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.

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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

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