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Canadian Utilities and parent Atco Ltd. boost profits in second quarter

07/26/2013 09:36 EDT | Updated 09/25/2013 05:12 EDT
CALGARY - Canadian Utilities Ltd. (TSX:CU) delivered $160 million in earnings attributable to shareholders in the second quarter, helping boost profits at its parent — Atco Ltd. (TSX:ACO.X).

On an adjusted basis, CU had $131 million of earnings, up from $95 million in the second quarter of 2013 when profit attributable to shareholders was $104 million — an increase that the company attributed to strong contributions from its utilities and power businesses.

Canadian Utilities overall revenue grew to $845 million, up from $685 million a year earlier.

The company accounts for the largest share of Atco's revenue, earnings and operations. Canadian Utilities owns 100 per cent of most of the main Atco subsidiaries and about 25 per cent of their Structures and Logistics joint venture.

Atco had $1.08 billion of revenue in the second quarter, up from $910 million a year earlier. Earnings attributable to shareholders totalled $98 million or 85 cents per share, up from $72 million or 63 cents per share a year ago in the second quarter of 2012.

Atco also reported $89 million in adjusted earnings, up from $74 million a year ago.

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