By Adriano Marchese
Fortis reported a third-quarter rise in profit thanks to higher rates, particularly at its Arizona operations.
The St. John's, Newfoundland and Labrador-based diversified utility company on Tuesday posted net income of 420 million Canadian dollars ($302.1 million), or C$0.85 a share, up from C$394 million, or C$0.81 a share, in the comparable quarter a year ago.
The increase was driven largely by rate base growth across the company's utilities, as well as strong earnings in Arizona thanks to new customer rates at its Tucson Electric Power.
Adjusted earnings were C$0.85 a share. According to FactSet, analysts were expecting C$0.82 a share.
Fortis said that its capital expenditures so far in the year came to C$3.6 billion through September. The company has a forecasted C$5.2 billion in capital expenditures for the year.
The board declared a 4.2% increase in its fourth quarter dividend, which is part of its commitment to grow the annual dividend by 4% to 6% through 2029 for shareholders.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 05, 2024 06:20 ET (11:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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