Q1 2025 Fortis Inc Earnings Call Transcript
Key Points
- Fortis Inc (FTS) reported a strong start to 2025 with earnings per share of $1, a $0.07 increase over the same quarter last year.
- The company successfully executed its capital plan, investing $1.4 billion in utility systems during the quarter.
- Fortis Inc (FTS) received a constructive regulatory outcome in British Columbia on FortisBC's multi-year rate framework.
- The company's five-year capital plan remains on track, with a focus on transmission investments and infrastructure strengthening.
- Fortis Inc (FTS) has a long track record of increasing dividends for 51 consecutive years, with a commitment to annual dividend growth guidance of 4% to 6% through 2029.
- UNS Energy experienced a $0.03 decrease in EPS due to lower margins on wholesale sales and higher costs not yet reflected in customer rates.
- Higher stock-based compensation and finance costs partially offset rate-based growth at ITC.
- The expiration of a PBR efficiency carryover mechanism at Fortis Alberta tempered growth quarter-over-quarter.
- Potential higher costs from government tariffs could impact customer affordability, although regulatory mechanisms are expected to mitigate shareholder impacts.
- The legislative session in Iowa is ongoing, with uncertainty around the passage of ROFR legislation as part of the Governor's energy bill.
Thank you for standing by. This is Michael, the conference operator. Welcome to the Fortis Inc first quarter 2025 earnings conference call and webcast. (Operator Instructions)
I would now like to turn the conference over to Stephanie Amaimo, Vice President, Investor Relations. Please go ahead, Ms. Amaimo.
Thank you, Michael. And good morning, everyone. Welcome to Fortis' first quarter 2025 results conference call. I'm joined by David Hutchens, President and CEO; Jocelyn Perry, Executive VP and CFO, 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 slideshow. Actual results can differ materially from the forecast projections included in the forward-looking information presented today.
Non-GAAP financial measures referenced in our prepared remarks
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