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EPCOR Announces First Quarter Results

May 06, 2016
Published In: Corporate Information

​​​​​​“EPCOR recorded solid results in the first quarter of 2016 across all of our business segments,” said Stuart Lee, EPCOR President & CEO.

“In addition, the Ostara phosphorus recovery facility, located in south east Edmonton, commenced operations in the quarter. At peak capacity the facility is expected to produce 2,000 tonnes of Crystal Green fertilizer and remove 85 percent of phosphorus and 25 percent of nitrogen from our Edmonton Gold Bar biosolid waste. This continues to build on our strong environmental record,” said Mr. Lee.

Highlights of EPCOR’s financial performance:

 

  • Net income was $78 million on revenues of $475 million for the three months ended March 31, 2016, compared with net income of $69 million on revenues of $473 million for the corresponding period in the previous year. Net income was higher in part due to higher approved electricity and water customer rates and gains on sales of surplus lands, partially offset by lower favorable fair value adjustments related to financial electricity purchase contracts. Approximately $9 million of the 2016 first quarter net income was the recognition of a refund from the Alberta Electric System Operator that will be reimbursed to customers later in 2016.

  • Net income from core operations was $75 million for the three months ended March 31, 2016, compared with net income from core operations of $50 million for the corresponding period in the previous year. Net income from core operations was higher in part due to higher approved electricity and water rates and the gains on sales of surplus lands.

  • Net cash flows from operating activities was $136 million for the three months ended March 31, 2016, compared with $113 million for the corresponding period in the previous year. The increase was primarily due to higher funds from operations and higher non-cash operating working capital.

  • Investment in capital projects was $88 million for the three months ended March 31, 2016, compared with $70 million for the corresponding period in the previous year. The increase of $18 million was primarily due to increased spending in the Distribution and Transmission segment on growth and lifecycle replacement projects and in the Water Services segment on wastewater and lifecycle projects.​

Management’s discussion and analysis (MD&A) of the quarterly results are shown below. The MD&A and the unaudited condensed consolidated interim financial statements are available on EPCOR’s website and SEDAR.​


EPCOR’s wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. The Company’s subsidiaries also provide electricity and water services and products to residential and commercial customers. EPCOR, headquartered in Edmonton, is an Alberta top 70 employer.

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Contact

For more information, please contact:

Tim​ LeRiche
Media Relations
Phone: (780) 969-8238


Claudio Pucc​i
Investor/Corporate Relations
Phone: (780) 969-8245
Toll Free: 1-877-969-8280

 

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