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Investing.com -- Fortis Inc., a North American regulated electric and gas utility leader, reported first-quarter earnings that surpassed analyst estimates, driven by rate base growth across its utilities.
The company posted net earnings of C$499 million, or C$1.00 per share, for the first quarter of 2025, up from C$459 million, or C$0.93 per share, in the same period last year. The results significantly beat the analyst consensus estimate of C$0.67 per share.
Fortis (NYSE:FTS) attributed the earnings growth to rate base expansion across its utilities and the conclusion of Central Hudson (NYSE:HUD)’s 2024 general rate application. A favorable U.S. dollar-to-Canadian dollar exchange rate also positively impacted earnings.
"We are off to a strong start in 2025," said David Hutchens, President and CEO of Fortis. "Our utilities are executing their capital programs while continuing to actively pursue incremental investment opportunities, particularly at ITC (NSE:ITC) and Tucson Electric Power."
The company reaffirmed its five-year C$26.0 billion capital plan, which is expected to increase its midyear rate base from C$39.0 billion in 2024 to C$53.0 billion by 2029, representing a compound annual growth rate of 6.5%. Fortis also maintained its dividend growth guidance of 4-6% annually through 2029.
Capital expenditures for the quarter totaled C$1.4 billion, keeping the company on track with its C$5.2 billion annual capital plan. Fortis also reported progress on the regulatory front, receiving approval for FortisBC’s 2025-2027 rate framework in March.