Fortis Inc. Reports Strong 2024 Financial Performance

Fortis ( (FTS) ) has released its Q4 earnings. Here is a breakdown of the information Fortis presented to its investors.

Fortis Inc., a leading entity in the North American regulated electric and gas utility sector, operates with a strong focus on safety, reliability, and governance, serving customers across Canada, the U.S., and the Caribbean.

In its 2024 financial performance, Fortis reported annual net earnings of $1.6 billion, showcasing a growth in earnings per share and capital investments. The company continues to strengthen its financial standing with increased dividends and strategic project approvals.

Fortis achieved a 6% growth in adjusted net earnings per share, reaching $3.28, and reported capital expenditures of $5.2 billion leading to a 6% growth in its rate base. Key projects approved include significant investments expected post-2029, with a continued focus on extending its 51-year dividend growth streak.

Looking forward, Fortis plans to execute a $26 billion five-year capital plan, aiming for a 6.5% compound annual growth rate in its rate base by 2029. The company is committed to reducing its greenhouse gas emissions, targeting a net-zero status by 2050, while continuing to deliver reliable and affordable utility services.