CALGARY, AB, Feb. 29, 2024 /CNW/ – ATCO Ltd. (TSX:ACO) (TSX:ACO

ATCO Ltd. (ATCO or the Company) today announced adjusted earnings in 2023 of $432 million ($3.82 per share), which were $9 million ($0.11 per share) higher compared to $423 million ($3.71 per share) in 2022. Fourth quarter adjusted earnings in 2023 of $127 million ($1.13 per share) were $17 million ($0.16 per share) higher compared to $110 million ($0.97 per share) in the fourth quarter of 2022.

2023 earnings attributable to Class I and Class II Shares reported in accordance with International Financial Reporting Standards (IFRS earnings) were $432 million ($3.82 per share), which were $62 million ($0.57 per share) higher compared to $370 million ($3.25 per share) in 2022. Fourth quarter 2023 IFRS earnings of $95 million ($0.85 per share) were $14 million ($0.13 per share) higher compared to $81 million ($0.72 per share) in the fourth quarter of 2022.

IFRS earnings include timing adjustments related to rate-regulated activities, unrealized gains or losses on mark-to-market forward and swap commodity contracts, one-time gains and losses, impairments, and items that are not in the normal course of business or a result of day-to-day operations. These items are not included in adjusted earnings. 


ATCO Structures

Awarded a $13 million contract to supply a 296-person accommodation complex to be deployed to a gold and silver mine in Western Canada. Delivery of the units is expected in the second quarter of 2024.
In the fourth quarter of 2023, ATCO Structures was awarded a $12 million contract to manufacture, deliver and install 45 workforce housing units to BPX Energy operating sites in West Texas. Manufacturing is scheduled to commence in the first quarter of 2024 with installation expected to be complete by the second quarter of 2024.
Awarded a $12 million contract for the manufacture, transport, and installation of a 102-person accommodation camp for a mine in New South Wales. Manufacturing commenced during the fourth quarter of 2023 and full handover and completion is anticipated in the second quarter of 2024.

ATCO Frontec

On October 24, 2023, ATCO Frontec was awarded a contract to provide camp services to Victoria Gold for a 350‐bed camp in the Yukon, Canada. The contract was mobilized as of January 1, 2024 for a 3‐year term.

Neltume Ports

On October 11, 2023, Vancouver Bulk Terminal, a joint venture between Neltume Ports and Nautilus International Holding Corporation, announced it is working with Solvay, a global leader in the soda ash market, on the development of Terminal 2, Berth 7 at the Port of Vancouver, in Washington State.

Canadian Utilities

Received the Alberta Utilities Commission (AUC) decisions with respect to the parameters of the third generation of performance-based regulation and the future Generic Cost of Capital parameters, on October 4, 2023 and October 9, 2023, respectively.  We began operating under these new frameworks in 2024.
The Alberta Court of Appeal issued a favourable decision in the second quarter of 2023 in connection with the Fort McMurray (Wood Buffalo) wildfire. This decision resulted in the AUC issuing its decision in December 2023 permitting ATCO Electric to include the net book value of its electric distribution assets destroyed in the Wood Buffalo fire within rate base.
In October 2023, the South Australian Government announced an Early Contractor Involvement agreement with ATCO Australia and our joint venture partner, BOC Linde, for the South Australian Hydrogen Jobs Plan project, a 250-MW Hydrogen production facility, a 200-MW Hydrogen-fuelled electricity generation facility and a Hydrogen storage facility. Activities under this agreement include developing a contract offer price, and negotiation of engineering, procurement, construction and operations and maintenance contracts for delivery and operations of the project.
Incurred $394 million in capital expenditures in the fourth quarter of 2023, of which 91 per cent was invested in ATCO Energy Systems and 9 per cent mainly in ATCO EnPower.


On January 11, 2024, ATCO declared a first quarter dividend of 48.98 cents per share or $1.96 per share on an annualized basis per Class I non-voting and Class II voting share.


A financial summary of the consolidated subsidiaries of ATCO and a reconciliation of adjusted earnings to earnings attributable to Class I non-voting shares and Class II voting shares is provided below:

Three Months Ended

December 31

Year Ended

 December 31

($ millions except share data)





Adjusted Earnings 





Impairment (charge) reversal (1)


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