Company has reported revenue of C$1.18 bn for the fourth quarter of 2008, compared to C$1.02 bn for the same period of 2007
Canadian power and natural gas utility Fortis has reported net earnings applicable to common shares of C$76 million, or C$0.48 per common share, for the fourth quarter of 2008, compared to C$79 million, or C$0.51 per common share, for the same period of 2007.
The company has reported net earnings applicable to common shares of C$245 million, or C$1.56 per common share, in 2008, compared to C$193 million, or C$1.40 per common share, in 2007.
Fortis has reported revenue of C$1.18 billion for the fourth quarter of 2008, compared to C$1.02 billion for the same period of 2007.
According to the company, for the year 2008, the company has reported revenue of C$3.9 billion, compared to C$2.72 billion for the year 2007.
Earnings for the fourth quarter were $76 million, or $0.48 per common share, compared to $79 million, or $0.51 per common share, for the same quarter in 2007. Fourth quarter results for 2007 were impacted by one-time items totaling approximately $13 million related to the sale of surplus land at Terasen Gas, the reduction of future income tax liability balances at Fortis Properties related to lower enacted corporate income tax rates and an interconnection agreement-related refund at FortisOntario. Excluding these one-time items, earnings were $10 million higher quarter over quarter.
Stan Marshall, president and CEO of Fortis, said: “Fortis delivered earnings of C$245 million in 2008, which marks the ninth consecutive year the corporation has delivered good earnings to our shareholders.”