Power utility Fortis reports Q3 profit and revenue up from year ago

ST. JOHN’S, N.L. – Fortis Inc. reported its third-quarter profit rose compared with a year ago as its revenue also grew.

The power utility says its net income attributable to common shareholders totalled $326 million or 68 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $295 million or 62 cents per diluted share a year earlier.

Revenue totalled $2.55 billion, up from nearly $2.2 billion in the third quarter of 2021.

On an adjusted basis, Fortis says it earned 71 cents per share, up from an adjusted profit of 64 cents per share a year ago.

The company also announced a $22.3-billion five-year capital spending plan, which it said is the largest in its history and $2.3 billion larger than its previous five-year plan.

Fortis is targeting annual dividend growth of four to six per cent through 2027.

This report by The Canadian Press was first published Oct. 28, 2022.

Companies in this story: (TSX:FTS)