Fortis said net earnings attributable to common shareholders in the three months ended March 31 were $121 million or 64 cents per common share.
That compared with $116 million, or 66 cents per share in the first quarter of 2011.
The decrease in earnings per common share mainly related to an eight per cent increase in shares associated with a public equity offering in mid-2011 and $4 million in one-time expenses associated with the acquisition of CH Energy Group Inc. in February, Fortis said in a release.
Revenue in the three months ended March 31 was $1.15 billion, down from $1.16 billion in the prior-year period.
Fortis Inc. is the largest investor-owned distribution utility in Canada with total assets of more than $14 billion and fiscal 2011 revenue totalling approximately $3.7 billion.
The company serves more than two million natural gas and electricity customers and has regulated holdings that include electric distribution utilities in five Canadian provinces and two Caribbean countries and a natural gas utility in British Columbia.
Fortis also owns and operates non-regulated generation assets across Canada, in Belize and in upper New York state, along with hotels and commercial office and retail space in Canada.