April 29, 2011 / 12:56 PM / 7 years ago

UPDATE 1-Atco, Canadian Utilities Q1 profits top market

* Atco Q1 adj EPS C$1.86 vs est C$1.62

* Canadian Utilities Q1 adj EPS C$1.30 vs est C$.120

April 29 (Reuters) - Canadian Utilities and its parent company Atco Ltd (ACOx.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.

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 C$90 million, or C$1.54 a share, a year ago.

Canadian Utilities earned C$176 million, 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.

Revenue at Atco rose 12 percent to C$1.02 billion, and Canadian Utilities rose about 7 percent to C$809 million.

Shares of Atco closed at C$57.87 and Canadian Utilities ended at C$53.69 on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Sriraj Kalluvila)

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