-- Fortis' (FTS.TO) first-quarter net earnings were comparable to the year-ago period amid rate base growth across its utilities, the company said on Wednesday.
Net earnings were C$501 million, or $0.99 per share. Net earnings per share was down $0.01 from the year-ago quarter and nearly matched the non-GAAP consensus estimate of $1 as compiled by FactSet.
Capital expenditures for the quarter were $1.36 billion, down from $1.42 billion. The company is on track to achieve its $5.6 billion annual capital plan.
The company's $28.8 billion five-year capital plan is expected to increase midyear rate base from $42.4 billion in 2025 to $57.9 billion by 2030, translating into a five-year compound annual growth rate of 7%.
Fortis expects its long-term growth in rate base to drive earnings that support dividend growth guidance of 4-6% annually through 2030.
Additionally, Gary Smith, executive vice president of operations and technology, will retire effective May 31.