Fortis ( (FTS) ) has released its Q3 earnings. Here is a breakdown of the information Fortis presented to its investors.
Fortis Inc., a prominent player in the North American regulated electric and gas utility industry, continues to strengthen its position with significant growth and investments.
Fortis Inc. recently reported its third-quarter 2024 results, showcasing notable growth in earnings and strategic investments. The company has enhanced its capital expenditure plans and continues to deliver on its commitments to shareholders through increased dividends.
The third quarter net earnings stood at $420 million, or $0.85 per common share, marking an increase from the previous year’s $394 million, or $0.81 per common share. Fortis expects to spend $5.2 billion on capital expenditures in 2024, with a new five-year capital plan of $26 billion announced. The company declared a 4.2% increase in the fourth-quarter dividend, continuing its 51-year streak of dividend increases.
Fortis’ new five-year capital plan highlights significant investments, including the development of battery energy storage systems and major transmission projects across its service areas. These investments, coupled with regulatory efforts and strategic planning, are expected to drive a midyear rate base growth from $38.8 billion in 2024 to $53.0 billion by 2029.
Looking ahead, Fortis aims to sustain its growth trajectory with a focus on regulated utility operations and expansion opportunities. The company’s management remains optimistic about achieving its long-term goals, including a targeted annual dividend growth of 4-6% through 2029, while continuing to meet its environmental and operational objectives.
