Fortis ( (FTS) ) has released its Q2 earnings. Here is a breakdown of the information Fortis presented to its investors.
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Fortis Inc. is a leading North American regulated electric and gas utility company, known for its diversified operations across five Canadian provinces, ten U.S. states, and three Caribbean countries, serving 3.5 million utility customers.
In its second quarter of 2025, Fortis reported strong financial results with net earnings of $384 million, or $0.76 per common share, marking an increase from the previous year’s $331 million, or $0.67 per share. The company continues to execute its capital plan effectively, with $2.9 billion invested in the first half of the year, keeping it on track to meet its annual capital expenditure target of $5.2 billion.
Key financial highlights include a significant rise in net earnings attributed to rate base growth and favorable exchange rates. Fortis also advanced its strategic initiatives, such as the agreement to supply 300 MW to a data center by Tucson Electric Power and the filing of rate applications in Arizona and New York. Additionally, Fortis received a stable BBB+ rating from Fitch Ratings, reflecting its solid financial position.
Looking ahead, Fortis remains focused on enhancing shareholder value through its $26 billion five-year capital plan, which aims to increase the rate base significantly by 2029. The company anticipates continued earnings and dividend growth, driven by strategic investments and regulatory proceedings.
Overall, Fortis is well-positioned to achieve its long-term objectives, leveraging its diversified portfolio and ongoing growth opportunities to maintain its leadership in the utility sector.