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EPCOR Announces Third Quarter Results

November 04, 2016
Published In: Corporate Information

​​​​Highlights of EPCOR’s financial performance are as follows:

 

  • Net income was $76 million and $221 million for the three and nine months ended September 30, 2016, respectively, compared with net loss of $13 million and net income of $195 million for the corresponding periods in the previous year. Net income was higher for the three months ended September 30, 2016 primarily due to more favorable fair value adjustments related to financial electricity purchase contracts whereas the third quarter of 2015 included the impairment of the available-for-sale investment in Capital Power. The increase in net income for the nine months ended September 30, 2016 was primarily due to higher income from core operations, as described below.
  • Income from core operations was $61 million and $204 million for the three and nine months ended September 30, 2016, respectively, compared with $79 million and $177 million for the corresponding periods in the previous year. Income from core operations was lower for the three months ended September 30, 2016 primarily due to lower billing charge rates and higher depreciation, partially offset by higher approved electricity and water customer rates. The increase in income from core operations for the nine months ended September 30, 2016 is primarily due to higher approved electricity and water customer rates and gains on sale of surplus land, partially offset by higher depreciation.
  • Net cash flows from operating activities was $366 million for the nine months ended September 30, 2016, compared with $304 million for the corresponding period in the previous year. The increase was due to higher funds from operations and a higher favorable change in non-cash operating working capital. 
  • Investment in capital projects was $182 million and $392 million for the three and nine months ended September 30, 2016, respectively, compared with $135 million and $326 million for the corresponding periods in the previous year. The year-to-date increase of $66 million was primarily due to the acquisition of the 130 Pipeline Project and increased spending in the Distribution and Transmission segment on the Advanced Meter Infrastructure Project and the Work Centre Redevelopment Project.

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. EPCOR’s website address is www.epcor.com.

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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