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ATCO Reports Higher Third Quarter 2021 Adjusted Earnings
ATCO Reports Higher Third Quarter 2021 Adjusted Earnings Canada NewsWire ...
About this update from Atco Ltd. Class I
[{"type":"text","content":"\n \n \n \n ATCO Reports Higher Third Quarter 2021 Adjusted Earnings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 28, 2021\n \n /CNW/ -\n \n ATCO Ltd.\n \n (TSX: ACO.X) (TSX: ACO.Y)\n \n \n \n \n \n \n \n \n \n ATCO today announced third quarter 2021 adjusted earnings of\n \n $69 million\n \n (\n \n $0.60\n \n per share), which were\n \n $15 million\n \n (\n \n $0.13\n \n per share) higher compared to $54 million (\n \n $0.47\n \n per share) in the third quarter of 2020.\n \n \n 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\n \n June 2021\n \n commencement of LUMA Energy's 15-year contract to modernize and operate\n \n Puerto Rico's\n \n electricity transmission and distribution system. Higher earnings were also due to higher levels of inflation in\n \n Australia\n \n , which positively impacted earnings in Canadian Utilities' International Natural Gas Distribution segment, and continued strong performance from our Structures and Neltume segments.\n \n \n IFRS earnings attributable to Class I and Class II Shares were\n \n $52 million\n \n in the third quarter of 2021,\n \n $2 million\n \n 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.\n \n \n \n RECENT DEVELOPMENTS\n \n \n \n \n \n ATCO Structures\n \n \n \n \n \n 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\n \n Kitimat, BC\n \n and is one of the la...