Fortis(US:FTS) Globenewswireยท2025-02-14 11:00Core Insights - Fortis Inc. reported strong financial performance for 2024, with net earnings of $1.6 billion, or $3.24 per common share, reflecting a growth from $1.5 billion, or $3.10 per common share in 2023 [4][6][22] - The company executed a $5.2 billion capital program, contributing to a 6% annual rate base growth, and is focused on a $26 billion five-year capital plan to support annual dividend growth guidance of 4-6% through 2029 [3][10][20] Financial Performance - Net earnings for the fourth quarter of 2024 were $396 million, or $0.79 per common share, compared to $381 million, or $0.78 per common share in the same period of 2023, driven by rate base growth and new customer rates [5][22] - Adjusted net earnings for 2024 were $1.6 billion, or $3.28 per common share, representing a 6% increase from $3.09 per common share in 2023 [8][22] Capital Expenditures - Capital expenditures for 2024 totaled $5.2 billion, leading to a midyear rate base of $39.0 billion, which is a 6% increase over 2023 [10][22] - The 2025-2029 capital plan is set at $26.0 billion, which is $1.0 billion higher than the previous plan, driven by MISO long-range transmission projects and customer growth investments [12][13] Regulatory Updates - In October 2024, FERC revised the base ROE for ITC's MISO utilities from 10.02% to 9.98%, impacting Fortis' after-tax earnings by approximately $22 million [15] - The Arizona Corporation Commission approved a formula rate plan policy statement in December 2024, which is expected to improve rate stability for customers [16] Environmental Commitment - 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 and 75% by 2035 [21]