Electric and gas utility Fortis reports Q1 profit and revenue up from year ago
ST. JOHN'S – Fortis Inc. reported its first-quarter profit and revenue rose compared with a year ago.
The electric and gas utility says it earned a profit attributable to common equity holders of $499 million or $1.0 per share for the quarter ended March 31.
The result was up from a profit of $459 million or 93 cents per diluted share in the same quarter last year. Fortis Place in downtown St. John's, N.L., is seen on Tuesday, Feb. 9, 2016. THE CANADIAN PRESS/ Paul Daly
Fortis says the increase was driven by rate base growth across its utilities and the end of Central Hudson's 2024 general rate application including a shift in quarterly revenue effective July 1, 2024.
It says higher U.S. dollar-to-Canadian dollar exchange rate also helped boost results.
Revenue for the quarter totalled $3.34 billion, up from $3.12 billion a year earlier.
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This report by The Canadian Press was first published May 7, 2025.
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