CALGARY, AB, Oct. 28, 2021 /CNW/ - ATCO Ltd. (TSX:
ACO.X) (TSX: ACO.Y)
ATCO today announced third quarter 2021 adjusted earnings of
$69 million ($0.60 per share), which were $15 million ($0.13
per share) higher compared to $54 million ($0.47 per share) in the third quarter of
2020.
Higher adjusted earnings in the third quarter of 2021 were
mainly due to contributions from Canadian Utilities' International
Electricity Operations segment as a result of the June 2021 commencement of LUMA Energy's 15-year
contract to modernize and operate Puerto
Rico's electricity transmission and distribution system.
Higher earnings were also due to higher levels of inflation in
Australia, which positively
impacted earnings in Canadian Utilities' International Natural Gas
Distribution segment, and continued strong performance from our
Structures and Neltume segments.
IFRS earnings attributable to Class I and Class II Shares were
$52 million in the third quarter of
2021, $2 million lower compared to
2020. Earnings attributable to Class I and Class II Shares include
timing adjustments related to rate-regulated activities, unrealized
gains or losses on mark-to-market forward and swap commodity
contracts, one-time gains and losses, impairments, and items that
are not in the normal course of business or a result of day-to-day
operations. These items are not included in adjusted
earnings.
RECENT DEVELOPMENTS
ATCO Structures
- Completed work on the LNG Canada Cedar Valley Lodge project, a
joint venture with Bird Construction and the Haisla Nation. The
facility was built to house workers involved in the construction of
LNG Canada's natural gas liquefaction and export facility in
Kitimat, BC and is one of the
largest accommodation facilities ever built in Canada.
- Awarded a supply contract for a 102-person accommodation
facility with common areas and ongoing support services for the
California Department of General Services Forest Fire Recovery in
Quincy, California.
- Commenced installation of the additional 150-person camp
recently awarded as part of the continued efforts to support the
rebuild of the China Lake Military Base in Southern California.
- Awarded a $10 million contract to
supply 15 double classrooms and 7 two-story classrooms to the
Victoria Department of Education in Australia.
- Awarded an $18 million contract
with the Robe River Mining Company for the supply of a 120-unit
camp at the Angelo River mine site in Western Australia.
Neltume Ports
- Acquired a 70 per cent interest in Tidal Transport &
Trading USA (Tidal). Tidal
provides full-scale marine operation services, focused primarily on
stevedoring, hold cleaning, and port captaincy on the US West
Coast, with operations in California, Oregon, and Washington.
Canadian Utilities
- Announced a partnership with Future Fuel Ltd. to build and
operate the Two Hills renewable
natural gas (RNG) facility north of Vegreville, Alberta. The facility is Canadian
Utilities' first commercial RNG production facility and is a
strategic investment in our clean fuels strategy. The facility will
combine organic waste from nearby municipalities with agricultural
byproducts to produce approximately 230,000 gigajoules per year of
renewable natural gas (enough to fuel 2,500 homes).
- Completed Canada's most
northerly off-grid solar project in Old
Crow, Yukon with the Vuntut
Gwitchin First Nation, reducing diesel use by 189,000 litres
annually and providing a clean energy source for decades to
come.
- Acquired the rights to the Empress Solar project, a 39-MW solar
facility under development near Empress,
Alberta. The project will provide enough renewable
electricity to power more than 11,000 homes.
- Acquired the development rights to build two solar projects
with a combined capacity of 64-MW in Calgary, Alberta. The Deerfoot and Barlow
projects will provide enough renewable electricity to power more
than 18,000 homes.
Corporate
- Declared a fourth quarter dividend of 44.83 cents per share or $1.79 per Class I Non-Voting and Class II Voting
Share on an annualized basis.
This news release should be read in concert with the full
disclosure documents. ATCO's consolidated financial statements and
management's discussion and analysis for the quarter ended
September 30, 2021 will be available on the ATCO website
(www.ATCO.com), via SEDAR (www.sedar.com) or can be requested from
the Company.
With approximately 6,200 employees and assets of $22 billion, ATCO is a diversified global
corporation with investments in the essential services of
Structures & Logistics (workforce and residential housing,
innovative modular facilities, construction, site support services,
workforce lodging services, facility operations and maintenance,
defence operations services, and disaster and emergency management
services); Utilities (electricity and natural gas transmission and
distribution, and international operations); Energy Infrastructure
(electricity generation, energy storage and industrial water
solutions); Retail Energy (electricity and natural gas retail
sales); Transportation (ports and transportation logistics); and
Commercial Real Estate. More information can be found at
www.ATCO.com.
Investor & Analyst
Inquiries:
Colin
Jackson
Senior Vice President, Finance, Treasury, Risk &
Sustainability
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Kurt Kadatz
Senior Manager, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571
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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
(including as may be affected by the COVID-19 pandemic), 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.
SOURCE ATCO Ltd.