Fortis Inc. FTS-T 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 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.