The utility reported adjusted per-share earnings of C$0.92, successfully surpassing the C$0.88 mean estimate projected by FactSet analysts. This uptick from the previous year’s C$0.81 per share follows a 6% revenue rise to C$3.12 billion, driven largely by increased electricity sales and the stronger U.S. dollar.
In section Market Quotes
Fortis Boosts Dividend as Quarterly Earnings Outpace Estimates
With third-quarter earnings climbing to 545 million Canadian dollars, the St. John’s-based utility Fortis is rewarding shareholders with a 3.9% dividend increase. The company’s performance, buoyed by rate base growth and favorable currency exchange, signals a sustained period of expansion through the end of the decade.
Management is now extending its long-term outlook, pledging annual dividend growth between 4% and 6% through 2031. To facilitate this, the company has ramped up its capital expenditure plans, raising this year’s budget by C$400 million to a total of C$6 billion. The strategy relies on a C$32.2 billion investment plan designed to swell the company's midyear rate base from C$45.3 billion in 2026 to C$63.9 billion by 2031. Funding for these initiatives will stem primarily from regulated utility debt and ongoing cash flow from operations.
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