Fortis reports $278 million in earnings for third quarter

ST. JOHN’S, N.L. — Canadian utility company Fortis Inc. says it earned $278 million in the third quarter to stay roughly in line with a year earlier.

Fortis says the earnings for the quarter ending Sept. 30 work out to 64 cents per share, compared with earnings of $276 million or 65 cents per share last year.

Adjusted net earnings were $287 million, or 66 cents per share, compared with $277 million or 65 cents per share last year. Earnings per share were in line with analyst expectations according to financial markets data firm Refinitiv.

In the quarter the company announced a five-year spending program of $18.3 billion, up by a billion dollars from the prior year’s plan, as Fortis looks to move to cleaner energy and strengthen its networks.

The company says the investment will help boost its base rate from $28 billion this year to $34.5 billion in 2022 and to $38.4 billion in 2024.

Fortis says it is well ahead of its goal of reaching 30 per cent renewable power in Arizona. In B.C., its goal is to reduce emissions by 30 per cent by 2030. Its also working in B.C. to capture natural gas from landfills for an energy source.

This report by The Canadian Press was first published Nov. 1, 2019.

Companies in this story: (TSX:FTS)


The Canadian Press