Fortis (NYSE: FTS) reported Q2 EPS of $0.57, $0.01 worse than the analyst estimate of $0.58.

The Corporation reported second quarter 2018 net earnings of $240 million, or $0.57 per common share.

"Our performance in the first half of 2018 positions us well for the year. With capital expenditures on track, we are executing on our growth strategy, and yielding quality operational and financial results from our utility businesses," said Barry Perry, President and Chief Executive Officer, Fortis.

Execution of Growth Strategy and Outlook

Consolidated capital expenditures were $1.5 billion during the first half of 2018 and are expected to reach $3.2 billion in 2018.

Progress continued in the second quarter on the Wataynikaneyap Transmission Power Project. In June a leave‑to‑construct application was filed with the Ontario Energy Board ("OEB"), providing details on project timing, design and costs. Approval of this application is expected from the OEB in early 2019.

The Corporation expects rate base to reach approximately $33 billion by 2022, driven by the five-year $15.1 billion capital plan, resulting in a five-year compound annual growth rate of 5.4%. Opportunities to grow the current five-year capital expenditure plan in the existing regulated subsidiaries are driven by projects that improve the transmission grid, address natural gas system capacity and gas line network integrity, increase cyber protection and allow the grid to deliver cleaner energy.

"Our utilities are at the forefront of the changes occurring in our industry driven by increased customer expectations that focus on delivering cleaner energy, ensuring the resiliency of our energy networks and reducing greenhouse gas emissions in transportation by encouraging the use of natural gas. Investments in these initiatives are driving growth in our business and support our 6% average annual dividend growth target," said Mr. Perry.

For earnings history and earnings-related data on Fortis (FTS) click here.