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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Couple in crash on Highway 1 mistake North Shuswap for Lower Mainland

Chase RCMP report Mercedes Benz collides with transport truck

Province looking into pollution complaint at Shuswap dairy farm

Farm along the Salmon River has drawn complaints from the Okanagan Indian Band

Salmon Arm RCMP, new immigrants get acquainted at police station

Tour of detachment provides opportunity to explore differences in judicial systems

Shuswap speedskater takes on international competition in Poland

Salmon Arm’s Laura Hall too fourth place with Canadian team

Salmon Arm gives tax break to Canoe Forest Products plywood plant

Company tax bill to be reduced while residential taxpayers to pick up shortfall

Clothing, jewelry, purses: RCMP ask court about disposal of evidence in Robert Pickton case

Pickton was sentenced to life with no chance of parole for 25 years for the murders of six women

Ryan nets hat trick in return as Senators beat Canucks 5-2

Ottawa winger received assistance for admitted alcohol problem

Wet’suwet’en hereditary chiefs meet with provincial, federal ministers

Neither party speaking on the groundwork laid for tomorrow’s talks

Speaker ‘will not tolerate illegal activity’ on B.C. legislature grounds, says chief of staff

Chief of staff to the B.C. speaker Alan Mullen says situation with demonstrators appears ‘fluid’

MPs to examine privacy implications of facial-recognition technology used by RCMP

The MPs will look at how the technology affects the privacy, security and safety of children

Dates back to 2009: Calgary police lay charges in fraud involving semi-trucks

Three people from Calgary are facing charges that include fraud over $5,000

Laughing ladies and country artists sell out Okanagan venue

Alan Doyle and I Am Woman, Hear Me Laff! back to back sold out

Revelstoke mother and daughter return home after coronavirus quarantine in Asia

Jensine Morabito and her daughter were on Holland America’s Westerdam but did not catch the virus

Ministry grants SD67 extension to balance books, submit amended budget

The board of trustees voted Monday to acquire outside help to deal with budget concerns

Most Read