Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, with year-to-date reported earnings of CAD 1.3 billion, or CAD 2.57 per common share [14] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15] - EPS for Western Canadian utilities increased by CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes [17] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.02, despite higher stock-based compensation [16] Market Data and Key Metrics Changes - The company expects to invest approximately CAD 5.6 billion for the full year, with CAD 4.2 billion invested through September [3] - The new five-year capital plan totals CAD 28.8 billion, up CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][6] - Consolidated rate base is projected to increase by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [6] Company Strategy and Development Direction - The company has shifted to a 100% regulated asset portfolio following the sale of Fortis TCI and investments in Belize [3] - The five-year capital plan emphasizes maintaining customer affordability and includes significant investments in transmission and distribution [4][5] - The company aims for annual dividend growth guidance of 4%-6% through 2030, with a recent dividend increase of approximately 4% [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [12][21] - The company is focused on safety, reliability, affordability, and cleaner energy delivery for customers [21] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [25][26] Other Important Information - The company raised over CAD 2 billion in debt, including a hybrid issuance of CAD 750 million at 5.1% [19] - The New York State Public Service Commission approved Central Hudson's three-year rate plan, which includes a continuation of an allowed ROE of 9.5% [20] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, they require careful negotiation and regulatory processes [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [27][28] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire quick connections, practical realities such as permitting and infrastructure development will dictate timelines [32][33] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan clarity [39][40] Question: Buyer appetite for Caribbean assets - Management noted that interest in Caribbean assets fluctuates and that recent sales do not indicate a broader exit strategy from the region [41][42] Question: Friction points for higher spending - Management emphasized that customer affordability is not a concern, but equipment availability and permitting are critical factors [45][46] Question: Approval processes for new data center loads - Management confirmed that the Arizona Corporation Commission approval is the primary requirement for the first 300 megawatts, with further approvals needed for additional capacity [50][51] Question: Funding plan and hybrid issuances - Management clarified that while no further hybrid issuances are currently planned, they remain open to exploring this option depending on market conditions [54][55]

Financial Performance & Capital Plan - Q3 2025 actual EPS was $0.81, and adjusted EPS was $0.87, compared to $0.85 in Q3 2024[9] - The company announced a new $28.8 billion 2026-2030 capital plan, the largest in its history[9] - A Q4 dividend increase of approximately 4% was declared, marking 52 consecutive years of dividend increases[9] - The 2026-2030 capital plan is $2.8 billion over the prior plan[12] - The capital plan is expected to support an average annual rate base growth of 7%[18] Capital Allocation & Growth Drivers - Transmission investments account for 46% of the $28.8 billion 2026-2030 capital plan[19] - ITC's five-year capital plan is $9.8 billion, supporting an ~8% rate base CAGR[23] - UNS Energy's five-year capital plan is $5.6 billion, supporting a ~7% rate base CAGR[26] - FortisBC's five-year capital plan is $4.9 billion, supporting a ~6% rate base CAGR[30] Funding & Liquidity - The company issued $750 million in hybrids at Fortis Inc at 5.1% in Q3 2025[55] - The five-year capital plan is funded by 59% cash from operations, 11% equity, and 30% net debt[61]

Core Insights - Fortis reported quarterly earnings of $0.59 per share, missing the Zacks Consensus Estimate of $0.61 per share, and down from $0.62 per share a year ago, representing an earnings surprise of -3.28% [1] - The company posted revenues of $2.13 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.74% and up from $2.03 billion year-over-year [2] - Fortis shares have increased approximately 19.8% year-to-date, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The future performance of Fortis stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $2.14 billion, and for the current fiscal year, it is $2.48 on revenues of $8.98 billion [7] Industry Context - The Utility - Electric Power industry, to which Fortis belongs, is currently ranked in the top 23% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The correlation between near-term stock movements and earnings estimate revisions suggests that tracking these revisions can provide insights into stock performance [5][6]

Core Insights - Fortis Inc. reported third quarter net earnings of $409 million, or $0.81 per common share, a decrease of $11 million compared to the same period in 2024, primarily due to income taxes and closing costs related to the sale of FortisTCI [4][6][10] - The company announced a new five-year capital plan totaling $28.8 billion, an increase of $2.8 billion from the previous plan, driven by higher transmission investments and customer growth [3][12][20] - Fortis expects annual dividend growth of 4-6% through 2030, supported by a robust rate base growth projected to increase from $41.9 billion in 2025 to $57.9 billion by 2030 [3][20][22] Financial Performance - Net earnings attributable to common equity shareholders for Q3 2025 were $409 million, or $0.81 per share, down from $0.85 per share in Q3 2024 [4][8] - Adjusted net earnings per common share increased to $0.87, up from $0.85 in the same quarter of 2024 [8][10] - Year-to-date net earnings increased by $114 million, or $0.18 per share, compared to the same period in 2024, driven by rate base growth and favorable exchange rates [6][10] Capital Expenditures and Investments - Capital expenditures for 2025 are expected to be approximately $5.6 billion, up from a previous estimate of $5.2 billion, primarily due to increased transmission investments [11][12] - The new capital plan includes significant investments in transmission and distribution to support load growth and reliability, with only 21% related to major capital projects [12][22] - Fortis has identified additional growth opportunities beyond the five-year plan, including investments associated with the MISO long-range transmission plan [14][22] Dividends and Shareholder Value - The Board of Directors declared a 4.1% increase in the common share dividend for the fourth quarter of 2025, reflecting the company's commitment to shareholder returns [3][16] - The dividend reinvestment plan is expected to provide common equity proceeds to support the capital plan [13][20] Regulatory and Market Developments - The New York State Public Service Commission approved a three-year rate plan for Central Hudson, which includes a 9.5% allowed return on equity [19] - Fortis is experiencing interest from potential new large retail customers in sectors such as manufacturing and data centers, indicating potential for future energy demand growth [15][22] Environmental and Strategic Outlook - Fortis aims to achieve interim greenhouse gas emissions reduction targets of 50% by 2030 and 75% by 2035, although challenges remain [23] - The company remains committed to a coal-free generation mix by 2032 and a net-zero goal by 2050 [23]

Core Points - Fortis Inc. will release its third quarter 2025 financial results and a new five-year capital outlook for 2026-2030 on November 4, 2025 [1] - A teleconference and webcast will take place on the same day at 8:30 a.m. (Eastern) featuring David Hutchens and Jocelyn Perry discussing the financial results and outlook [1] Participation Details - Shareholders, analysts, and media can listen to the teleconference via a live webcast on Fortis' website [2] - North American participants can call toll-free at 1.833.821.0229, while international participants can call 1.647.846.2371, with a recommendation to dial in 10 minutes early [3] Webcast Availability - A live and archived audio webcast will be available on Fortis' website, with a replay accessible two hours after the call until December 4, 2025 [4] Company Overview - Fortis is a diversified leader in the North American regulated electric and gas utility industry, reporting $12 billion in revenue for 2024 and total assets of $73 billion as of June 30, 2025 [5] - The company employs 9,700 individuals and serves utility customers across five Canadian provinces, ten U.S. states, and the Caribbean [5]

Core Viewpoint - Identifying top dividend stocks is essential, but finding companies capable of sustaining those dividends for many years is significantly more challenging [1] Group 1 - The focus is on companies that not only provide dividends but can also maintain them over the long term [1]

Core Viewpoint - Investors are reassured about their portfolios despite market uncertainties [1] Group 1 - The article addresses concerns of investors who are anxious about their investments [1] - It emphasizes that there are strategies and insights available to help manage investment risks [1]

Core Viewpoint - Fortis Inc. will release its third quarter 2025 financial results and a new five-year capital outlook for 2026-2030 on November 4, 2025, with a teleconference scheduled for the same day [1] Group 1: Financial Results and Outlook - The teleconference will feature discussions led by David Hutchens, President and CEO, and Jocelyn Perry, Executive Vice President and CFO, regarding the third quarter financial results and the five-year capital outlook [1] - Fortis reported a revenue of $12 billion for 2024 and total assets of $73 billion as of June 30, 2025 [5] Group 2: Participation Details - Shareholders, analysts, and media can listen to the teleconference via a live webcast on the company's website [2] - North American participants can join the call toll-free at 1.833.821.0229, while international participants can call 1.647.846.2371, with a recommendation to dial in 10 minutes prior to the start [3] - A live and archived audio webcast will be available on the company's website, with a replay accessible two hours after the call until December 4, 2025 [4]

Core Viewpoint - A revival of "That '70s Show" is anticipated, but it may not meet the entertainment standards of the original series [1] Group 1 - The revival is expected to attract fans of the original show, indicating a potential market interest [1] - Concerns are raised regarding the quality and entertainment value of the new series compared to the original [1]

Core Points - Fortis Inc. has successfully closed a private placement offering of $750 million in subordinated notes with a fixed interest rate of 5.100% due on December 4, 2055 [2] - The offering was facilitated by a syndicate of agents, including major financial institutions such as BMO Nesbitt Burns Inc. and Scotia Capital Inc. [2] - Fortis is a leading player in the North American regulated electric and gas utility sector, reporting revenues of $12 billion and total assets of $73 billion as of June 30, 2025 [4] Company Overview - Fortis operates in five Canadian provinces, ten U.S. states, and the Caribbean, employing approximately 9,700 individuals [4] - The company's shares are publicly traded on the Toronto Stock Exchange under the symbol FTS [4]