Fortis (FTS) Tops Q3 EPS by 25c; offers outlook

Fortis (NYSE: FTS) reported Q3 EPS of $0.84, $0.25 better than the analyst estimate of $0.59. Revenue for the quarter came in at $0 versus the consensus estimate of $2.14 billion.

OUTLOOK

The Corporation's $25 billion five-year capital plan is expected to increase midyear rate base from $36.8 billion in 2023 to $49.4 billion by 2028, translating into a five-year compound annual growth rate of 6.3%7.

Beyond the five-year capital plan, additional opportunities to expand and extend growth include: further expansion of the electric transmission grid in the U.S. to facilitate the interconnection of cleaner energy, including infrastructure investments associated with the Inflation Reduction Act of 2022 and the MISO LRTP; climate adaptation and grid resiliency investments; renewable gas solutions and liquefied natural gas infrastructure in British Columbia; and the acceleration of cleaner energy infrastructure investments across our jurisdictions.

Fortis expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2028

For earnings history and earnings-related data on Fortis (FTS) click here.

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