Canada's Fortis Q4 adjusted net income beats expectations

Fortis

12/02/2026 11:08

Overview

Canada utility firm's Q4 adjusted net income beat analyst expectations

Net earnings for Q4 increased compared to the previous year

Company announced a C$28.8 bln five-year capital plan for growth

Outlook

Fortis plans C$28.8 bln capital investment from 2026 to 2030

Company expects 7% annual growth in rate base through 2030

Fortis anticipates 4-6% annual dividend growth through 2030

Result Drivers

RATE BASE GROWTH - Fortis attributed earnings growth to rate base growth across its utilities and major capital projects

DISPOSITION LOSSES - Earnings were impacted by C$63 mln losses from the disposition of FortisTCI and Belize investments

HIGHER COSTS - Lower earnings at UNS Energy due to higher costs not yet reflected in customer rates

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 EPS
C$0.83
Q4 Adjusted Net Income
Beat
C$453 mln
C$424.33 mln (5 Analysts)
Q4 Net Earnings
C$422 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 7 "hold" and 4 "sell" or "strong sell"

The average consensus recommendation for the electric utilities peer group is "buy."

Wall Street's median 12-month price target for Fortis Inc is C$75.50, about 2% above its February 11 closing price of C$73.99

The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 20 three months ago

Press Release: ID:nGNX8ZD8cd

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)