Fortis Q3 profit beats estimates, unveils C$28.8 bln capital plan

Fortis

04/11/2025 11:10

Overview

Fortis Q3 adjusted EPS beats analyst expectations, rising to C$0.87 from C$0.85

Company reports Q3 net earnings of C$409 mln, down from C$420 mln in 2024

Fortis unveils C$28.8 bln capital plan, C$2.8 bln higher than previous plan

Outlook

Fortis plans C$28.8 bln capital investment from 2026-2030, up C$2.8 bln from prior plan

Maintains 4-6% annual dividend growth guidance through 2030

Result Drivers

RATE BASE GROWTH - Increase in adjusted net earnings attributed to rate base growth across utilities and favorable currency exchange rates

CAPITAL PLAN EXPANSION - New $28.8 bln capital plan driven by higher transmission investments and customer growth

ASSET DISPOSITION - Sale of FortisTCI and Belize assets to strengthen balance sheet and fund growth

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
Beat
C$0.87
C$0.86 (8 Analysts)
Q3 EPS
C$0.81
Q3 Adjusted Net Income
C$441 mln
Q3 Net Earnings
C$409 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 8 "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$72.00, about 2.8% above its November 3 closing price of C$69.99

The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 19 three months ago

Press Release: ID:nGNX785Lyx

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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.)