Fortis Reports Q4 Earnings Growth, Plans $5.2 Billion Capital Program

Fortis Inc. has announced its financial results for 2024, reporting net earnings of $1.6 billion, or $3.24 per share, which reflects growth from the previous year largely due to increased rate base across its utilities. The company executed a $5.2 billion capital program and continues to focus on a $26 billion five-year capital plan aimed at supporting annual dividend growth of 4-6% through 2029. CEO David Hutchens emphasized the organization's commitment to safety, reliability, and governance practices as key factors in its success. Additionally, Fortis declared dividends payable on June 1, 2025, for various preference shares and common shares, all designated as eligible dividends for tax credit purposes. The company's diverse operations span across five Canadian provinces, ten U.S. states, and three Caribbean countries, with a total revenue of $12 billion as of September 30, 2024. Fortis remains committed to leveraging its workforce's dedication to drive future growth and stability.