Fortis 1Q Profit Rises

By Adriano Marchese

Fortis profit rises in the first quarter boosted by new cost-of-capital parameters are approved for its British Columbia utilities with a retroactive effect.

The Canadian gas and electric utility company on Wednesday posted net income of 459 million Canadian dollars ($333.1 million), or C$0.93 a share, up from C$437 million, or C$0.90 a share, in the comparable quarter a year ago.

Fortis credits the rise to the timing of recognition of new cost of capital parameters approved for the FortisBC utilities in September 2023, retroactive to Jan. 1, 2023, as well as rate base growth across utilities.

Adjusted earnings, which exclude exceptional and one-off costs, rose to C$0.93 a share. According to FactSet, analysts were expecting C$0.89 a share.

On the capital expenditures front, the company said that its C$4.8 billion capital plan for the year is on track with C$1.1 billion invested so far in the first quarter.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 01, 2024 06:32 ET (10:32 GMT)

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