Q3 2024 Fortis Inc Earnings Call Transcript
Key Points
- Fortis Inc (FTS) reported a solid third quarter with continued safe and reliable service delivery and successful execution of its regulated growth strategy.
- The company invested $3.6 billion in energy systems through September and expects capital expenditures of $5.2 billion for the year.
- Fortis Inc (FTS) announced a new five-year capital plan of $26 billion, supporting an average annual rate base growth of 6.5% through 2029.
- The Board of Directors declared a 4.2% increase in the fourth quarter dividend, marking 51 years of consecutive dividend increases.
- Fortis Inc (FTS) is making progress on new data center, mining, and manufacturing opportunities, particularly in Arizona, which could drive significant upside to its existing capital plan.
- The company faces higher finance costs, which have offset some of the gains from unrealized gains on derivatives.
- The Western Canadian Utilities segment saw a $0.04 EPS decrease for the quarter due to a retroactive adjustment related to a cost of capital decision.
- Fortis Inc (FTS) is dealing with regulatory challenges, including a show cause order from the New York Public Service Commission related to a gas-related explosion.
- The MISO ROE was lowered by 4 basis points to 9.98%, impacting ITC's MISO all-in ROE and resulting in estimated refunds of approximately USD26 million.
- The company is navigating potential regulatory changes in Arizona, which could impact the timing and scope of new retail load increases and related investments.
Good morning, everyone. Thank you for standing by. My name is Joelle, and I will be your conference operator today. Welcome to Fortis Q3 2024 Earnings Conference Call and Webcast. (Operator Instructions)
At this time, I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.
Thanks, Joelle, and good morning, everyone. Welcome to Fortis' Third Quarter 2024 Results Conference Call. I'm joined by David Hutchens, President and CEO; Jocelyn Perry, Executive VP and CFO; and other members of the senior management team as well as CEOs from certain subsidiaries.
Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide show. Actual results can differ materially from the forecast projections included in the forward-looking information presented today. All non-GAAP financial measures referenced in our prepared remarks are
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