Canadian Utilities Limited - President and CEO, Siegfried Kiefer
President and CEO, Siegfried Kiefer
Source: Twitter (@ATCO)
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Canadian Utilities (TSX:CU) has seen an increase of C$1 million in adjusted earnings
  • 2019 saw adjusted earnings of $608 million, compared to $607 million in 2018
  • The company cited a number of both positive and negative factors that influenced performance
  • Over the next two years, the company said that it plans to invest more than $3.5 billion to strengthen its earnings base
  • Canadian Utilities (CU) are down 0.65 per cent, with shares trading for $41.27 and a market cap of $11.28 billion

Canadian Utilities (TSX:CU) has reported a million-dollar increase in adjusted earnings over the previous year.

With over C$20 billion in assets, the company’s primary focus is on energy infrastructure and retail energy.

The full year saw adjusted earnings of $608 million, compared to $607 million in 2018.

Ongoing growth in the regulated rate base, as well as the continued implementation of cost efficiencies, were cited as the main factors behind the earnings increase.

Canadian Utilities installed two hydrocarbon storage caverns in 2018, which also contributed positively to earnings.

However, the company’s sale of its fossil fuel-based electricity generation business in the third quarter of 2019 hindered any further earnings increases.

This was further compounded by reduced contributions from Alberta PowerLine, resulting from construction activities in the first quarter.

The announcement also made reference to its first quarter dividends for 2020, which were revealed on January 9.

At 43.54 cents per share, the dividend price represents a 3 per cent increase over those issued for the last three quarters.

Canadian Utilities has been increasing its dividends annually for 48 consecutive years, the longest track record of any publicly listed company in Canada.

Looking ahead, it plans to invest roughly $3.5 billion over the next two years.

By focusing on regulated utilities and long-term contracted assets in Canada and Australia, the company hopes to strengthen and grow its earnings base.

Canadian Utilities will be holding a teleconference and webcast to discuss its 2019 financial results. Dennis DeChamplain, Executive Vice President and Chief Financial Officer, will offer his insights at 11:00am EST on Thursday, February 27.

Canadian Utilities (CU) are down 0.65 per cent, with shares trading for $41.27 at 10:03am EST.

More From The Market Herald
Capital Power Corporation - The Whitla Wind Facility

" Capital Power (TSX:CPX) advances carbon capture project

Capital Power (CPX), Mitsubishi Heavy Industries (MHI) and Kiewit Energy have partnered on a front-end engineering and design (FEED) study.
Boralex - VP, Information and Digital Transformation Nicolas Mabboux

" Boralex (TSX:BLX) announces key appointment

Boralex (BLX) has appointed Nicolas Mabboux as Vice President, Information Technology and Digital Transformation, effective today.
Greenbriar Capital Corp. (TSXV:GRB) - CEO, Jeff Ciachursk.

" Greenbriar (TSXV:GBR) enters agreement for sustainable community

Greenbriar Capital Corp. (GRB) has signed an MOU with Green Matters Technologies Inc.

" Fortis (TSX:FTS) closes public offering of senior unsecured notes

Fortis (FTS) has closed its public offering of $500,000,000 of senior unsecured notes due May 31, 2029.