ATCO Ltd. on July 26 reported second-quarter 2018 adjusted earnings of C$61 million, or 53 canadian cents per share, down from C$69 million, or 60 cents per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the most recent period was 57 cents per share.

ATCO primarily attributed the drop in second-quarter earnings to lower contributions from its 52.4% ownership in Canadian Utilities Ltd., which recorded lower earnings due to customer rebasing under the Alberta's regulated model in the natural gas and electric distribution businesses.

The company reported loss attributable to class I and class II shares of C$12 million, compared to earnings of C$42 million in the year-ago period.