Fortis Q4 Earnings Rise

(RTTNews) - Fortis Inc. (FTS), a Canadian electric and gas utility company, Thursday reported higher earnings for the fourth quarter compared to the same period last year.

Quarterly earnings increased to $422 million or $0.83 per share from $396 million or $0.79 per share of the previous year, driven to rate base growth across utilities, including growth associated with major capital projects.

Excluding items, earnings rose to $453 million or $0.90 per share from $416 million or $0.83 per share of the prior year.

On average, analysts were expecting earnings of $0.62 per share. Analysts' estimates typically exclude special items.

On Wednesday, FTS shares closed at $54.50, down 0.16% on the New York Stock Exchange.