By Adriano Marchese

Fortis Inc. (Canada) on Friday reported an unchanged profit in the third quarter as currency exchange rates weighed on growth in the period, and said it will launch a new five-year capital investment plan.

The St. John's, Newfoundland and Labrador-based international electric utility holding company said earnings per share were 63 Canadian cents (51 cents), unchanged from the comparable quarter a year ago.

Net income was C$295 million, up slightly from C$292 million a year ago.

The company said that growth in the period was weighed down by a lower U.S.-to-Canadian dollar exchange rate and cooler-than-normal temperatures in Arizona, compared with the state experiencing the hottest temperatures on record in the prior year period.

Adjusted earnings were C$0.64 a share, in line with the FactSet poll of analyst expectations.

Additionally, the company said that it has launched a new five-year, C$20 billion capital investment plan.

The plan is expected to increase mid-year rate base to C$41.6 billion by 2026 from C$31.2 billion in 2021, representing a five-year compound annual growth rate of about 6%, the company said

"This highly executable plan will extend our robust rate base growth that will support the delivery of cleaner energy and advance our goal to reduce greenhouse gas emissions 75% by 2035," President and Chief Executive Officer David Hutchens said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

10-29-21 0640ET