CALGARY, ALBERTA — (Marketwired) — 10/26/17 — Canadian Utilities Limited (TSX: CU)(TSX: CU.X) –
Canadian Utilities Limited today announced third quarter adjusted earnings for 2017 of $96 million, comparable to 2016. In September 2017, the Alberta Utilities Commission (AUC) released a retroactive regulatory decision that adversely impacted adjusted earnings in our Electric Transmission division. Without the prior period impact from this decision, adjusted earnings in the third quarter of 2017 would have been $103 million.
Strong earnings in the Electricity and Pipelines & Liquids global business units were mainly due to continued capital investment, rate base growth, and earnings from Alberta PowerLine (APL). APL is a partnership formed between ATCO and Quanta Services to design, build, own and operate a 500 km transmission line from east of Edmonton to Fort McMurray, Alberta.
Canadian Utilities invested $474 million in capital growth projects in the third quarter and $1,157 million in the first nine months 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 October 12, 2017, Canadian Utilities declared a fourth quarter dividend for 2017 of 35.75 cents per Class A non-voting and Class B common share. 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 September 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 $20 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