Gas and power utility Fortis reports $394M Q3 profit, up from $326M a year earlier

Fortis Inc.’s headquarters are pictured in St. John’s, N.L., on Friday, October 14, 2016. THE CANADIAN PRESS/Sue Bailey

ST. JOHN’S, N.L. — Fortis Inc. reported a third-quarter profit of $394 million, up from $326 million a year earlier.

The gas and power utility says the profit amounted to 81 cents per diluted share for the quarter ended Sept. 30, up from 68 cents per diluted share in the same period of 2022.

Revenue for the quarter totalled $2.72 billion, up from $2.55 billion.

On an adjusted basis, Fortis says it earned 84 cents per share in its latest quarter compared with an adjusted profit of 71 cents per share a year earlier.

The company says its increased profits reflect the new cost of capital parameters approved for the FortisBC utilities in September 2023, higher retail revenue in Arizona due to warmer weather and new customer rates at Tucson Electric Power, and rate base growth across its utilities.

It says earnings were tempered by lower long-term wholesale and transmission revenue, as well as higher operating and corporate finance costs.

This report by The Canadian Press was first published Oct. 27, 2023.

Companies in this story: (TSX:FTS)

The Canadian Press

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