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Utility provider Fortis fourth-quarter earnings up slightly, raises dividend
The corporate logo for Fortis Inc. (TSX:FTS) is shown. THE CANADIAN PRESS/HO
ST. JOHN'S, N.L. - Fortis Inc. (TSX:FTS) says its fourth quarter earnings rose slightly, as big investments in utilties plants in Western Canada added to revenues.
The St. John's-based company said Thursday its earnings attributable to shareholders were $86 million, or 46 cents per share in its fourth quarter, compared to $85 million, or 49 cents per share, for the same quarter in 2010.
Revenue was largely flat compared to the year-earlier at $1.03 billion.
The company, which operates utilities and generating assets across Canada, also announced it is raising its quarterly dividend from 29 cents per share to 30 cents per share beginning in March.
For the full year, the company earned $318 million, or $1.75 per share, up from $285 million, or $1.65 per common share, for 2010.
Fortis says the main drivers of growth were increased investments in energy infrastructure at the utilities in western Canada and the $11 million after-tax payment following the termination of a merger with Central Vermont Public Service Corp.
That deal was trumped by Quebec's biggest gas distributor Gaz Metro Limited Partnership's US$702 million bid.
"Our annual capital expenditure program totalled a record $1.2 billion in 2011," Stan Marshall, president and chief executive officer said in a statement.
"The significant investment in energy infrastructure being made by our utilities should help ensure we continue to meet our obligation to serve customers," he added.
However, during the fourth quarter, increased earnings at the FortisBC gas utilities were partially offset by a decrease in earnings at Newfoundland Power, Other Canadian Regulated Electric Utilities, Fortis Turks and Caicos and Fortis Properties.
For 2012, the company said it is focused on completing its $1.3 billion capital expenditure program.
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