OTTAWA (dpa-AFX) - Fortis Inc. (FTS, FTS.TO) reported fourth-quarter adjusted basic earnings per share of C$0.62 compared to C$0.56, a year ago. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of C$0.60, for the quarter. Analysts' estimates typically exclude special items. Adjusted net earnings to equity shareholders increased year-on-year to C$277 million from C$241 million.
The company said the increase in fourth-quarter adjusted earnings was driven by capital investment at the regulated utilities and lower operating and income tax expenses, partially offset by the 2019 impact of ITC's reduced base ROE and lower rainfall in Belize, and a higher weighted average number of common shares outstanding.
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