Fortis Inc. Announces Quarterly Dividend Increase Marking 49 Consecutive Years of Increases

Rhea-AI Summary

Fortis Inc. (TSX/NYSE: FTS) announced a $0.565 per share common dividend, a 6% increase, marking 49 consecutive years of dividend growth. The dividend is payable on December 1, 2022 to shareholders on record as of November 17, 2022. Additionally, various dividends for preference shares were declared, also payable on the same date. Each dividend is designated as an eligible dividend for tax credit purposes. Fortis reported $9.4 billion in revenue for 2021, serving customers across Canada, the U.S., and the Caribbean.

Positive

• 6% increase in common share dividend to $0.565, enhancing shareholder income.
• 49 years of consecutive dividend increases, indicating strong company confidence.
• Dividends designated as eligible for federal and provincial tax credits.

Negative

• None.

ST. JOHN'S, Newfoundland and Labrador, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) declared a common share dividend of $0.565 per share on the issued and outstanding fully paid common shares of the Corporation, representing an approximate 6% increase in the quarterly dividend, payable on December 1, 2022 to the common Shareholders of Record at the close of business on November 17, 2022, marking 49 consecutive years of increased dividends.

The Board has declared the following dividends:

1. $0.3063 per share on the First Preference Shares, Series "F" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
2. $0.2745625 per share on the First Preference Shares, Series "G" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
3. $0.11469 per share on the First Preference Shares, Series "H" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
4. $0.267141 per share on the First Preference Shares, Series "I" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
5. $0.2969 per share on the First Preference Shares, Series "J" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
6. $0.2455625 per share on the First Preference Shares, Series "K" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022;
    
7. $0.2445625 per share on the First Preference Shares, Series "M" of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022; and,
    
8. $0.565 per share on the Common Shares of the Corporation, payable on December 1, 2022 to the Shareholders of Record at the close of business on November 17, 2022.

The Corporation has designated the common share dividend and preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes. All amounts are given in Canadian dollars unless otherwise indicated.

About Fortis
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2021 revenue of $9.4 billion and total assets of $60 billion as at June 30, 2022. The Corporation's 9,100 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com or www.sec.gov.

A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/db20354b-31ea-4b14-b806-910a11420c32

For more information, please contact
Investor Enquiries:
Ms. Stephanie Amaimo
Vice President, Investor Relations
Fortis Inc.
248.946.3572
investorrelations@fortisinc.com

Media Enquiries:
Ms. Karen McCarthy
Vice President, Communications & Corporate Affairs
Fortis Inc.
709.737.5323
media@fortisinc.com 

FAQ

What is the dividend amount declared by Fortis Inc. for common shares in 2022?

The dividend amount declared for common shares is $0.565 per share.

When will Fortis Inc. pay its declared dividends?

The declared dividends will be paid on December 1, 2022.

What is the record date for the dividends declared by Fortis Inc.?

The record date for the dividends is November 17, 2022.

How many years has Fortis Inc. increased its dividends consecutively?

Fortis Inc. has increased its dividends for 49 consecutive years.

Are the dividends from Fortis Inc. eligible for tax credits?

Yes, the dividends are designated as eligible dividends for federal and provincial tax credits.