Fortis Inc. reported third‑quarter 2025 earnings, posting net earnings attributable to common equity shareholders of $409 million, or $0.81 per share, a decline of $11 million from the same quarter in 2024. Excluding a $32 million impact from the sale of its Turks and Caicos utility, earnings rose $21 million, or $0.02 per share.
Adjusted earnings per share were $0.87, beating the consensus estimate of $0.61 by 42.6 %. GAAP earnings per share were $0.59, slightly below the $0.61 estimate.
Revenue for the quarter was $2.94 billion, up 6.7 % from $2.77 billion in Q3 2024 and exceeding the consensus estimate of $2.08 billion. The increase was driven by higher sales in the U.S. electric and gas utilities segment and growth in the ITC transmission portfolio.
Fortis announced a new five‑year capital plan totaling $28.8 billion, an increase of $2.8 billion over the prior plan. Capital expenditures for 2025 are expected to reach $5.6 billion, up from $5.2 billion. The plan prioritizes transmission investments at ITC, reliability projects, and expansion in Arizona and the Caribbean.
The company completed the sale of its Turks and Caicos utility in September and its Belize assets in October, with proceeds earmarked to strengthen the balance sheet and fund future growth.
The board declared a dividend of $0.12 per share, payable December 1, 2025, and reaffirmed its guidance for a 4‑6 % annual dividend growth through 2030.
A three‑year rate plan for Central Hudson was approved by the New York State Public Service Commission, providing a 9.5 % allowed return on equity and a 48 % equity component.
Year‑to‑date net earnings increased $114 million, or $0.18 per share, versus the same period in 2024, reflecting rate‑base growth and a stronger U.S. dollar‑to‑Canadian dollar exchange rate.
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