Fortis saw a modest rise in earnings in the latest quarter thanks to rate-base growth for the Canadian utility.
The holding company, which has electricity and natural-gas operations in North America and the Caribbean, recorded a rise in first-quarter net earnings to 562 million Canadian dollars (US$412.6 million), or C$0.99 a share, from C$558 million, or C$1 a share, a year earlier. Analysts polled by FactSet had penciled in C$515 million for the three months.
Revenue nudged up 1.9% on last year to C$3.4 billion.
Capital expenditures for the latest quarter hit C$1.4 billion, leaving the St. John's, Newfoundland, utility on track for planned annual spending of C$5.6 billion, it said.
Fortis Inc. is a Canada-based diversified regulated electric and gas utility holding company. Its regulated utilities include ITC, UNS Energy, Central Hudson, FortisBC Energy Inc., FortisAlberta Inc., FortisBC Inc. and Other electric. The ITC includes Investment Holdings Inc., ITC Holdings Corp. and the electric transmission operations of its regulated operating subsidiaries, which include International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC and ITC Great Plains, LLC. UNS Energy includes UNS Energy Corporation, which primarily includes Tucson Electric Power Company, UNS Electric, Inc. and UNS Gas, Inc. The Central Hudson includes CH Energy Group, Inc., which primarily includes Central Hudson Gas & Electric Corporation. Other Electric include Eastern Canadian and Caribbean utilities, as follows: Newfoundland Power Inc., Maritime Electric Company, Limited, FortisOntario Inc., and others.
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