ST. JOHN`S, Newfoundland (AP) _ Fortis Inc. (FTS) on Wednesday reported first-quarter profit of $272.4 million.

The St. john`S, Newfoundland-based company said it had net income of 58 cents per share. Earnings, adjusted for non-recurring costs, came to 59 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.

The electric and gas utility posted revenue of $1.95 billion in the period.

Fortis shares have increased 9% since the beginning of the year. The stock has climbed 17% in the last 12 months.

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