Calgary-based ATCO said on Thursday that its third quarter adjusted earnings grew to $87 million, or $0.76 per share, compared to $54 million, or $0.47 per share, in the third quarter of 2017.
“Higher earnings were recorded in all investments,” said the company in a news release.
“Structures and logistics recorded $2 million in higher earnings in the third quarter of 2018, mainly due to improved margins on both fleet sales and fleet rentals, as well as increased activity in Mexico and Chile in the modular structures business.
“ATCO subsidiary Canadian Utilities recorded $18 million in higher earnings in the third quarter of 2018 mainly due to the termination of the Battle River unit 5 power purchase arrangement by the Alberta Balancing Pool and the associated availability incentive and performance earnings. Higher earnings were also due to improved market conditions for Independent Power Plants.”
It said ATCO’s corporate segment adjusted earnings in the third quarter of 2018 were $12 million higher than the same period in 2017, mainly due to higher earnings in ATCO Investments. In the third quarter of 2018, ATCO Investments sold four properties in its commercial real estate portfolio for total adjusted earnings of $13 million, it added.
Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.
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