Company''s Regulated Utilities and in long-term contracted capital assets. These investments either earn a return under a regulatory business model or are commercially secured under long-term contracts.
On October 13, 2016, Canadian Utilities declared a fourth quarter dividend for 2016 of cents 32.50 per Class A Non-Voting and Class B Common Share, a 10 per cent increase over the quarterly dividends declared in the same period of 2015. Canadian Utilities'' annual dividend per share has increased for 44 consecutive years.
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:
This news release should be used as a preparation for reading the full disclosure documents. Canadian Utilities'' consolidated financial statements and management''s discussion and analysis for the third quarter ended September 30, 2016 will be available on the Canadian Utilities website (), via SEDAR () or can be requested from the Company.
With approximately 5,500 employees and assets of $19 billion, Canadian Utilities Limited is an ATCO company. 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 (electricity generation, transmission, and distribution); Pipelines & Liquids (natural gas transmission, distribution and infrastructure development, energy storage, 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
403-292-7502
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2016 - 05:58 Uhr
Sprache: Deutsch
News-ID 1465992
Anzahl Zeichen: 2714
contact information:
Contact person:
Town:
CALGARY, ALBERTA
Phone:
Kategorie:
Utilities
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 295 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Canadian Utilities Reports Third Quarter 2016 Earnings
"
steht unter der journalistisch-redaktionellen Verantwortung von
Canadian Utilities Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
