Fortis 2Q Profit Falls on Exchange Rate, One-Time Costs Hit

Fortis Inc. Canada (FTS) on Thursday reported a fall in second-quarter profit, blaming primarily unfavourable currency- exchange rates and one-off items.

The Newfoundland-and-Labrador-based diversified electric utility holding company said earnings per share were 54 Canadian cents (43 U.S. cents), a decrease of C$0.05 from a year earlier.

Net income was C$253 million, compared with C$274 million, it said.

The company said it blames the decrease primarily to a lower U.S.-to-Canadian dollar exchange-rate variance, and other one-time items.

Adjusted earnings were C$0.55 a share. According to FactSet, analysts had been expecting C$0.59 a share.

Looking ahead, the company said it continues to see uncertainty due to the pandemic but doesn't currently expect it to have any material financial effects on the company.

Write to Adriano Marchese at

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  07-29-21 0653ET
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