Calgary-based ATCO said on Thursday its first-quarter 2019 adjusted earnings were $112 million, or $0.98 per share, compared to $99 million, or $0.87 per share, in the first quarter of 2018.
The company said higher first quarter earnings were recorded in Structures and Logistics, Canadian Utilities, and Neltume Ports.
“Stronger earnings were mainly due to commencement of work on the LNG Canada workforce accommodation project in Structures and Logistics, increased Alberta power market prices and ongoing growth in the regulated rate base in Canadian Utilities, and earnings contributions from our recent investment in Neltume Ports,” said the company in a news release.
In the first quarter, ATCO added that $343 million was invested in capital growth projects. It also invested $34 million in various projects, including the acquisition of an additional interest in a port held by Neltume Ports, and the expansion of Structures & Logistics’ global mobile trailer rental fleet. Canadian Utilities invested $213 million in regulated utilities and $96 million in long-term contracted assets including Alberta PowerLine.
– Mario Toneguzzi for Calgary’s Business
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