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ATCO Reports Higher Third Quarter 2013 Earnings

CALGARY, ALBERTA – Oct. 30, 2013 – ATCO Ltd. (TSX:ACO.X)(TSX:ACO.Y) –

ATCO 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 $84 million compared to $79 million for the same period in 2012. The company achieved increased earnings from the Utilities, along with solid performance from ATCO Structures & Logistics as a result of strong earnings in the modular structures business in North America and high demand for lodging and support services.

Also, in the third quarter of 2013, ATCO Structures & Logistics recognized a $56 million one-time gain on the sale of its interest in the Chilean joint venture, Tecno Fast ATCO S.A. The gain on this sale is included in earnings attributable to Class I and Class II Shares but is excluded from Adjusted Earnings.

Earnings attributable to Class I and Class II Shares were $132 million in the third quarter compared to $81 million in the same period in 2012 primarily due to the inclusion of the gain on sale of Tecno Fast ATCO S.A. Adjusted Earnings will differ from earnings attributable to Class I and Class II Shares 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 $293 million for the nine months ended September 30, 2013 compared to $268 million in 2012. Earnings attributable to Class I and Class II Shares were $347 million for the nine months ended September 30, 2013 compared to $272 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

  • Construction commenced on the remaining 2,086 rooms of BHP Billiton’s Jansen Potash Project in Saskatchewan during the third quarter and this workforce housing lodge is expected to be completed during the second quarter of 2015.
  • Construction of the Eastern Alberta Transmission Line continued in the third quarter with foundation installation and tower assembly underway.
  • ATCO declared a fourth quarter dividend for 2013 of 18.75 cents per Class I Non-Voting and Class II Voting Share. ATCO’s annual dividend per share has increased for 20 consecutive years.
  • On September 9, 2013, ATCO’s subsidiary, CU Inc., issued $600 million of 30-year 4.722% Debentures maturing September 9, 2043.
  • On September 18, 2013, CU Inc. issued $75 million of 50-year 4.855% Debentures maturing September 18, 2063.

Read more: http://www.atco.com/NewsRelease?article=http://atco.mwnewsroom.com/article/xml?id=1775668

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