Following a turbulent quarter, the utility's July-September comparable operating profit rose to 421 million euros ($422.39 million) from 243 million a year ago, beating the 384.5 million mean estimate in a company-provided poll of analysts.

Seeking to prevent an energy crisis, the Finnish government in the third quarter provided guarantees and loans to power companies, including Fortum, of more than 12 billion euros to help the industry stave off soaring collateral payments.

The third-quarter earnings were Fortum's first since the German government in September agreed to nationalise the group's Uniper subsidiary which haemorrhaged cash following a spike in gas prices after Russia cut supplies to Europe.

"The outcome clearly is not what we wanted or worked for ... we have assessed that (Fortum's) equity remains at a sufficient level and does not require additional capital injections," Chief Executive Markus Rauramo said in a statement.

Fortum's shares have recovered some ground after hitting 18-year lows in September, but are still down 45% year-to-date, underperforming a 14% drop in the Finnish benchmark stock index.

($1 = 0.9967 euros)

(Reporting by Essi Lehto, editing by Terje Solsvik)