ATCO is reporting a strong start to 2026 as its first-quarter earnings show growth over last year.
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The company’s adjusted earnings of $165 million in the first quarter were $5 million higher than the first quarter of 2025.
“This is up 3 per cent year-over-year and in line with our expectations for the quarter,” said Katie Patrick, executive vice-president, chief financial and investment officer. “Results were driven by growth in the utilities as well as increased sales and leasing activity in Canada at ATCO Structures.”
During its first-quarter presentation, ATCO outlined opportunities it is seeing in the North related to defence.
“There is a landscape of growing opportunities in Canada’s North,” she said. “The federal government has shared its commitment to invest in Canada’s defence sector with a significant focus on the Arctic.
“This includes $35 billion of funding towards defence infrastructure upgrades, new northern operational support hubs, modernizing and upgrading Arctic airports, civilian infrastructure and key economic hub developments.”
Patrick noted ATCO Frontec has operated in the most remote parts of North America’s Arctic.
Moving to ATCO’s specific divisions, ATCO Structures marked a big milestone in its first quarter.
“ATCO Structures delivered $27 million of adjusted earnings in the first quarter, marking our 15th consecutive quarter of year-over-year earnings growth,” said Adam Beattie, president of ATCO’s Structures division.
ATCO Structures picked up a number of new contracts in the US, Canada and Australia.
ATCO Frontec scored a big win as the Government of Nunavut awarded it a $41-million contract to construct a new water treatment plant in Pond Inlet, Nunavut.
ATCO Energy Systems continues its investment into capital expenditures. It has also been working on projects such as the Yellowhead Pipeline Project and the Central East Transfer-Out Project.
Patrick explained the company expects to see strong growth in 2026.
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