Fortis, Inc. (NYSE:FTS) Q3 2023 Earnings Conference Call October 27, 2023 8:30 AM ET

Company Participants

Stephanie Amaimo - VP, IR

Jocelyn Perry - EVP & CFO

Linda Apsey - President, CEO & Director, ITC Holdings Corp.

David Hutchens - President, CEO & Director

Janine Sullivan - President, CEO & Director

Conference Call Participants

Maurice Choy - RBC Capital Markets

Robert Hope - Scotiabank

Mark Jarvi - CIBC Capital Markets

Linda Ezergailis - TD Securities

Dariusz Lozny – Bank of America Merrill Lynch

David Quezada - Raymond James

Benjamin Pham - BMO Capital Markets

Operator

Good morning, everyone. Thank you for standing by. My name is Ludy and I will be your conference operator today. Welcome to the Fortis Q3 2023 Earnings Conference Call and Webcast. During the call, all participants will be in a listen-only mode. [Operator Instructions].

At this time, I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Stephanie Amaimo

Thank you, Ludy, and good morning, everyone, and welcome to Fortis' Third Quarter 2023 Results Conference Call. I'm joined by David Hutchens, President and CEO; Jocelyn Perry, Executive VP and CFO; other members of the senior management team as well as CEOs from certain subsidiaries.

Today, Jocelyn will speak to the prepared remarks on behalf of Dave as he is recovering from laryngitis. Both Dave and Jocelyn will address questions at the end.

Before we begin today's call also, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide show. Actual results can differ materially from the forecast projections included in the forward-looking information presented today.

All non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our Third Quarter 2023 MD&A.

Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

With that, I will turn the call over to Jocelyn.

Jocelyn Perry

Thank you, and good morning, everyone. The third quarter proved to be a busy and positive quarter for Fortis. We received a number of key regulatory decisions in Arizona and Western Canada, which I will speak to shortly. Together, rate base growth in the recent regulatory outcomes in British Columbia and Arizona supported strong earnings growth in the quarter and year-to-date.

And for those that attended in person or tuned in virtually, you know we held our Investor Day in September, outlining our new $25 billion capital plan for 2024 to 2028. This capital plan supports 6.3% average annual rate base growth and 4% to 6% annual dividend growth guidance through 2028. Lastly, the pending sale of Aitken Creek is progressing as expected, with the British Columbia Utilities Commission or BCUC, approving the sale last week. With all regulatory requirements satisfied, we expect the transaction will close in the fourth quarter.