CALGARY, AB, May 2, 2024 /CNW/ - Canadian Utilities Limited (TSX:CU) Canadian Utilities Limited (Canadian Utilities or the Company) today announced first quarter 2024 adjusted earnings of $225 million ($0.83 per share), which were $8 million ($0.02 per share) higher compared to $217 million ($0.81 per share) in the first quarter of 2023.  First quarter earnings attributable to equity owners of the Company reported in accordance with International Financial Reporting Standards (IFRS earnings) were $242 million ($0.82 per Class A and Class B share), which were $50 million ($0.19 per Class A and Class B share) lower compared to $292 million ($1.01 per Class A and Class B share) in the first quarter of 2023. 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, as well as dividends on equity preferred shares of the Company, are not included in adjusted earnings. RECENT DEVELOPMENTS On March 27, 2024, the Alberta Utilities Commission (AUC) issued a decision for Natural Gas Transmission's 2024-2026 General Rate Application. In December 2023, a comprehensive Negotiated Settlement Agreement (NSA) was reached with all participating interveners, and an application was filed with the AUC in January 2024. This recent decision approved the NSA for 2024 and 2025 in its entirety but limited the approval to two years. In the first quarter of 2024, Canadian Utilities changed its operating segment structure to better align current strategy and future growth objectives. This change involved creating a new operating segment, ATCO Australia, which includes natural gas distribution (ATCO Gas Australia) and electricity generation operations (ATCO Power Australia) based in Australia. Previously, ATCO Australia's natural gas distribution operations were reported in the ATCO Energy Systems operating segment and the electricity generation operations were reported in the ATCO EnPower operating segment. In addition, ATCO Australia's corporate office was included in Corporate & Other. Incurred $316 million in capital expenditures in the first quarter of 2024, of which 94 per cent was invested in our regulated utilities in ATCO Energy Systems and ATCO Australia, and 6 per cent mainly in ATCO EnPower. Corporate  Effective March 1, 2024, Katie Patrick, Executive Vice President, Chief Financial & Investment Officer, ATCO, broadened her portfolio to include Chief Financial Officer for Canadian Utilities. On April 11, 2024, Canadian Utilities declared a second quarter dividend of 45.31 cents per share or $1.81 per Class A and Class B share on an annualized basis. FINANCIAL SUMMARY AND RECONCILIATION OF ADJUSTED EARNINGS  A financial summary and reconciliation of adjusted earnings to earnings attributable to equity owners of the Company is provided below: Three Months Ended March 31 ($ millions except share data) 2024 2023 Adjusted Earnings  225 217 Unrealized gains on mark-to-market forward and swap commodity contracts (1)