Markets

Canadian Utilities, Atco Both Lower Despite Beating The Street

Canadian Utilities (CU.TO) and its parent company Atco Ltd (ACO-X.TO) posted first quarter profits that topped market estimates, helped by higher power pool prices and better margins at Atco's power generating plants in Alberta, according to a Reuters report.

But both are lower in early trade. Atco is down 12 cents at $57.75. Canadian Utilities is down 19 cents at $53.50.

The Alberta-based companies operate utilities, structures and logistics, and energy segments, which include coal-fired and natural-gas power plants, pipelines, power distribution, infrastructure, and more.

For January-March, Atco earned C$110 million or C$1.89 a share, up from $90 million or C$1.54 a share in the previous corresponding period.

Canadian Utilities earned C$176 million or C$1.34 a share, compared with C$150 million or C$1.14 a share a year ago.

Adjusted earnings for Atco was C$108 million or C$1.86 a share. Canadian Utilities earned, on an adjusted basis, C$166 million, C$1.30 a share.

Analysts, on average, expected Atco to earn C$1.62 a share, and Canadian Utilities to earn C$1.20 a share, according to Thomson Reuters I/B/E/S.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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