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

Rapping mom busts rhymes for Castlegar rec centre kid’s drop-in

Funny video with important message about importance of service

New system to keep Nakusp-area snowmobilers, caribou from meeting

GPS tracking keeps caribou safe while opening up the backcountry for sledding

Kootenay Lake ferry labour dispute ends with ratified agreement

The deal was approved by 83 per cent of members

November in West Kootenay saw only third of normal precipitation

Stalled weather system lingered over region

Police watchdog exonerates RCMP in Bonnington death

Officer’s shots were justified, report says

VIDEO: SNL skewers Trudeau’s mockery of Trump in high school cafeteria sketch

The three world leaders won’t let Trump sit at the cool kids’ table

B.C. universities post $340 million worth of surpluses thanks to international student tuition

Students call for spending as international enrolment produces huge surpluses at many universities

Conservatives urge Morneau to deliver ‘urgent’ fall economic update

Morneau says the first thing the Liberals plan to do is bring in their promised tax cut for the middle class

INFOGRAPHIC: How much money did your local university or college make last year?

B.C. university and colleges posted a combined $340 million surplus in 2018/19

B.C. creates $8.5M organization to improve safety for health care workers

Group will bring together unions, province, health care organizations

Kovrig clings to humour as ‘two Michaels’ near one year in Chinese prison

Their detention is widely viewed as retaliation for Canada’s arrest of Chinese high-tech scion Meng Wanzhou

B.C. VIEWS: An engine that hums right along

First Nations are leading a new surge of investment in B.C.

Brain injury from domestic abuse a ‘public health crisis,’ says B.C. researcher

Nearly 80% of the domestic violence victims who reported to police last year were women

Most Read