Canadian Utilities Ltd (OTCPK:CDUAF)
$ 25.695 -0.1222 (-0.47%) Market Cap: 6.91 Bil Enterprise Value: 15.74 Bil PE Ratio: 17.53 PB Ratio: 1.76 GF Score: 79/100
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Q2 2024 Canadian Utilities Ltd Earnings Call Transcript

Aug 02, 2024 / 02:00PM GMT
Release Date Price: $23.78 (+0.17%)

Key Points

Positve
  • Canadian Utilities Ltd (CDUAF) reported strong adjusted earnings of $117 million for Q2 2024, a 17% increase from the same period last year.
  • ATCO Energy Systems saw a 14% increase in adjusted earnings, driven by rate base growth and higher allowed ROE.
  • ATCO EnPower's adjusted earnings rose to $18 million, benefiting from a settlement related to wind turbine availability and increased generation.
  • ATCO Australia maintained consistent adjusted earnings of $17 million, aided by favorable changes to PPA power pricing and cost efficiencies.
  • The company is making significant progress on growth priorities, including the Yellowhead Mainline project and the Central East Transfer-Out electric transmission project.
Negative
  • The Alberta Utilities Commission's decision on electric and gas distribution performance-based regulation plans is being appealed, indicating regulatory challenges.
  • Wildfires in Alberta have impacted operations, particularly in the historic Mountain community of Jasper.
  • The hydrogen project faces bottlenecks related to rail transport and regulatory uncertainties, affecting both domestic and export opportunities.
  • The decision to suspend the DRIP program reflects low participation and the dilutive impact on share price, indicating potential investor concerns.
  • Lower CPI expectations in Australia have offset some of the benefits from favorable changes to PPA power pricing and cost efficiencies.
Operator

Thank you for standing by, this is the conference operator. Welcome to the second quarter 2024 results conference call and Webcast for Canadian Utilities Limited. As a reminder all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

I would now like to turn the conference over to Mr. Colin Jackson, Senior Vice President of Financial Operations. Please go ahead, Mr. Jackson.

C.R. Jackson
Canadian Utilities Ltd - Senior Vice President - Finance, Treasury, Risk & Sustainability

Thank you and good morning, everyone. We are pleased you could join us for Canadian Utilities' second quarter 2024 conference call. With me today, we have Katie Patrick, Executive Vice President and Chief Financial Officer of Canadian Utilities; Wayne Stensby, Chief Operating Officer of ATCO Energy Systems; Clint Warkentin, Executive Vice President and Chief Financial and Investment Officer of ATCO Energy Systems; Bob Miles, Chief Operating Officer at ATCO

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