Fortis Inc. announced first-quarter net earnings of $501 million, a modest increase from $499 million in the same period last year. The results reflect the company's continued investment in regulated utility assets and infrastructure projects across North America.
Financial Highlights
The St. John's, N.L.-based utility holding company reported diluted earnings per share of $1.02, compared with $1.01 a year earlier. Revenue for the quarter ended March 31 totaled $2.8 billion, up from $2.7 billion in the prior year.
Fortis attributed the earnings growth to higher rates from capital investment programs and new customer connections, partially offset by higher operating costs and financing expenses. The company's regulated utilities in Canada, the United States, and the Caribbean contributed stable cash flows.
Outlook and Strategy
Fortis reaffirmed its five-year capital plan of $26 billion through 2030, focusing on renewable energy, grid modernization, and natural gas infrastructure. The company expects rate base growth of approximately 6% annually.
CEO David Hutchens said the results demonstrate the resilience of Fortis's diversified portfolio. "Our regulated utilities continue to deliver reliable service while investing in cleaner energy solutions," he stated. The company maintained its quarterly dividend of $0.61 per share.
Market Reaction
Shares of Fortis rose 0.8% in afternoon trading on the Toronto Stock Exchange to $56.40. Analysts noted the earnings were in line with expectations, with steady performance across all segments.
Fortis operates 10 regulated utility companies serving approximately 3.5 million customers. The company's next quarterly report is expected in August.
