The following is a summary of the ATCO Ltd. (ACLLF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• ATCO Ltd reported an adjusted earnings of $91 million in Q3 2024, up 12% from the previous year.

• Growth in earnings primarily driven by Canadian Utilities' performance, influenced by an increased allowable ROE and rate-based growth.

• Non-regulated assets also contributed to this growth, particularly from increased demand and strong seasonal spreads in natural gas storage.

Business Progress:

• Major projects and an expansion in base business, particularly in the U.S., Canada, and Australia, bolstered the Structures segment.

• Acquisition of NRB Modular Solutions to expand manufacturing capabilities and fleet offerings across Canada.

• Focus on investing in essential services spaces like energy, logistics, transportation, shelter, and real estate to ensure sustainable growth.

Opportunities:

• Continued strong fundamentals in core Alberta markets provide opportunities for higher rate base growth.

• Expansion of global space rental activity and the integration of NRB Modular Solutions contribute to long-term growth in Structures.

Risks:

• Expected moderation in earnings growth for utilities in 2025 due to a reset in allowable ROE and non-carryover of the efficiency carryover mechanism.

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