In section Market Quotes
Canadian Utilities’ third-quarter net income fell to C$94 million from C$100 million a year earlier, as C$87 million in after-tax charges weighed on results. The charges included costs tied to an Alberta court ruling on customer refunds and a provincial healthcare law.
The Calgary-based company reported earnings of C$0.28 a share for the quarter, compared with C$0.29 a share in the same period last year. Adjusted earnings were C$0.43 a share, above the C$0.30 analysts expected, according to FactSet.
The charges comprised a C$56 million impact from an Alberta Court of Appeal ruling that upheld non-recoverable customer rate refunds, and a C$31 million adjustment to post-employment benefit obligations stemming from healthcare legislation in the province.
In early October, Canadian Utilities agreed to merge with Emera in an all-share transaction valued at C$14.3 billion. The combined company is expected to have C$72 billion in enterprise value and a regulated rate base of C$45 billion, serving about six million customers across Canada, the U.S. and international markets. The deal would create one of North America’s 20 largest utilities and is expected to close in the second half of next year or earlier.
Comments (0)
No comments yet. Be the first!