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Fortis Inc. Reports Fourth Quarter & Annual 2024 Results
FTSFortis(FTS) GlobeNewswire·2025-02-14 11:00

Core Insights - Fortis Inc. reported strong financial performance for 2024, with net earnings of 1.6billion,or1.6 billion, or 3.24 per common share, reflecting a growth from 1.5billion,or1.5 billion, or 3.10 per common share in 2023 [4][6][22] - The company executed a 5.2billioncapitalprogram,contributingtoa65.2 billion capital program, contributing to a 6% annual rate base growth, and is focused on a 26 billion five-year capital plan to support annual dividend growth guidance of 4-6% through 2029 [3][10][20] Financial Performance - Net earnings for the fourth quarter of 2024 were 396million,or396 million, or 0.79 per common share, compared to 381million,or381 million, or 0.78 per common share in the same period of 2023, driven by rate base growth and new customer rates [5][22] - Adjusted net earnings for 2024 were 1.6billion,or1.6 billion, or 3.28 per common share, representing a 6% increase from 3.09percommonsharein2023[8][22]CapitalExpenditures−Capitalexpendituresfor2024totaled3.09 per common share in 2023 [8][22] Capital Expenditures - Capital expenditures for 2024 totaled 5.2 billion, leading to a midyear rate base of 39.0billion,whichisa639.0 billion, which is a 6% increase over 2023 [10][22] - The 2025-2029 capital plan is set at 26.0 billion, which is 1.0billionhigherthanthepreviousplan,drivenbyMISOlong−rangetransmissionprojectsandcustomergrowthinvestments[12][13]RegulatoryUpdates−InOctober2024,FERCrevisedthebaseROEforITC′sMISOutilitiesfrom10.021.0 billion higher than the previous plan, driven by MISO long-range transmission projects and customer growth investments [12][13] Regulatory Updates - In October 2024, FERC revised the base ROE for ITC's MISO utilities from 10.02% to 9.98%, impacting Fortis' after-tax earnings by approximately 22 million [15] - The Arizona Corporation Commission approved a formula rate plan policy statement in December 2024, which is expected to improve rate stability for customers [16] Environmental Commitment - Fortis has reduced its corporate-wide direct greenhouse gas emissions by 34% from a 2019 base year, with targets to further reduce emissions by 50% by 2030 and 75% by 2035 [21]