Fortis Q3 profit down due to expenses related to ITC Holdings acquisition
ST. JOHN’S, N.L. – Fortis (TSX:FTS) says expenses related to its acquisition of U.S.-based ITC Holdings ate into its third quarter profit.
The multinational utility company, headquartered in St. John’s, N.L., had $127 million or 45 cents of net income attributable to common shareholders in the three months ended Sept. 30.
That was down from $151 million, or 54 cents per common share, for the third quarter of 2015.
Excluding $19 million in acquisition-related expenses and fees, as well as other costs, Fortis had $154 million or 54 cents of adjusted earnings, up from $145 million or 52 cents per share a year earlier.
Revenue dropped to $1.51 billion from $1.57 billion.
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