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Utilities segment boosts Atco's profit, revenue

Larry MacDougal/The Canadian Press Images/Larry MacDougal/The Canadian Press Images

Diversified energy distribution and work force housing company Atco Ltd. says its second-quarter profit increased to $61-million from a year-earlier $59-million as it saw increased contributions from its utilities business.

The Calgary-based company said its profit amounted to $1.07 per share, versus $1.01 per share in the same period a year earlier.

Revenue rose to $879-million from $851-million as the top line of Atco's utilities segment was boosted by increased infrastructure investment and colder weather and increased manufacturing and rental activity in its structures and logistics business.

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Further improving the comparative gain, Atco noted it booked $65-million in one-time revenue in the same period last year related to a power plant lease in Australia.

Atco Group has more than 8,000 employees across several businesses including utilities, power generation, natural gas gathering, processing, storage and liquids extraction, manufacturing, logistics and noise abatement. It operates three power plants in Australia as well as a manufacturing business for modular work force housing.

Shares in the company were down $1.36 at $60.06 in morning trading on the Toronto Stock Exchange.

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