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.
Fortis says its net profit attributable to common shareholders including the unusual item amounted to $1.66 a share, up from $240 million or 57 cents a 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 a 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.