Sale of B.C. hydroelectric project boosts Fortis Q2 profit to $720 million

The electric and gas utility company’s revenue was $1.97 billion

Canadian utility company Fortis Inc. says the sale of its share of a B.C. hydroelectric project helped boost its second-quarter profit to $720 million — nearly three times what it had in the same period last year.

However, adjusted earnings and revenue for the Newfoundland-based company were below analysts’ estimates.

The quarter included a $484-million after-tax gain on the sale of a 51 per cent interest in the Waneta Expansion hydroelectric project in British Columbia.

ALSO READ: FortisBC eyes expansions after inking deal to send LNG by container to China

Fortis says its net profit attributable to common shareholders including the unusual item amounted to $1.66 per share, up from $240 million or 57 cents per share in last year’s second quarter.

Excluding the Waneta Expansion sale and the impact of natural gas derivatives, Fortis had $235 million of adjusted earnings, or 54 cents per share, down from $251 million or 59 cents per share in last year’s second quarter.

The electric and gas utility company’s revenue was $1.97 billion, mainly from businesses in Canada and the United States, up from $1.95 billion a year ago.

Analysts had estimated $2.06 billion of revenue and 57 cents per share of adjusted earnings, according to financial markets data firm Refinitiv.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Salmon Arm’s sister city exchange with Inashiki, Japan marks 29 years

Activities galore for students from Inashiki and their hosts including a favourite, river rafting

Boil water notice issued for Scotch Creek/Lee Creek fire hall water system

Ongoing unacceptable coliform bacteria counts prompt CSRD to issue notice

Chief Atahm immersion school celebrates milestone expansion to Grade 10

New building to also provide language centre for creating Secwepemc learning resources

Pink Piston Paddlers dragon boat team powers to gold in Kamloops

Half of Shuswap-North Okanagan team are breast cancer survivors

Evacuation alert lifted for Shuswap residences following 2017 landslide

CSRD rescinds alert for four properties along Sunnybrae-Canoe Point Road

Osoyoos woman who threatened mom and baby with butcher knife sentenced

Sharon Constance Forner pleaded guilty to one criminal charge and was sentenced

Injured hiker rescued in Peachland

The woman fell while hiking Pincushion Mountain on Friday

‘Easy Rider’ star Peter Fonda dies at 79

Actor and writer was nominated for an Oscar for co-writing the 1969 psychedelic road trip movie

Roster turnover has Silverbacks head coach excited for coming season

Salmon Arm team announces all coaches returning to bench for 2019-20

Car of missing Victoria pair found in Vernon

RCMP encourage people to call with information, not just post on social media

Families receive support from ‘Living Flag’ fundraisers

A young man and a boy who both live with limited mobility were supported by the Canada Day events

Haida artist to perform at George Ryga Festival in Summerland

Interweavings features music from Terri-Lynn Williams-Davidson and Bill Henderson

Princeton hosts Western Canada’s only festival devoted exclusively to traditional music

From a Doukhobor choir to folk singers, singer songwriters, Celtic music and… Continue reading

Most Read