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Fortis Q2 adjusted net earnings miss Street estimates

Fortis Inc. on Aug. 2 reported second-quarter 2019 adjusted net earnings attributable to common equity shareholders of C$235 million, or 54 Canadian cents per share, compared with C$251 million, or 59 cents per share, a year earlier.

The S&P Global Market Intelligence consensus normalized earnings estimate for the quarter was 57 cents per share.

GAAP net earnings attributable to common equity shareholders were C$720 million, or $1.66 per share, rising from C$240 million, or 57 cents per share, in the year-ago period. The increase in earnings reflects a one-time, after-tax gain of C$484 million, or C$1.12 per share, on the sale of Waneta Expansion, the company said.

Fortis expects its C$17.3 billion, five-year capital plan to increase rate base from C$26.1 billion in 2018 to C$35.5 billion in 2023, translating into a five-year compound average growth rate of 6.3%.