Fortis annual profit declines on onetime items but Q4 earnings rise 13 per cent

ST. JOHN'S, N.L. - Fortis Inc. (TSX:FTS) says it had a $317-million net profit last year, including $113 million in the fourth quarter.

The fourth-quarter profit was up 13 per cent from $100 million a year earlier, in part because of higher earnings from FortisAlberta and the contribution of recently acquired UNS Energy in Arizona.

On a per-share basis, however, the profit fell to 44 cents EPS from 47 cents EPS in the fourth quarter of 2013 because of the additional stock issued as part of the $4.3-billion UNS Energy acquisition.

Fortis — which has its headquarters in St. John's, Nfld. and operations throughout North America — says its 12-month profit last year was down 10 per cent from $353 million in 2013, due to the impact of one-time items in both years.

For the full year, Fortis earned $1.41 per common share in 2014, compared with $353 million or $1.74 per common share in 2013.

Revenue for the 12 months ended Dec. 31, 2014 was $5.4 billion, up from $4.05 billion in 2013.

Fortis has electric, gas and other utilities in several Canadian provinces, U.S. states and in the Caribbean region.