Fortis Inc. reported strong earnings, on track with capital plan, and sustainability progress
From Globe Newswire: 2024-07-31 06:00:00
Fortis Inc. released its second quarter results and 2024 Sustainability Report, reporting second quarter net earnings of $331 million or $0.67 per common share, up from 2023. The company’s $4.8 billion annual capital plan is on track, with $2.3 billion invested in the first half of 2024. Fortis also released its 2024 Sustainability Report showing progress in sustainability initiatives. The company’s $25 billion five-year capital plan is expected to increase midyear rate base from $37.0 billion in 2023 to $49.4 billion by 2028, translating into a five-year CAGR of 6.3%.
Fortis reported net earnings of $331 million for the second quarter of 2024, an increase from the second quarter of 2023. The increase was driven by strong earnings in Arizona, rate base growth across utilities, and new cost of capital parameters approved for FortisBC in 2023. Adjusted net earnings had no adjustments for the three and six months ended June 30, 2024.
The company’s $4.8 billion annual capital plan is on track, with $2.3 billion invested during the first half of 2024. In June, the MISO released a near-final map of the long-range transmission plan projects, estimating transmission investments in the MISO Midwest subregion to be in the range of US$23 billion to US$27 billion. Regulatory approvals and environmental assessment certificates were granted for key projects like the Tilbury Marine Jetty and the Wataynikaneyap Power Transmission project.
Fortis continues to enhance shareholder value through its capital plan and diversified portfolio of regulated utility businesses. The company’s $25 billion five-year capital plan is expected to increase midyear rate base from $37.0 billion in 2023 to $49.4 billion by 2028, with additional growth opportunities in electrification, climate adaptation investments, and renewable energy solutions. The company expects long-term growth in rate base to support dividend growth guidance of 4-6% annually through 2028.
Read more at Globe Newswire:: Fortis Inc. Releases Second Quarter 2024 Results and 2024