Fortis 1Q Profit Rose, Beating Views

By Adriano Marchese

Fortis (Canada) on Wednesday reported a better-than-expected rise in first-quarter profit, benefiting from improved performance at its U.S. businesses and the stronger U.S. dollar conversion.

The diversified electric utility holding company reported a rise in net earnings of 437 million Canadian dollars ($320.7 million), or C$0.90 a share, up from C$350 million, or C$0.74 a share, in the prior-year period.

Adjusted earnings rose to C$0.91 a share, from C$0.78. According to FactSet, analysts were expecting a more moderate rise to C$0.82 a share.

Fortis credits the increase largely to improved market value of investments that support retirement benefits at UNS Energy, which runs its Tucson Electric Power and UniSource Energy Services subsidiaries, as well as its electricity transmission company ITC in the U.S.

These were boosted by a higher U.S.-to-Canadian dollar foreign exchange rate in the period, Fortis said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 03, 2023 06:39 ET (10:39 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.