From GlobeNewswire:

Fortis Inc. releases its 2023 fourth quarter and annual financial results, reporting annual net earnings of $1.5 billion and annual adjusted net earnings per common share of $3.09. The sale of Aitken Creek closed in November 2023, yielding net proceeds of approximately $470 million that strengthened the balance sheet. Fortis remains focused on executing a $25 billion five-year capital plan in support of its annual dividend growth guidance of 4-6% through 2028.

In 2023, Fortis reported net earnings of $1.5 billion, reflecting an increase in earnings primarily driven by rate base growth and new cost of capital parameters. For the fourth quarter of 2023, net earnings were $381 million, an increase due to rate base growth, higher retail revenue in Arizona, and new cost of capital parameters at FortisBC. Adjusted net earnings for 2023 were $1.5 billion, largely due to the same factors as net earnings.

Capital expenditures for 2023 were $4.3 billion, matching the annual capital plan. The 2024-2028 capital plan totals $25 billion, representing an increase of $2.7 billion from the previous five-year plan. Investments in Arizona and regional transmission projects are driving capital growth across Fortis’ regulated utilities.

Regulatory updates include a ruling in December 2023 that Iowa’s right of first refusal statute was unconstitutional and the Arizona Corporation Commission’s decision on UNS Electric’s general rate application. The outcome of legal proceedings and its potential impact on Fortis’ five-year capital plan is currently unknown.



Read more: Fortis Inc. Reports Fourth Quarter & Annual 2023 Results