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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Fortis Inc.    FTS   CA3495531079

FORTIS INC.

(FTS)
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Fortis : Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million

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08/02/2019 | 07:29am EDT

ST. JOHN'S, N.L. — Canadian utility company Fortis Inc. says the sale of its share of a B.C. hydroelectric project helped boost its second-quarter profit to $720 million — nearly three times what it had in the same period last year.

However, adjusted earnings and revenue for the Newfoundland-based company were below analysts' estimates.

The quarter included a $484-million after-tax gain on the sale of a 51 per cent interest in the Waneta Expansion hydroelectric project in British Columbia.

Fortis says its net profit attributable to common shareholders including the unusual item amounted to $1.66 per share, up from $240 million or 57 cents per share in last year's second quarter.

Excluding the Waneta Expansion sale and the impact of natural gas derivatives, Fortis had $235 million of adjusted earnings, or 54 cents per share, down from $251 million or 59 cents per share in last year's second quarter.

The electric and gas utility company's revenue was $1.97 billion, mainly from businesses in Canada and the United States, up from $1.95 billion a year ago.

Analysts had estimated $2.06 billion of revenue and 57 cents per share of adjusted earnings, according to financial markets data firm Refinitiv.

Companies in this story: (TSX:FTS)

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (CAD)
Sales 2019 8 933 M
EBIT 2019 2 635 M
Net income 2019 1 353 M
Debt 2019 25 105 M
Yield 2019 3,30%
P/E ratio 2019 17,9x
P/E ratio 2020 19,7x
EV / Sales2019 5,52x
EV / Sales2020 5,43x
Capitalization 24 201 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 55,35  CAD
Last Close Price 55,41  CAD
Spread / Highest target 11,9%
Spread / Average Target -0,10%
Spread / Lowest Target -18,8%
EPS Revisions
Managers
NameTitle
Barry V. Perry President, Chief Executive Officer & Director
Douglas J. Haughey Non-Executive Chairman
Gary J. Smith EVP-Eastern Canadian & Caribbean Operations
Jocelyn H. Perry Chief Financial Officer & Executive Vice President
Ida J. Goodreau Independent Director
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