06:50 AM EST, 02/14/2025 (MT Newswires) -- Fortis ( FTS ) , which operates in the North American regulated electric and gas utility industry, reported an increase in adjusted net earnings.

Adjusted net earnings were $416 million, or $0.83 per share, up from $350 million, or $0.72 per share. The FactSet consensus estimate for non-GAAP EPS was $0.58.

The company posted capital expenditures of $5.2 billion for the full year 2024. Growth in capital was due to investments associated with the Eagle Mountain pipeline project at FortisBC Energy, transmission reliability projects and construction of the Roadrunner Reserve battery storage projects.

Capital expenditures increased the midyear rate base to $39.0 billion, representing 6% growth year over year.

Fortis ( FTS ) also boosted its fourth-quarter 2024 common share dividend by 4.2%.

Fortis' ( FTS ) 2025-2029 capital plan of $26 billion is $1 billion higher than the previous five-year plan. The increase is driven by projects associated with the Midcontinent ISO long-range transmission plan and distribution investments due to customer growth at FortisAlberta, among others.

The five-year capital plan is expected to increase midyear rate base from $39 billion in 2024 to $53 billion by 2029, translating into a five-year compound annual growth rate of 6.5%.