07:53 AM EDT, 08/01/2025 (MT Newswires) -- Fortis ( FTS ) , a player in the North American regulated electric and gas utility industry, on Friday said its net earnings and revenue rose in the second quarter.

The company reported second-quarter net earnings of $384 million or $0.76 per common share, up from $331 million or $0.67 per common share in 2024. The consensus estimate compiled by FactSet for EPS was $0.70 per share.

The company attributed the increase in net earnings to rate base growth across its utilities, including earnings associated with FortisBC Energy's investment in the Eagle Mountain Pipeline project, as well as higher earnings at Central Hudson due to the reset of revenue requirement effective July 1, 2024, and the timing of operating expenses in 2025.

The company's revenue was around $2.82 billion in the second quarter, up from $2.67 billion in the year-ago quarter. The increase in revenue for the quarter was attributed to rate base growth, higher flow-through costs in customer rates and the reset of revenue requirement at Central Hudson effective July 1, 2024.

The company also said the stronger U.S. dollar relative to the Canadian dollar helped results.

Fortis ( FTS ) added that its $5.2 billion annual capital plan is "on track" with $2.9 billion invested during the first half of 2025.

The company also said that, after the second quarter of 2025, its Tucson Electric Power (TEP) entered into an agreement to serve a data center expected to be located in TEP's service territory. The agreement, requiring potential power demand of approximately 300 MW, is subject to approval by the Arizona Corporation Commission and other contractual contingencies. The initial phase of the data center is expected to be operational as early as 2027, with a ramp schedule through 2029.

The company noted that further negotiations are ongoing for additional capacity to support a full build at the initial site for a total of 600 MW.

Fortis ( FTS ) expects its $26 billion five-year capital plan 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%. Fortis ( FTS ) also expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4%-6% annually through 2029.

"Our strong results for the first half of 2025 reflect the disciplined execution of our capital plan and regulated growth strategy," said Fortis' ( FTS ) President and Chief Executive Officer, David Hutchens. "Coupled with progress on key regulatory proceedings in Arizona and New York, we are well positioned to achieve our key objectives for the year."

In U.S. pre-market trading, Fortis ( FTS ) was last seen up 1.9% to $49.93.