Calgary-based ATCO had adjusted earnings in 2018 of $355 million, or $3.10 per share, compared to $335 million, or $2.93 per share, in 2017, the company announced on Thursday.
A news release also said ATCO had fourth quarter 2018 adjusted earnings of $108 million, or $0.94 per share, compared to $96 million, or $0.84 per share, in the fourth quarter of 2017.
“Strong 2018 earnings were driven by our non-regulated businesses mainly due to improved profit margins and demand for structures and logistics’ modular structures products, strong results in electricity generation and Alberta PowerLine, and earnings from our new investment in Neltume Ports, a leading port operator and developer in South America. Continued capital investment and operational cost improvements in our regulated businesses helped partially offset the adverse earnings impact of rate re-basing in several of our Alberta utilities,” said the company in a news release.
The company said it invested $2.5 billion in capital growth projects in 2018, of which $1.1 billion was invested in regulated utilities, approximately $450 million was invested for a 40 per cent equity interest in Neltume Ports, $180 million was invested in various projects, including the acquisition of a modular structures manufacturing facility in Mexico and expansion of the modular structures’ global rental fleet, and more than $800 million was invested in long-term contracted assets including Alberta PowerLine and a hydroelectric power station acquisition in Mexico.
“As a diversified global enterprise, our strategy is to continue expanding our investment portfolio targeted at the global essential services of housing, logistics and transportation, agriculture, water, real estate, and energy and energy infrastructure. Complementary to this strategy, we are expanding our geographies and introducing new products and services,” it said.
– Mario Toneguzzi for Calgary’s Business