Canadian Utilities Reports Second Quarter 2017 Earnings
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 07/27/17 -- Canadian Utilities Limited (TSX: CU, CU.X)
Canadian Utilities Limited today announced second quarter adjusted earnings for 2017 of $129 million compared to $131 million in 2016. In June 2017, the Alberta Utilities Commission (AUC) released a retroactive regulatory decision that adversely impacted Electric Transmission''s adjusted earnings. Without the prior period impact from this decision, adjusted earnings in the second quarter of 2017 would have been $135 million.
Earnings growth in the Electricity and Pipelines & Liquids global business units, mainly due to continued capital investment in our Regulated Utilities, was offset by the timing of operating costs in Electric Distribution and the earnings impact of the 2015 to 2017 General Tariff Application (GTA) Compliance Filing decision in Electric Transmission.
Canadian Utilities invested $398 million in capital growth projects in the second quarter and $683 million in the first half of 2017, of which 99 per cent was invested in assets that earn a return under a regulatory business model or are secured under long-term contracts. This capital investment is expected to contribute significant earnings and cash flow and create long-term value for share owners.
On July 12, 2017, Canadian Utilities declared a third quarter dividend for 2017 of 35.75 cents 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 2016. Canadian Utilities'' annual dividend per share has increased for 45 consecutive years.
RECENT DEVELOPMENTS
FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS
A financial summary and reconciliation of adjusted earnings to earnings attributable to Class A and Class B shares 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 quarter ended June 30, 2017 will be available on the Canadian Utilities website (), via SEDAR () or can be requested from the Company.
With approximately 5,400 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:
D.A. (Dennis) DeChamplain
Senior Vice President &
Chief Financial Officer
403-292-7502
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Datum: 27.07.2017 - 05:42 Uhr
Sprache: Deutsch
News-ID 1515259
Anzahl Zeichen: 4287
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CALGARY, ALBERTA
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Kategorie:
Utilities
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