Business
Caribbean Utilities Company, Ltd. Announces Second Quarter Results for the Period Ended June 30, 2019
Caribbean Utilities Company, Ltd. Announces Second Quarter Results for the Period Ended Ju...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. Announces Second Quarter Results for the Period Ended June 30, 2019\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\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Aug. 2, 2019\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange. \n GRAND CAYMAN, Cayman Islands, Aug. 2, 2019 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its unaudited results for the Second Quarter ended June 30 2019 (all figures in United States dollars).\n\n \n \n\n\n\n\n\n\n\n \nCUC's operating income for the three months ended June 30, 2019 (\"Second Quarter 2019\" or \"Q2 2019\") totalled $8.2 million, an increase of $0.5 million when compared to operating income of $7.7 million for the three months ended June 30, 2018 (\"Second Quarter 2018\" or \"Q2 2018\"). The increase is primarily attributable to higher electricity sales revenues which was partially offset by higher depreciation expenses.\nNet earnings for Q2 2019 totalled $7.9 million, an increase of $0.9 million from $7.0 million for Q2 2018. In addition to the items impacting Operating Income, Net Earnings were also positively impacted by lower finance charges driven by higher Allowance for Funds Used During Construction (\"AFUDC\").\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q2 2019 were $7.8 million, or $0.24 per Class A Ordinary Share, compared to earnings on Class A Ordinary Shares of $6.9 million, or $0.21 per Class A Ordinary Share for Q2 2018.\nSales for Q2 2019 totalled 173.0 million kWh, an increase of 13.3 million kWh in comparison to 159.7 million kilowatt hours (\"kWh\") for Q2 2018. This increase was driven by an increase in the average residential and the average commercial kWh consumption in Q2 2019 compared to Q2 2018.  The average monthly temperature for Q2 2019 was 84 degrees Fahrenheit as compared to an average monthly temperature of 83 degrees for Q2 2018. Warmer temperatures increased...