FortisInc. said May 3 that its first-quarter 2016 adjusted earningsincreased year over year by C$11 million, or 2 Canadian cents per share, toC$190.0 million, or 67 cents per share.
The company's financial results were driven by contributionof C$4 million from the Waneta hydro expansion, the strength of the U.S. dollarrelative to the Canadian dollar, a higher allowance for funds during construction,mainly at FortisBC EnergyInc.'s Tilbury LNG facility expansion. Higher expenses and thetiming of earnings at FortisBC Electric impacted quarterly results.
The S&P Global Market Intelligence consensus normalizedEPS estimate for the first quarter of 2016 was 69 cents.
First-quarter 2016 cash flow from operating activities wasup C$33 million year over year to C$483 million, whereas revenues dropped toC$1.76 billion from C$1.92 billion in the same quarter of 2015.
Fortis booked first-quarter 2016 net earnings attributableto shareholders of C$162.0 million, or 57 cents per share, down from C$198.0 million, or 71 cents per share,for the same period in 2015.
The U.S. regulated electric and natural gas businesses,UNS Energy Corp. andCentral Hudson Gas & ElectricCorp., contributed C$36.0 million toward the first-quarter 2016results, down from C$42.0 million in the first quarter of 2015.
FortisBC Energy, the company's regulated gas utility inCanada, contributed C$92.0 million in net earnings in the first quarter, upfrom C$88.0 million in the prior-year quarter.
Fortis' regulated electric utilities in Canada, , FortisBCElectric and Eastern Canadian Electric Utilities — contributed C$64 milliontoward first-quarter 2016 net earnings, compared with C$83.0 in thecorresponding quarter of 2015. The regulated electric business in the Caribbeancontributed C$10.0 million toward the first quarter results, up C$5.0 millionyear over year.