Fortis Inc. reported audited consolidated earnings results for the full year ended December 31, 2017. For the full year, the company's revenue was CAD 8,301 million compared to CAD 6,838 million a year ago. The increase in revenue was driven by the acquisition of ITC in October 2016. Higher revenue at UNS Energy, mainly due to the impact of the rate case settlement effective February 2017 and the overall favourable impact of transmission refunds ordered by the Federal Energy Regulatory Commission, and the flow through in customer rates of overall higher energy supply costs were partially offset by unfavourable foreign exchange associated with the translation of US dollar-denominated revenue. The company achieved net earnings attributable to common equity shareholders of CAD 963 million or CAD 2.32 per basic share in 2017, compared to CAD 585 million or CAD 1.89 per basic share in 2016. The increase was driven by a full year of earnings contribution at ITC, which was acquired in October 2016, lower Corporate and Other expenses, strong performance at UNS Energy, and higher earnings from Aitken Creek. Earnings per common share were CAD 0.43 higher year over year. The impact of the above-noted items on net earnings attributable to common equity shareholders was partially offset by an increase in the weighted average number of common shares outstanding associated with the financing of the acquisition of ITC and the Corporation's dividend reinvestment and share plans. Adjusted net earnings attributable to common equity shareholders was CAD 1,053 million or CAD 2.53 per basic share, compared to CAD 715 million or CAD 2.31 per basic share, a year ago. Cash flow from operating activities was CAD 2.8 billion for 2017, an increase of CAD 0.9 billion, or 47%, compared to CAD 1.9 million a year ago. The increase was primarily due to higher cash earnings, driven by ITC and UNS Energy, and the corporation's acquisition-related transaction costs in 2016. Favourable changes in long-term regulatory deferrals were offset by unfavourable changes in working capital. Consolidated capital expenditures were CAD 3.0 billion in 2017 compared to CAD 2.1 billion in 2016. Consolidated capital expenditures for 2017 were consistent with the corporation's 2017 forecast of CAD 3.0 billion, as disclosed in the MD&A for the year ended December 31, 2016. The increase in capital expenditures from 2016 was driven by capital spending at ITC and higher capital spending at most of the Corporation's regulated utilities.
 
The company provided tax rate guidance for the full year ending December 31, 2018. For the year, the company expects its annual earnings per share will be reduced by approximately 3%, as a result of U.S. Tax Reform and interest being deducted at the lower tax rate of 21%.