Financial Performance
We're delivering strong fiscal results through our sustainable growth strategy.
History in the Making
2023 marked 50 years of consecutive increases in annual dividends paid. Fortis is one of only two companies on the Toronto Stock Exchange (TSX) to achieve this milestone. We remain focused on extending this track record as we execute our regulated growth strategy in support of our annual dividend growth guidance of 4-6% through 2028.
50 Years of Consecutive Dividend Increases
Year
20-Year Total Shareholder Return
Fortis has yielded a total annualized shareholder return of 10.7% over 20 years, or 665% in total.
Note: Cumulative 20-year total shareholder return as at December 31, 2023.
Average Annual Total Shareholder Returns
| 1-Year | 4.8% |
| 5-Year | 7.6% |
| 10-Year | 10.1% |
| 20-Year | 10.7% |
Financial Highlights
Our strong results reflect the execution of our regulated growth strategy. Rate base growth and key regulatory decisions in Arizona, British Columbia and Alberta supported year-over-year earnings growth. We reported annual net earnings of $1.5 billion and completed the sale of Aitken Creek to further strengthen our balance sheet.
Reporting Earnings per Common Share ($)
Adjusted Earnings per Common Share(1) ($)
Capital Expenditures(1) ($B)
Midyear Rate Base ($B)
(1) Non-U.S. GAAP financial measure.
(2) Results were impacted by a gain on disposition of the Waneta Expansion and a favourable adjustment associated with a regulatory order at ITC. Adjusted earnings per common share excludes the gain on disposition, the favourable regulatory adjustment and other non-operating items.
(3) Results were impacted by a favourable adjustment associated with a regulatory order at ITC. Adjusted earnings per common share excludes the favourable regulatory adjustment and certain non-operating items.
(4) Results were tempered by a lower U.S.-to-Canadian dollar exchange rate. Adjusted earnings per common share excludes certain non-operating items.
(5) Results were largely driven by rate base growth. Adjusted earnings per common share was consistent with reported earnings per common share as the adjustments associated with non-recurring and non-operating items largely offset each other.
(6) Results in 2023 were largely driven by rate base growth and conclusion of key regulatory applications. Adjusted earnings per common share excludes certain non-recurring and non-operating items, the impact of which largely offset each other.
All financial information is presented in Canadian dollars. Information is for the fiscal years ended December 31.
$25B Capital Plan Supporting Low-Risk Growth
In 2023, Fortis invested $4.3 billion of capital, with over $700 million focused on delivering cleaner energy to customers. Our new $25 billion five-year capital plan is the largest in our company’s history and represents a 6.3% annualized rate base growth rate. Approximately $7 billion of our plan focuses on connecting renewables to the grid, renewable and storage investments in Arizona and the Caribbean, and cleaner fuel solutions in British Columbia.
~%
Major Capital Projects
~$B
Cleaner Energy Capital(1)
~%
Sustaining Capital(2)
(1) Defined as capital that supports reductions in air emissions, water usage and/or increases customer energy efficiency.
(2) Capital Expenditures required to ensure continued and enhanced performance, reliability and safety.