Business
Fortis Inc. Releases First Quarter 2025 Results
This news release constitutes a "Designated News Release" incorporated by reference in the prospe...
About this update from Fortis Inc.
[{"type":"text","content":"Fortis Inc. Releases First Quarter 2025 Results\n\n\n\n\n\n This news release constitutes a \"Designated News Release\" incorporated by reference in the prospectus supplement\n \n\n\n\n dated December 9, 2024 to Fortis' short form base shelf prospectus dated December 9, 2024.\n \n\n\n\n ST. JOHN'S, Newfoundland and Labrador, May 07, 2025 (GLOBE NEWSWIRE) -- Fortis Inc. (\"Fortis\" or the \"Corporation\") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its first quarter results.\n \n 1\n \n\n\n\n Highlights\n \n\n\n\n First quarter net earnings of $499 million or $1.00 per common share, up from $459 million or $0.93 per common share in 2024\n \n\n Capital expenditures\n \n 2\n \n of $1.4 billion in the first quarter; $5.2 billion annual capital plan on track\n \n\n Regulatory approval received for FortisBC's 2025-2027 rate framework\n \n\n\n\n \"We are off to a strong start in 2025,\" said David Hutchens, President and Chief Executive Officer, Fortis. \"Our utilities are executing their capital programs while continuing to actively pursue incremental investment opportunities, particularly at ITC and Tucson Electric Power. As we navigate volatility in the macro environment, we remain committed to delivering affordable and reliable energy to our customers and annual dividend growth of 4-6% through 2029 to our shareholders.\"\n \n\n\n Net Earnings\n \n\n The Corporation reported net earnings attributable to common equity shareholders (\"Net Earnings\") of $499 million for the first quarter of 2025, or $1.00 per common share, an increase of $40 million, or $0.07 per common share compared to the first quarter of 2024. The increase was driven by rate base growth across our utilities, and the conclusion of Central Hudson's 2024 general rate application including a shift in quarterly revenue effective July 1, 2024. The higher U.S. dollar-to-Canadian dollar exchange rate also favourably impacted earnings. The increase was partially offset by higher holding company finance costs, a lower margin on wholesale sales in Arizona, as well as the timing of operating costs and the expiration of a regulatory incentive at FortisAlberta. In addition, the change in earnings per share reflected an increase in the weighted average number of common shares outstanding, largel...