OTTAWA (dpa-AFX) - Fortis Inc. (FTS, FTS.TO) reported second quarter net earnings attributable to common equity shareholders of C$274 million, or C$0.59 per share, compared to C$720 million, or CC$1.66 per share, for the same period in 2019.
Earnings for the quarter reflected significant one-time items: a C$484 million gain on the disposition of the Waneta Expansion hydroelectric generating facility in April 2019; and the reversal of a C$13 million tax recovery, originally recognized in 2019, due to the finalization of anti-hybrid regulations in April 2020 associated with U.S. tax reform; partially offset by a C$27 million favourable base ROE adjustment at ITC reflecting the reversal of liabilities established in prior years as a result of a May 2020 Order issued by the Federal Energy Regulatory Commission
On an adjusted basis, second quarter net earnings attributable to common equity shareholders were C$258 million, or C$0.56 per share, compared to C$235 million or C$0.54 per share, for the same period in 2019.
While uncertainty exists due to the COVID-19 pandemic, the company's long-term outlook is unchanged, the company said.
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