Gas and power utility Fortis reports $370M Q4 profit, up from $328M a year earlier
By The Canadian Press on February 10, 2023.
ST. JOHN’S, N.L. – Fortis Inc. reported a fourth-quarter profit of $370 million, up from $328 million a year earlier. The gas and power utility says the profit for the quarter amounted to 77 cents per diluted share for the quarter ended Dec. 31, up from 69 cents per diluted share in the last three months of 2021. Revenue for the quarter totalled $3.17 billion, up from $2.58 billion. On an adjusted basis, Fortis says it earned 72 cents per share in its latest quarter compared with an adjusted profit of 63 cents per share a year earlier. Analysts on average had expected a profit of 71 cents per share, according to estimates compiled by financial markets data firm Refinitiv. In its outlook, Fortis announced a five-year capital plan to spend $22.3 billion. It says the growth will help support its dividend growth guidance for between four and six per cent annually through 2027. This report by The Canadian Press was first published Feb. 10, 2023. Companies in this story: (TSX:FTS) 9-8
