06:27 AM EST, 11/05/2024 (MT Newswires) -- Fortis , which operates in the North American regulated electric and gas utility industry, on Tuesday reported improved third-quarter adjusted earnings as it continues to focus on its five year capital plan.

Adjusted net earnings per common share rose to $0.85 from $0.84 in the third quarter of 2023, beating a consensus Capital IQ forecast of $0.82. Net earnings rose to $420 million, or $0.85 per common share, from $394 million or $0.81 per common share in 2023, hitting the consensus forecast at Capital IQ.

The company had capital expenditures of $3.6 billion through September, and expects the figure to hit $5.2 billion at the end of the year. Fortis released a 2025-2029 capital plan of $26 billion, representing 6.5% average annual rate base growth.

Fortis added MISO's long-range transmission plan continues to advance; ITC expects at least US$3.0 billion of investments for tranche 2.1.

"In September, our board of directors declared a 4.2% increase in the fourth quarter dividend that will mark 51 years of consecutive increases in dividends paid," Fortis President and Chief Executive Officer David Hutchens said in a statement. "We remain committed to our regulated growth strategy, focused on annual dividend growth of 4-6% through 2029 for shareholders, while delivering affordable and reliable energy to our customers."

Beyond the five-year capital plan, opportunities to expand and extend growth include: further expansion of the electric transmission grid in the U.S. to facilitate the interconnection of cleaner energy, transmission investments associated with the MISO LRTP tranches 1, 2.1 and 2.2 as well as regional transmission in New York; climate adaptation and grid resiliency investments; renewable gas solutions and liquefied natural gas infrastructure in British Columbia; and the acceleration of cleaner energy infrastructure and load growth investments across our jurisdictions.

FTS was down $0.53, or 0.9%, at $59.21 on Monday.