Power utility Fortis reports third-quarter profit and revenue up from year ago

Fortis Inc. FTS-T reported its third-quarter profit rose compared with a year ago as its revenue also grew.

The power utility says its net income attributable to common shareholders totalled $326-million or 68 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $295-million or 62 cents per diluted share a year earlier.

Revenue totalled $2.55-billion, up from nearly $2.2-billion in the third quarter of 2021.

On an adjusted basis, Fortis says it earned 71 cents per share, up from an adjusted profit of 64 cents per share a year ago.

The company also announced a $22.3-billion five-year capital spending plan, which it said is the largest in its history and $2.3-billion larger than its previous five-year plan.

Fortis is targeting annual dividend growth of four to six per cent through 2027.