The Financial Post reports in its Friday, Feb. 20, edition that Fortis ($39.41) says it made a net profit of $317-million last year, including $113-million in the fourth quarter. A Canadian Press dispatch to the Post reports that the fourth quarter profit was up 13 per cent from $100-million a year earlier, in part because of higher earnings from FortisAlberta and the contribution of recently acquired UNS Energy in Arizona. On a per-share basis, however, the profit fell to 44 cents from 47 cents in the fourth quarter of 2013 because of the additional stock issued as part of the $4.3-billion UNS Energy acquisition.
Fortis -- which has its headquarters in St. John's, Nfld., and operations throughout North America -- says its 12-month profit last year was down 10 per cent from $353-million in 2013, due to the impact of one-time items in both years.
For the full year, Fortis earned $1.41 per common share in 2014, compared with $353-million or $1.74 in 2013.
Revenue for the 12 months ended Dec. 31, 2014 was $5.4-billion, up from $4.05-billion in 2013.
Fortis has electric, gas and other utilities in several Canadian provinces, throughout the United States and in the Caribbean region.
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