Fortis Stock Earnings Reports

Fortis reported a solid Q3 2025 driven by its regulated-growth strategy. Key highlights: a new 5-year capital plan of CAD 28.8 billion (up CAD 2.8 billion vs. prior plan) targeting ~7% average annual rate‑base growth and expanding consolidated rate base from ~CAD 42 billion (2025) to ~CAD 58 billion (2030). The plan is skewed (~77%) to transmission & distribution, with ITC ($9.8B plan) and UNS ($5.6B plan) driving much of the increase. ITC sees historic transmission build opportunities and an 8 GW interconnection pipeline; UNS/Tucson Electric Power (TEP) has potential incremental generation needs of ~USD 1.5–2.0 billion through 2030 to serve prospective large data‑center load (initial 300 MW ramp in 2027). Fortis completed dispositions of FortisTCI and Belize assets and is now 100% regulated. Financials: adjusted EPS of CAD 0.87 for Q3 (adjusted YTD CAD 2.63), reported EPS CAD 0.81 (including ~CAD 0.06/sh tax/closing costs from FortisTCI sale). The Board declared a Q4 dividend of CAD 0.64 (a ~4.1% increase) and extended dividend growth guidance of 4–6% annually through 2030. Funding: capital will be financed primarily through cash from operations, utility debt and the dividend reinvestment plan (DRIP); a $750M inaugural corporate hybrid was issued in the quarter and additional hybrids are available but not assumed in the base plan. Management emphasizes customer affordability, execution risk mitigation (regulatory approvals, siting, permitting, equipment lead times), and upside opportunities (e.g., additional ITC tranche projects, Tilbury LNG expansion ~CAD 300M potential).