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Investing.com - Fortis Inc. (NYSE:FTS) on Tuesday reported third quarter adjusted earnings per share of $0.87, significantly exceeding analyst expectations of $0.61, while announcing a 4.1% increase in its quarterly dividend and unveiling an expanded five-year capital plan.
The North American regulated utility company posted net earnings of $409 million or $0.81 per share for the third quarter, compared to $0.85 per share in the same period last year.
Excluding $32 million in costs related to the disposition of FortisTCI, adjusted earnings increased by $21 million from the third quarter of 2024.
The earnings growth was primarily driven by rate base expansion across Fortis’ utilities, including major capital projects, and was further supported by favorable U.S. dollar-to-Canadian dollar exchange rates.
These positive factors were partially offset by higher costs at UNS Energy, regulatory changes at FortisAlberta, and increased holding company finance costs.
"During the third quarter, our utilities delivered earnings growth and executed capital investments in line with expectations," said David Hutchens, President and CEO of Fortis. "Today we are pleased to unveil our largest five-year capital plan of $28.8 billion, an increase of $2.8 billion over our prior plan."
The company’s new 2026-2030 capital plan represents a 10.8% increase from its previous five-year outlook, driven primarily by higher transmission investments at ITC and additional capital at UNS Energy for transmission and distribution investments.
This expanded plan is expected to support a 7.0% annual rate base growth through 2030.
Fortis also announced it has increased its fourth quarter common share dividend to $0.64 per share, up 4.1% from the previous quarter, and extended its annual dividend growth guidance of 4-6% through 2030.
The company recently completed the sale of its utility in Turks and Caicos in September 2025 and its assets in Belize in October 2025, with proceeds being used to strengthen the balance sheet and provide additional funding flexibility for regulated utility growth.
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