October 29, 2010 / 2:19 PM / in 7 years

UPDATE 1-Q3 profit of Atco, unit top market estimates

* Atco Q3 EPS C$1.02 vs est C$0.84

* Revenue rises 11 pct

* Canadian Utilities Q3 EPS C$0.66 vs est C$0.52

* Revenue rises 3 pct

Oct 29 (Reuters) - Canada’s Atco Ltd (ACOx.TO) posted third-quarter results that breezed past market estimates on higher manufacturing and rental activity at its structures and logistics segment in Canada, Australia and South America.

The company’s third-quarter profit fell to C$59.2 million, or C$1.02 a share, from C$61 million, or C$1.05 a share last year, hurt by lower prices for natural gas storage in the energy segment.

Atco, which operates utilities, power plants and other industrial businesses, said revenue rose 11 percent to C$761.1 million.

Analysts on average had forecast earnings of 84 Canadian cents a unit, on revenue of C$648.2 million, according to Thomson Reuters I/B/E/S.

Atco’s unit Canadian Utilities Ltd CU.TO posted a third-quarter profit that beat estimates.

It posted earnings of C$82.2 million, or 66 Canadian cents a share, down from C$120.9 million, or 96 Canadian cents a share, last year.

Analysts on average had forecast earnings of 52 Canadian cents. Revenue rose 3 percent to C$550.7 million.

Shares of Atco have gained a fifth in value and those of Canadian Utilities have risen about 30 percent since hitting 52-week lows last October.

Atco shares were trading up 57 Canadian cents at C$51.77, while those of Canadian Utilities were trading up 31 Canadian cents at C$48.88 Friday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)

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