The following is a summary of the Fortis Inc. (FTS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Fortis reported Q1 2024 earnings per share at $0.93, $0.02 higher than Q1 2023 due to rate-based growth across companies and new cost-to-capital parameters at Fortis BC.
Strong Q1 results were offset by higher corporate costs, higher shares outstanding, and the disposition of Acron Creek.
Debt amounting to approximately $400 million has been raised to repay short-term borrowings and fund the capital program.
Business Progress:
Fortis made $1.1 billion in capital investments in Q1 2024, and the $4.8 billion capital plan for 2024 is progressing as planned.
The company expects a significant increase in their rate base by 2028, supported by a $25 billion five-year capital plan and interconnection of renewables to the grid.
Load growth opportunities are being pursued in ITC Midwest due to Google's planned data center and other data centers, manufacturing facilities, and construction projects in the US.
The company remains committed to maintaining its 4%-6% annual dividend growth guidance through 2028.
Business is progressing positively with regulatory processes in Arizona to improve regulatory lag.
Fortis is developing plans for larger projects according to MISO Tranche 2 maps and managing costs to address any potential capital funding shortfalls.
More details: Fortis IR
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