Fortis (FTS) Q3 2024 earnings summary

Executive summary

• Q3 2024 adjusted EPS was $0.85, up from $0.84 in Q3 2023, driven by regulated rate base growth and strong performance in Arizona.

• Announced a new $26 billion capital plan for 2025-2029, supporting a 6.5% average annual rate base growth and 4-6% annual dividend growth through 2029.

• Increased fourth quarter dividend by 4.2%, marking 51 consecutive years of dividend growth.

• Capital expenditures through September totaled $3.6 billion, with full-year 2024 capex expected at $5.2 billion.

Financial highlights

• Q3 2024 reported and adjusted EPS were $0.85, up $0.01 year-over-year; year-to-date EPS was $2.45, up $0.08.

• Net earnings attributable to common equity shareholders were $420 million in Q3, up $26 million year-over-year.

• Capital expenditures for Q3 were $1.3 billion, with year-to-date capex at $3.6 billion.

• $2.6 billion in long-term debt raised year-to-date to fund capital programs and repay borrowings.

Outlook and guidance

• Five-year capital plan totals $26 billion, with 6.5% CAGR in consolidated rate base, reaching $53 billion by 2029.

• Annual dividend growth guidance of 4-6% extended through 2029.

• At least US$3 billion of capital investment expected at ITC for MISO LRTP Tranche 2.1, with majority post-2029.

• Opportunities for upside from new data center and industrial load growth, especially in Arizona and the Midwest.

• On track to reduce direct GHG emissions by 50% by 2030 and 75% by 2035 from a 2019 base, with a 2050 net-zero target.