By Adriano Marchese


Fortis on Friday reported a rise in profit in the fourth quarter, driven largely by higher rate base and retail revenue in Arizona.

The St. John's, Newfoundland and Labrador-based regulated utilities company posted net income of 381 million Canadian dollars ($283.1 million), or C$0.78 a share, up from C$370 million, or C$0.77 a share, in the comparable quarter a year ago.

Fortis credited the increase to rate base growth across company utilities and the new cost of capital parameters approved for FortisBC, as well as higher earnings in Arizona.

Adjusted earnings were flat at C$0.72 a share. According to FactSet, analysts were expecting a decline to C$0.70 a share.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

02-09-24 0636ET