06:30 AM EDT, 05/07/2025 (MT Newswires) -- Fortis ( FTS ) , which operates in the North American regulated electric and gas utility industry, rose 4.7% to a 52-week high in U.S. pre-market trading on Wednesday as it posted a first-quarter earnings beat.

First-quarter net income rose to $499 million, or $1.00 per common share, from $459 million, or $0.93 per common share, in the same quarter of last year. The results beat a forecast compiled by FactSet of $0.93 per share.

Fortis ( FTS ) said the increase was driven by rate base growth across its utilities, and the conclusion of Central Hudson's 2024 general rate application including a shift in quarterly revenue effective July 1, 2024. The higher U.S. dollar-to-Canadian dollar exchange rate also favorably impacted earnings. It added the increase was partially offset by higher holding company finance costs, a lower margin on wholesale sales in Arizona, as well as the timing of operating costs and expiration of a regulatory incentive at FortisAlberta. Also, the change in earnings per share reflected an increase in the weighted average number of common shares outstanding, largely associated with the corporation's dividend reinvestment plan.

Among other highlights, the company noted capital expenditures of $1.4 billion in the first quarter, and said its $5.2 billion annual capital plan is on track.

It added regulatory approval was received for FortisBC's 2025-2027 rate framework.

In its outlook, Fortis ( FTS ) said it "continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of regulated utility businesses, and growth opportunities within and proximate to its service territories". The company's $26.0 billion five-year capital plan is expected to increase mid-year rate base from $39.0 billion in 2024 to $53.0 billion by 2029, translating into a five-year compound annual growth rate of 6.5%. Fortis ( FTS ) expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2029.

Fortis ( FTS ) was up $0.21 or 0.3% at $67.53 on the TSX yesterday, leaving it just shy of 52 week highs.