Electric and gas utility Fortis Inc. (FTS,FTS.TO) reported fourth quarter net earnings attributable to common equity shareholders of C$331 million, down from C$346 million in the prior-year quarter.
On an adjusted basis, net earnings attributable to common equity shareholders were C$302 million or C$0.69 per share, compared to C$277 million or C$0.62 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of C$0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Additionally, Fortis has targeted a reduction in carbon emissions of 75% by 2035 from a 2019 base year. It expects to achieve the majority of this target by exiting coal generation and replace it with wind, solar and energy storage.
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