Quarterly ResultMay 6, 2026, 06:13 AM
Fortis Q1 Net Earnings $501M, EPS $0.99; Capital Plan on Track
AI Summary
Fortis Inc. released its first-quarter 2026 results, reporting net earnings of $501 million, comparable to the prior year, and earnings per common share of $0.99, a slight decrease. The company's $1.4 billion capital expenditures for the quarter keep its $5.6 billion annual capital plan on track. Regulatory progress includes the approval of UNS Gas's general rate application and TEP's plan to convert a generating station to natural gas. Additionally, Gary Smith, Executive Vice President, Operations and Technology, announced his retirement.
Key Highlights
- Fortis reported Q1 2026 net earnings of $501 million, comparable to Q1 2025.
- Earnings per common share decreased by $0.01 to $0.99 compared to Q1 2025.
- Capital expenditures for Q1 were $1.4 billion, with the $5.6 billion annual plan on track.
- Fortis paid a dividend of $0.64 per common share, up 4.1% from Q1 2025.
- UNS Gas general rate application was approved, including formulaic rates.
- ITC completed a substation to support 300 MW load growth for a data center.
- TEP received approval to convert Springerville Generating Station from coal to natural gas.
- Executive Vice President, Operations and Technology, Gary Smith, will retire effective May 31, 2026.
Price Impact
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