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

FVRD emergency plan only ‘partially meeting’ expectations, says auditor

Regional district says they are already working on shortfalls in emergency management

Vis stresses need for unity after Conservative leader resigns

Mission-Matsqui-Fraser Canyon MP said he was shocked by Andrew Scheer’s announcement

Annual Christmas panto returns to Mission stage

Opening Nite Theatre presents the Empress’s New Clothes

Richmond RCMP seek witnesses after Fraser Valley man killed in hit-and-run

The victim has been identified as a man in his early 60s from the Fraser Valley

New quad chair ready to go for Sasquatch Mountain Resort opening

The Yeti Cruiser will replace the two-person Skyline chair at the Hemlock Valley ski resort

‘Not a decision I came to lightly:’ Scheer to resign as Conservative leader

Decision comes after weeks of Conservative infighting following the October election

‘British Columbians are paying too much’: Eby directs ICBC to delay rate application

Attorney General David Eby calls for delay in order to see how two reforms play out

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Couple who bought $120k banana duct-taped to wall say artwork will be ‘iconic’

Pair compared it to Warhol’s ‘Campbell’s Soup Cans,’ which was initially ‘met with mockery’

Race to replace Andrew Scheer could be a crowded one

Many familiar faces, such as Maxime Bernier, Jason Kenney, Doug Ford and Kevin O’Leary, have said no

National cold case hunters take on search for missing man last seen in B.C.

Kristofer Couture’s car was found at Chilliwack trailhead in January but there’s been no sign since

Metro Vancouver mayors green light regional business license for ride-hailing

Surrey mayor only member to vote against inter-municipality business license

Owner surrenders dogs chained up outside among scrap metal, garbage to BC SPCA

Shepherd-breed dogs were living in ‘deplorable conditions.’

Most Read