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Investing.com - Fortis Inc (TSX:FTS), a North American regulated electric and gas utility company, reported fourth quarter adjusted earnings on Friday that significantly exceeded analyst expectations, driven by rate base growth and new customer rates at some of its subsidiaries.
The company reported adjusted earnings per share of $0.83 for the fourth quarter of 2024, beating the analyst consensus estimate of $0.58 by $0.25. This represents a 25.8% increase from adjusted EPS of $0.66 in the same quarter last year.
Fortis (NYSE:FTS)' fourth quarter net earnings rose to $396 million, or $0.79 per share, compared to $381 million or $0.78 per share in Q4 2023. The company attributed the growth primarily to rate base expansion across its utilities and new customer rates at Central Hudson (NYSE:HUD) effective July 1, 2024.
For the full year 2024, Fortis reported adjusted net earnings of $1.6 billion, or $3.28 per share, up 6% from $3.09 per share in 2023. The company's capital expenditures totaled $5.2 billion for the year, resulting in 6% annual rate base growth.
Fortis reaffirmed its five-year $26 billion capital plan through 2029, which is expected to drive a compound annual growth rate of 6.5% in its rate base. The company also maintained its annual dividend growth guidance of 4-6% through 2029.
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