Growth at utilities helps Fortis in Q3

ST. JOHN’S, N.L.—Fortis Inc. says it earned $295 million in its third quarter, up from $292 million in the same quarter last year.

The power and gas utility says the profit amounted to 63 cents per share for the quarter ended Sept. 30, the same as a year earlier.

Revenue in the quarter totalled nearly $2.2 billion, up from $2.1 billion.

Fortis CEO David Hutchens says the performance reflects underlying growth at the company’s utilities, offset by headwinds due to unfavourable foreign exchange and cooler weather in Arizona.

On an adjusted basis, Fortis says it earned 64 cents per share, down from an adjusted profit of 65 cents per share a year ago.

Analysts on average had expected an adjusted profit of 64 cents per share, according to financial markets data firm Refinitiv.