Quarterly ResultMay 6, 2026, 06:03 AM
Fortis Q1 Net Earnings $501M, EPS $0.99; EVP Operations Retires
AI Summary
Fortis Inc. reported first quarter 2026 net earnings of $501 million, comparable to Q1 2025, with earnings per common share of $0.99, a slight decrease from the prior year. The company invested $1.4 billion in capital expenditures, progressing its $5.6 billion annual plan, and received approval for the UNS Gas general rate application. Additionally, Gary Smith, Executive Vice President, Operations and Technology, announced his retirement effective May 31, 2026, after a 42-year career. Fortis continues to advance major capital projects and load growth opportunities, reaffirming its 4-6% annual dividend growth guidance through 2030.
Key Highlights
- Gary Smith, EVP Operations and Technology, to retire May 31, 2026.
- Q1 2026 net earnings were $501 million, comparable to Q1 2025.
- Q1 2026 earnings per common share were $0.99, a $0.01 decrease from Q1 2025.
- Capital expenditures for Q1 were $1.4 billion, keeping the $5.6 billion annual plan on track.
- UNS Gas general rate application approved with 9.61% ROE and 56% common equity.
- Five-year capital plan of $28.8 billion expects 7% CAGR in rate base to $57.9 billion by 2030.
- Maintains dividend growth guidance of 4-6% annually through 2030.
- ITC completed substation for 300 MW data center load; additional 1,600 MW planned by 2028.