Fortis Inc. FTS-T +0.84%increase raised its dividend as it reported a third-quarter profit of $409-million.
The power utility says it will now pay a quarterly dividend of 64 cents a share, up from 61.5 cents a share.
The increased payment to shareholders came as Fortis says its third-quarter profit amounted to 81 cents a share, down from $420-million or 85 cents a share in the same quarter last year.
On an adjusted basis, the company says it earned 87 cents a share in its latest quarter, up from 85 cents a share a year ago.
Revenue for the quarter totalled $2.94-billion, up from $2.77-billion in the same quarter last year.
In its outlook, Fortis announced a new five-year capital plan for 2026-2030 that totals $28.8-billion, an increase of $2.8-billion compared with its previous five-year plan.
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