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Highlights:
- Fortis Inc. earned $331 million in Q2, bolstered by strong performance in Arizona and new customer rates at Tucson Electric Power.
- Adjusted net earnings per share rose to 67 cents, up from 62 cents a year earlier.
- Revenue increased to $2.6 billion, with capital expenditures reaching $1.1 billion, reflecting ongoing investment in growth.
Fortis Inc (TSX:FTS). reported a strong second quarter, with net earnings reaching $331 million, driven by growth in its Arizona operations and favorable new customer rates at Tucson Electric Power. The company’s adjusted net earnings per share increased to 67 cents, up from 62 cents a year earlier. For the quarter ending June 30, revenue climbed to $2.6 billion, compared to $2.5 billion in the same period last year.
Fortis also reported capital expenditures of $1.1 billion, up from approximately $1 billion the previous year, reflecting ongoing investment in its infrastructure and expansion projects.
The company’s strong financial performance was bolstered by improved revenue from its operations and successful adjustments to customer rates. The increase in capital spending highlights Fortis’s commitment to enhancing its infrastructure and supporting future growth. As Fortis continues to invest in its operations and expand its customer base, it remains well-positioned to maintain its financial momentum and deliver value to shareholders.
