May 1, 2009 / 2:56 PM / 9 years ago

UPDATE 1-Atco, Canadian Utilities post Q1 profit above estimates

* Atco Q1 adj EPS C$1.66 tops Street

* Atco Q1 rev rose 4.9 pct to C$875.1 mln

* Canadian Utilities Q1 adj EPS C$1.18 vs est C$1.13

May 1 (Reuters) - Canada’s Atco Ltd (ACOx.TO) posted a quarterly profit that topped market expectations, helped in part by increased international operations and completion of a settlement.

Atco, which operates utilities, power plants and other industrial businesses, said the settlement was related to the cancellation of the Fort Hills workforce housing camp contract with Petro-Canada PCA.TO. [ID:nN02285598]

For the first quarter, Atco earned C$94.6 million ($79.70 million), or C$1.64 a share, compared with C$92.5 million, or C$1.60 a share, last year.

Excluding items, Atco earned C$1.66 a share. Revenue rose 4.9 percent to C$875.1 million.

Analysts on average expected a profit of C$1.44 a share, before items, according to Reuters Estimates.

Separately, Canadian Utilities Ltd (CU.TO), part of the Atco group of companies, posted better-than-expected adjusted profit helped by higher revenue.

Canadian Utilities reported first-quarter profit of C$145.4 million, or C$1.16 per share, down from C$150.3 million, or C$1.20 per share, a year ago.

Excluding items, Canadian Utilities earned C$1.18 per share. Revenue rose 3.8 percent to C$768.6 million.

Analysts on average expected earnings of C$1.13 a share, excluding items, for the quarter.

Shares of Atco were up 55 Canadian cents at C$34.90, while those of Canadian Utilities were up 25 Canadian cents at C$34.75, in morning trade Friday on the Toronto Stock Exchange.

For the related alerts, double-click here. [ID:nWNAB1919] [ID:nWNAB1920] ($1=1.187 Canadian Dollar) (Reporting by Deepti Govind and Raman Manikandan in Bangalore; Editing by Ratul Ray Chaudhuri)

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