Fortis reports $276M third-quarter profit, revenue up from year ago

ST. JOHN’S, N.L. – Fortis Inc. reported its profit edged down compared with a year ago, when it received a one-time boost as its revenue improved by seven per cent.

The electric and gas utility says its profit attributable to common shareholders amounted to $276 million or 65 cents per diluted share for the quarter ended Sept. 30.

The result was down from $278 million or 66 cents per share a year ago when the company received a $24-million break fee related to the termination of its Waneta Dam acquisition.

Revenue totalled $2.04 billion, up from $1.90 billion a year ago.

On an adjusted basis, Fortis says it earned 65 cents per share, up from 61 cents per share a year.

Analysts on average had expected a profit of 63 cents per share and revenue of $2.135 billion, according to Thomson Reuters Eikon.

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