Fortis First Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Fortis (TSE:FTS) First Quarter 2024 Results

Key Financial Results

• Revenue: CA$3.12b (down 6.1% from 1Q 2023).
• Net income: CA$477.0m (up 9.2% from 1Q 2023).
• Profit margin: 15% (up from 13% in 1Q 2023). The increase in margin was driven by lower expenses.
• EPS: CA$0.93 (up from CA$0.91 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Fortis EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) exceeded analyst estimates by 5.1%.

Looking ahead, revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Electric Utilities industry in North America.

Performance of the market in Canada.

The company's shares are up 1.3% from a week ago.

Risk Analysis

What about risks? Every company has them, and we've spotted 2 warning signs for Fortis (of which 1 doesn't sit too well with us!) you should know about.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.