April 30, 2010 / 1:10 PM / in 8 years

CORRECTED - CORRECTED-WRAPUP 1-Atco, Canadian Utilities Q1 profit beats esti

(Corrects sixth paragraph to show Atco revenue rose 3 percent, not fell 3 percent)

* Atco Q1 EPS C$1.54 vs est C$1.53

* Canadian Utilities Q1 adj EPS C$1.21 vs est C$1.14

April 30 (Reuters) - Canada’s Atco Ltd ACOx.TO, and its unit, Canadian Utilities Ltd (CU.TO), posted better-than-expected quarterly profits, driven by strength at their utilities segments.

For the quarter, Atco, which operates utilities, power plants and other industrial businesses, earned C$89.8 million ($89.4 million), or C$1.54 a share, compared with C$94.6 million, or C$1.64 a share, a year ago.

Canadian Utilities, which also has energy and technologies segments, said profit rose to C$148.0 million, or C$1.18 a share, compared with C$145.4 million, or C$1.16 a share, last year.

On an adjusted basis, Canadian Utilities earned C$1.21 a share.

Analysts on average were expecting Atco to earn C$1.53 a share, and Canadian Utilities to earn C$1.14 a share, according to Thomson Reuters I/B/E/S.

Revenue at Atco rose 3 percent to C$898.5 million, while Canadian Utilities revenue fell 3 percent to C$748.6 million. [ID:nWNAB4662] [ID:nWNAB4667]

Earlier on Friday, Fortis Inc (FTS.TO), one of the largest investor-owned distribution utility companies in Canada, reported higher first-quarter earnings, driven primarily by its Terasen Gas subsidiary. [ID:nN30264253]

Shares of Calgary, Alberta-based Atco closed at C$48.01 Thursday, while Canadian Utilities shares closed at C$44.41 on the Toronto Stock Exchange.

$1=1.004 Canadian Dollar Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5828; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net

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