Fortis 2Q Profit Rises
By Adriano Marchese
Fortis' profit rose in the second quarter thanks to higher customer rates and more customers tapping into the network as warmer weather prevailed.
The St. John's, Newfoundland and Labrador-based diversified utility company on Wednesday posted net income of 331 million Canadian dollars ($239 million), or C$0.67 a share, compared with the prior year period's C$294 million, or C$0.61 a share.
Fortis credits the increase strong earnings in Arizona as new customer rates at Tucson Electric Power went into effect in September of last year, as well as higher retail electricity sales due to warmer weather.
Adjusted earnings net earnings came in at C$0.67 a share, topping expectations of C$0.65 a share, according to FactSet.
Chief Executive David Hutchens said the company continues to execute on its annual C$4.8 billion capital plan and that it remains confident in the C$25 billion five-year capital plan.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 31, 2024 06:41 ET (10:41 GMT)
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