06:57 AM EDT, 05/01/2024 (MT Newswires) -- Fortis ( FTS ) reported Wednesday first-quarter adjusted earnings of $459 million, or $0.93 per share, up from $439 million, or $0.91 per share, a year earlier.

Analysts polled by Capital IQ expected $0.89 per share in the quarter.

The increase was driven by the timing of recognition of the new cost of capital parameters approved for the FortisBC utilities in September 2023, retroactive to Jan. 1, 2023, and rate base growth across the company's utilities.

Revenue for the quarter ended March 31 fell to $3.12 billion, down from $3.32 billion a year earlier. Two analysts surveyed by Capital IQ expected $3.44 billion.

The decrease in revenue was because of lower flow-through costs in customer rates, driven by lower commodity prices at FortisBC Energy and Central Hudson, the company said.

Fortis ( FTS ) said its $4.8 billion annual capital plan is on track with $1.1 billion invested in the first quarter.

Looking ahead, Fortis ( FTS ) said it expects its long-term growth in rate base to drive earnings that support dividend growth guidance of 4% to 6% annually through 2028.

Fortis ( FTS ) said it is on track to achieve its corporate-wide targets to lower direct greenhouse gas emissions by 50% by 2030 and 75% by 2035 from a 2019 base year.