Fortis(US:FTS)2025-02-14 11:01Financial Performance - Fortis reported net earnings of $1.6 billion, or $3.24 per common share for 2024, representing a 6.7% increase in earnings per share compared to $3.10 in 2023[3] - Adjusted net earnings for 2024 were $1.6 billion, or $3.28 per common share, reflecting a 6% growth from $3.09 per common share in 2023[5][7] - The fourth quarter of 2024 saw net earnings of $396 million, or $0.79 per common share, a slight increase from $381 million, or $0.78 per common share in Q4 2023[4][18] - The company’s total assets reached $73 billion as of December 31, 2024, with revenue of $12 billion for the year[21] Capital Expenditure and Growth - The company executed a capital program of $5.2 billion in 2024, resulting in a 6% annual rate base growth, increasing the midyear rate base to $39.0 billion[2][8] - Fortis' five-year capital plan of $26 billion is expected to increase the midyear rate base to $53.0 billion by 2029, translating into a compound annual growth rate of 6.5%[9][15] - Fortis anticipates capital expenditures of $X billion for the period from 2025 to 2029, with expected funding sources including common equity proceeds[22] - The company projects a rate base growth through 2029, which is expected to drive earnings supporting a dividend growth guidance of 4-6% annually[22] Dividend Guidance - The company anticipates annual dividend growth guidance of 4-6% through 2029, supported by long-term growth in rate base[2][16] Environmental Initiatives - Fortis has reduced its corporate-wide direct greenhouse gas emissions by 34% from a 2019 base year, with targets to further reduce emissions by 50% by 2030[17] - Fortis has set a target for net-zero direct GHG emissions by 2050, with interim reduction targets for 2030 and 2035[22] Regulatory and Operational Developments - The Arizona Corporation Commission approved a formula rate plan expected to improve rate stability and reduce regulatory lag for utilities[13] - Fortis emphasizes the importance of regulatory stability and successful execution of the capital plan for achieving its forward-looking goals[23] - The corporation plans to expand the electric transmission grid in the U.S. to support load growth and facilitate cleaner energy interconnections[22] Upcoming Events - A teleconference to discuss the 2024 annual results is scheduled for February 14, 2025, at 8:30 a.m. (Eastern)[24] - Shareholders and analysts can participate in the teleconference via a live webcast on the corporation's website[25] - An archived audio webcast of the teleconference will be available for two hours after the call until March 14, 2025[27] - Additional information can be accessed through the corporation's Management Discussion and Analysis and Consolidated Financial Statements[28]