Fortis Inc. FTS-T reported a fourth-quarter profit of $396-million, up from $381-million a year ago.
The electric and gas utility says the profit amounted to 79 cents per share for the quarter ended Dec. 31, up from 78 cents per share a year earlier.
Fortis says the increase was due to rate base growth as well as new customer rates at its Central Hudson operations in New York effective July 1, 2024.
Revenue in the quarter totalled $2.95-billion, up from $2.89-billion a year earlier.
On an adjusted basis, Fortis says it earned 83 cents per share in its latest quarter compared with an adjusted profit of 72 cents per share in the last three months of 2023.
Fortis serves utility customers in five Canadian provinces, 10 U.S. states and three Caribbean countries.