Fortis, Inc. (NYSE:FTS) Q3 2024 Earnings Conference Call November 5, 2024 8:30 AM ET

Company Participants

Stephanie Amaimo - VP, IR
David Hutchens - President and CEO
Jocelyn Perry - EVP and CFO
Linda Apsey - CEO, ITC Holdings Corp.
Roger Dall’Antonia - President and CEO, FortisBC
Janine Sullivan - President and CEO, FortisAlberta
Susan Gray - President and CEO, UNS Energy Corporation

Conference Call Participants

Rob Hope - Scotiabank
Maurice Choy - RBC Capital Markets
Ben Pham - BMO
Mark Jarvi - CIBC Capital Markets
Patrick Kenny - National Bank Financial
Michael Sullivan - Wolfe Research

Operator

Good morning, everyone. Thank you for standing by. My name is Joelle, and I will be your conference operator today. Welcome to Fortis' Q3 2024 Earnings Conference Call and Webcast. During the call, all participants will be in listen-only mode. There will be a question-and-answer session following the presentation. [Operator Instructions]

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

Stephanie Amaimo

Thanks, Joelle and good morning everyone. Welcome to Fortis' third quarter 2024 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.

Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slideshow. 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 2024 MD&A. Also unless otherwise specified, all financial information referenced is in Canadian dollars.

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

David Hutchens

Thank you and good morning everyone. The third quarter was another solid quarter in the books for Fortis. Operationally, we continue to deliver safe and reliable service to our customers, and financially, our results continue to demonstrate the success of our regulated growth strategy.

Through September, we invested CAD3.6 billion in our energy systems and we expect capital expenditures of CAD5.2 billion for the year. During the quarter, we also announced our 2025 to 2029 capital plan of CAD26 billion, supporting average annual rate base growth of 6.5% through 2029.

Additionally, in September, our Board of Directors declared an increase in the fourth quarter dividend of approximately 4% and extended our 4% to 6% annual dividend growth guidance to 2029.