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FORTIS INC . St. John's , NL - May 5 , 2021 FORTIS INC . REPORTS STRONG FIRST QUARTER 2021 RESULTS Fortis Inc. ( " Fortis " or the " Corporation " ) ( TSX / NYSE : FTS ) released its first quarter results¹ today . Highlights Provided safe and reliable service during the pandemic • • Net earnings of $ 355 million , or $ 0.76 per common share • • EPS growth driven primarily by increased rate base and higher earnings in Arizona • • Adjusted net earnings² of $ 0.77 per common share , up from $ 0.68 in the first quarter of 2020 Capital expenditures of $ 0.9 billion in the first quarter ; $ 3.8 billion annual capital plan on track Credit ratings affirmed by S & P and upgraded by DBRS Morningstar " During the first quarter we delivered strong operational and financial results as we continue to advance our low - risk organic growth strategy , " said David Hutchens , President and Chief Executive Officer , Fortis . " We are delivering on our sustainability goals with the completion of the Oso Grande Wind Project and continuing our progress on the Wataynikaneyap Transmission Power Project . We are extremely grateful to our employees for their dedication in delivering our essential energy services during this ongoing pandemic and we remain committed to their safety and the safety of our communities . " Net Earnings The Corporation reported net earnings attributable to common equity shareholders ( " Net Earnings " ) of $ 355 million for the first quarter , or $ 0.76 per common share , an increase of $ 43 million , or $ 0.09 per common share compared to the same period in 2020 . Rate base growth at the regulated utilities driven by record capital investments made in 2020 and new customer rates at Tucson Electric Power ( " TEP " ) effective January 2021 contributed to the increase . The impact of losses on retirement investments and foreign exchange contracts recognized in March 2020 also favourably impacted the year over year change . The increase was tempered by a lower average USD : CAD foreign exchange rate and higher operating costs associated with planned generation maintenance at UNS Energy in 2021. The pandemic did not significantly impact financial results for the first quarter of 2021 . Adjusted Net Earnings² The Corporation reported adjusted net earnings attributable to common equity shareholders ( " Adjusted Net Earnings " ) of $ 360 million for the first quarter , or $ 0.77 per common share , an increase of $ 45 million , or $ 0.09 per common share compared to the same period in 2020 . Non - US GAAP Reconciliation Three months ended March 31 ( $ millions , except earnings per share ) 2021 2020 Variance Net Earnings 355 312 43 Adjusting items : Unrealized loss on mark - to - market of derivatives³ 5 3 2 Adjusted Net Earnings 360 315 45 Adjusted basic earnings per share ( $ ) 0.77 0.68 0.09 2 3 Financial information is presented in Canadian dollars unless otherwise specified . Non - US GAAP Measures - Fortis uses financial measures that do not have a standardized meaning under generally accepted accounting principles in the United States of America and may not be comparable to similar measures presented by other entities . Fortis presents these non - US GAAP measures because management and external stakeholders use them in evaluating the Corporation's financial performance and prospects . Refer to the Non - US GAAP Reconciliation above . Represents timing differences related to the accounting of natural gas derivatives at Aitken Creek i