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Fortis doesn’t have a lot of key performance indicators to look for. The two primary ones worth keeping an eye on are capital expenditures and regulated operating income. Ultimately more money invested back into the business to grow its asset base is crucial, and in terms of operating income, it gives a picture of the overall health of the underlying business.
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February 14, 2025 – Fortis continues to turn out strong results in a lower-rate environment. Earnings per share of $0.83 topped expectations of $0.81, and the company managed to post mid-single-digit growth in terms of annual earnings per share despite a pretty rocky environment.
Fortis rarely gives me anything to talk about. This is to be expected, as the company generates over 99% of its earnings from regulated utilities. The regulation in utilities makes earnings about as consistent as they can get, and the company rarely ever comes out with any sort of surprises.
On the year, capital expenditures came in at $5.2B. The result of capital expenditures over the last year or so allowed the company’s rate base to increase by 6% on a year-over-year basis. Effectively, the rate base of a utility is what the company utilizes to figure out the pricing it can charge clients for their services. We want to see the rate base continue to grow. With Fortis’s capital plan of $26B invested back into the business from 2025-2029, this should allow it to continue to grow its rate base at a mid-single-digit pace, which should support dividend growth in the same range.
As mentioned, this earnings write-up is relatively short because there isn’t much to talk about. The company’s capital plan should allow it to grow its rate base by 6.5%~ annually through to 2029, which will support mid-single-digit earnings growth and dividend growth. As rates continue to decline, I expect to see more popularity when it comes to Canadian utilities. As a result, we could see valuation multiples continue to expand. In this case, Fortis could put up annual returns over and above its rate base growth.