ATCO reports strong Q3 earnings

ATCO Ltd. announced adjusted earnings in the third quarter of this year of $91 million. This is a $10 million higher than the third quarter of last year.

"This quarter's results highlight our continued focus on our strategic growth objectives. I'm pleased to report that ATCO achieved adjusted earnings of $91 million in the third quarter this year," said Katie Patrick, executive vice president, chief financial and investment officer. "This is $10 million or 12 per cent higher than the third quarter last year."

Patrick says ATCO has a strong growth trajectory.

"ATCO has had a stronger growth trajectory because of the mix of businesses that we have, than Canadian Utilities," she said.

ATCO has a variety of other ventures such as ATCO structures and retail, while utilities remains their focus.

"Our utilities business will continue to be the foundation of our businesses over the long run, and we certainly hope that the growth that
they provide will continue to be strong and robust," said Patrick.

In September, ATCO Energy Systems announced the filing of a comprehensive regulatory application that establishes the need for the Yellowhead Mainline natural gas project. Subject to regularly and company approvals, construction is expected to commence in 2026 and the pipe is expected to be on-stream in the fourth quarter of 2027.

In the same month, ATCO EnPower produced hydrogen through two 1-MW electrolyzers that were constructed and commissioned in Edmonton and Calgary.

The company successfully closed an acquisition of NRB Limited, Aug. 30. The purchase price was $40 million, NRB is a Canadian manufacturer of modular industrial. ATCO was also awarded a $14 million contract to design, supply, transport and install a 29-unit, two-storey mine dry facility in support of a mining operation in western Canada.

ATCO incurred $414 million in capital expenditures in the third quarter of 2024.