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FORTIS INC . St. John's , NL - July 29 , 2021 FORTIS INC . RELEASES SECOND QUARTER 2021 RESULTS AND SUSTAINABILITY UPDATE Fortis Inc. ( " Fortis " or the " Corporation " ) ( TSX / NYSE : FTS ) released its second quarter results¹ and 2021 Sustainability Update today . Highlights • • • • • Second quarter net earnings of $ 253 million , or $ 0.54 per common share Adjusted net earnings² of $ 0.55 per common share ; strong growth over the second quarter of 2020 excluding the impact of foreign exchange Capital expenditures of $ 1.7 billion in the first half of 2021 ; $ 3.8 billion annual capital plan on track Fortis has signed on as a supporter of the Task Force on Climate - Related Financial Disclosures Sustainability Update released today highlights a 15 % reduction in Scope 1 emissions in 2020 " Throughout the quarter our employees remained focused on serving our customers safely and continued to execute our annual capital plan . Financial results for the second quarter , while impacted by a lower foreign exchange rate , reflect the underlying growth of our regulated utility investments and warmer weather in Arizona , " said David Hutchens , President and Chief Executive Officer , Fortis . " Our Sustainability Update released today demonstrates our commitment , and ability , to meet our goal of reducing greenhouse gas emissions 75 % by 2035. Transitioning to renewables and building the energy delivery infrastructure we need for a cleaner energy future is at the heart of our long - term strategy . " Net Earnings The Corporation reported net earnings attributable to common equity shareholders ( " Net Earnings " ) of $ 253 million for the second quarter , or $ 0.54 per common share , a decrease of $ 21 million , or $ 0.05 per common share compared to the same period in 2020. The decrease was mainly due to a lower US - to - Canadian dollar exchange rate , resulting in a $ 24 million unfavourable variance compared to the same period in 2020. The decrease also reflected significant one - time items totalling $ 14 million recognized in the second quarter of 2020. The significant items included an adjustment to ITC's base return on common equity ( " ROE " ) , partially offset by the finalization of US tax reform and associated regulations . Excluding the impact of foreign exchange and the one - time items , Net Earnings for the second quarter of 2021 increased by $ 17 million , or $ 0.04 per common share . The increase reflected rate base growth , warmer weather and new customer rates in Arizona , and the ongoing recovery of the tourism industry in the Caribbean . This growth was partially offset by a lower income tax recovery at Corporate , the impact of mark - to - market accounting of natural gas derivatives at Aitken Creek , and higher operating costs at Tucson Electric Power ( " TEP " ) . In addition , earnings per share for the quarter reflected an increase in the weighted average number of common shares outstanding largely associated with the Corporation's dividend reinvestment program . On a year - to - date basis , Net Earnings were $ 608 million , or $ 1.30 per common share , an increase of $ 22 million , or $ 0.04 per common share compared to the same period in 2020. Excluding the unfavourable impact of foreign exchange and the above noted one - time items , year - to - date Net Earnings increased by $ 68 million , or $ 0.15 per common share . The increase in earnings reflected the same factors discussed for the quarter , as well as the timing of losses recognized in the first half of 2020 on certain investments that support retirement benefits at TEP . 2 1 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 provided herein . ¡