August 9, 2010 / 10:37 PM / in 7 years

UPDATE 1-Atlantic Power Q2 profit trails estimates

* Q2 EPS $0.04 vs est $0.18

* Q2 revenue up 8 pct

Aug 9 (Reuters) - Canada’s Atlantic Power Corp ATP.TO posted a lower-than-expected quarterly profit, hurt partly by higher fuel expenses.

However, the company raised its 2010 forecast for distributions that it would receive from its projects to $75-$80 million, from $70-$77 million, mainly due to stronger performance at its plants in Florida.

For the second quarter, the company earned $1.4 million, or 4 cents a share, compared with a loss of $10.7 million, or 18 cents a share, a year ago.

Atlantic Power, which owns interests in power generation projects located in major markets in the United States, posted an 8 percent rise in revenue at $47.9 million.

Analysts on average had expected the company to earn 18 cents a share, on revenue of $45 million, according to Thomson Reuters I/B/E/S.

Fuel expenses rose to $15.8 million, from $12.6 million a year ago.

The company confirmed its 2010 payout ratio of 100 percent and forecast 80-90 percent payout ratio in 2011

Shares of the Vancouver-based company closed at C$13.19 Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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