The following is a summary of the Fortis Inc. (FTS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Fortis reported Q1 2024 earnings per share at $0.93, $0.02 higher than Q1 2023 due to rate-based growth across companies and new cost-to-capital parameters at Fortis BC.

• Strong Q1 results were offset by higher corporate costs, higher shares outstanding, and the disposition of Acron Creek.

• Debt amounting to approximately $400 million has been raised to repay short-term borrowings and fund the capital program.

Business Progress:

• Fortis made $1.1 billion in capital investments in Q1 2024, and the $4.8 billion capital plan for 2024 is progressing as planned.

• The company expects a significant increase in their rate base by 2028, supported by a $25 billion five-year capital plan and interconnection of renewables to the grid.

• Load growth opportunities are being pursued in ITC Midwest due to Google's planned data center and other data centers, manufacturing facilities, and construction projects in the US.

• The company remains committed to maintaining its 4%-6% annual dividend growth guidance through 2028.

• Business is progressing positively with regulatory processes in Arizona to improve regulatory lag.

• Fortis is developing plans for larger projects according to MISO Tranche 2 maps and managing costs to address any potential capital funding shortfalls.

More details: Fortis IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.