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Dec 31, 2024
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Fortis Q4 2024 Earnings Report
Fortis reported strong earnings growth in Q4 2024, driven by rate base expansion and new customer rates.
Key Takeaways
Fortis posted solid financial results for Q4 2024, with revenue reaching $3.0 billion and net earnings increasing to $396 million. Adjusted EPS rose to $0.83, reflecting improved rate base growth and new customer rates. The company remains committed to its five-year capital plan of $26 billion to drive long-term growth.
Revenue for Q4 2024 was $3.0 billion, supported by rate base expansion.
Net earnings increased to $396 million, with adjusted EPS at $0.83.
Capital expenditures for the quarter reached $1.69 billion, reflecting ongoing infrastructure investments.
Fortis reaffirmed its commitment to a 4-6% annual dividend growth through 2029.
Forward Guidance
Fortis maintains its outlook for long-term growth, emphasizing infrastructure investments, regulatory stability, and dividend growth.
Positive Outlook
- Continued rate base growth supporting earnings expansion.
- Reaffirmed commitment to a $26 billion capital plan through 2029.
- Expected increase in transmission and grid resilience investments.
- Favorable regulatory developments in Arizona and MISO region.
- Dividend growth guidance maintained at 4-6% annually through 2029.
Challenges Ahead
- Potential impact of regulatory changes on transmission earnings.
- Rising operating expenses affecting Arizona operations.
- Unrealized losses on derivative contracts impacting short-term performance.
- Higher financing costs from increased corporate debt.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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