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Fortis Inc. (symbol: FTS) is a prominent player in the North American electric and gas utility sector. With total assets of approximately $28 billion and a revenue of $5.4 billion for the fiscal year 2014, Fortis Inc. has cemented its position as a leader in the industry. The company provides regulated utility services to over 3 million customers across Canada, the United States, and the Caribbean.
Fortis operates eight key utility transmission and distribution subsidiaries across North America, serving more than 3.4 million electricity and gas customers. These subsidiaries are integral to the company's mission of delivering reliable energy. In the United States, subsidiary ITC Holdings Corp operates in seven states, managing over 16,000 miles of high-voltage transmission lines.
In addition to its significant presence in the electricity and gas distribution industry, Fortis also holds investments in electricity generation and various Caribbean utilities. The company's strategic approach to expansion and infrastructure development has further solidified its footprint in the utility sector.
The latest updates from Fortis include forward-looking statements on its projects and financial conditions, sourced from Tucson Electric Power and UniSource Energy Services. These updates can be found in their designated news releases, accessible through their official website and other financial information platforms like SEDAR and SEC.
Fortis Inc. shares are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the symbol FTS, reflecting their stability and growth potential in the global market.
Fortis Inc. announces the Arizona Corporation Commission has approved new rates for Tucson Electric Power's general rate application, effective January 1, 2021. The approved rate base is US$2.7 billion, with US$1.2 billion invested since the last rate order. The allowed return on equity is now 9.15%, down from 9.75%. TEP is focused on upgrading its systems to accommodate population growth and customer needs while transitioning to renewable energy resources.
Fortis Inc. has declared dividends for its preference and common shares, payable on March 1, 2021. The dividends include $0.3063 for Series 'F', $0.2745625 for Series 'G', $0.11469 for Series 'H', $0.094685 for Series 'I', $0.2969 for Series 'J', $0.2455625 for Series 'K', $0.2445625 for Series 'M', and $0.505 for common shares. Shareholders of record by February 16, 2021, will receive these dividends, which are eligible for federal and provincial tax credits. Fortis reported a revenue of $8.8 billion in 2019 and operates across multiple regions.
Fortis Inc. (FTS) reported Q3 2020 net earnings of $292 million ($0.63 per share), up from $278 million in Q3 2019. Adjusted net earnings were $302 million ($0.65 per share). The company is on track with its $4.3 billion capital plan, having invested $2.9 billion so far. A new five-year capital plan of $19.6 billion was announced, an increase of $0.8 billion. Fortis raised its dividend by 5.8%, marking 47 years of increases. Additionally, a target to reduce carbon emissions by 75% by 2035 was established. Despite the pandemic, operational impacts were minimal, and earnings growth was supported by increased utility rates.
Fortis Inc. (TSX/NYSE: FTS) will release its Q3 2020 financial results on October 30, 2020, accompanied by a teleconference at 8:30 a.m. (Eastern). President and CEO Barry Perry, CFO Jocelyn Perry, and COO David Hutchens will discuss the results. Interested participants can join by calling 1.877.223.4471 in North America, or 647.788.4922 internationally.
Fortis, a leader in the North American utility industry, reported $8.8 billion in revenue for 2019 and holds total assets of $56 billion as of June 30, 2020.
Fortis Inc. (TSX/NYSE: FTS) will release its third quarter 2020 financial results on October 30, 2020. The event will feature a teleconference and webcast at 8:30 a.m. (Eastern), led by key executives including CEO Barry Perry. Participants can join via a toll-free number or an international line. A live and archived webcast will be accessible through the Fortis website. Fortis is a prominent player in the North American utility industry with 2019 revenues of $8.8 billion and total assets of $56 billion as of June 30, 2020, serving customers across multiple regions.
Fortis Inc. announces a five-year capital investment plan of $19.6 billion, increased by $800 million from the previous year. The corporation will implement a quarterly dividend of $0.505, marking a 5.8% increase and continues to target an average annual dividend growth of 6% until 2025. Additionally, Fortis sets a target to reduce carbon emissions by 75% by 2035 from a 2019 baseline. The capital plan aims to enhance reliability and expand renewable energy access while the company addresses the ongoing impacts of the COVID-19 pandemic.
On September 23, 2020, Fortis announced the retirement of Barry Perry, President and CEO, effective December 31, 2020, after nearly 35 years in the industry. David Hutchens, current COO and CEO of UNS Energy, will take over as CEO on January 1, 2021. Perry's leadership led to a 105% total shareholder return since 2015, and he played a key role in significant acquisitions and growth strategies. Hutchens, with extensive utility experience, aims to advance Fortis's focus on a cleaner energy future and maintain its strong performance in the regulated electric and gas utility sector.
Fortis Inc. (TSX/NYSE: FTS) will unveil its five-year outlook for 2021-2025 on September 23, 2020, during a virtual conference at 8:30 a.m. Eastern. Key executives, including CEO Barry Perry, will discuss operational updates along with the company's capital plans and sustainability goals. The shift to a virtual format is a precautionary measure due to the COVID-19 pandemic, ensuring the safety of all participants. Fortis, a leader in the North American regulated utility sector, reported a revenue of $8.8 billion in 2019 and has total assets of $56 billion as of June 30, 2020.
Fortis Inc. will reveal its five-year outlook for 2021-2025 on September 23, 2020, during a virtual teleconference at 8:30 a.m. Eastern. The executive team, including Barry Perry, will discuss operational updates, business outlook, and capital plans. This decision to host a virtual event is in response to COVID-19, prioritizing health and safety. Fortis reported $8.8 billion in revenue for 2019 and manages total assets of $56 billion. The company provides utility services across multiple Canadian provinces, U.S. states, and Caribbean nations.
Fortis, through its subsidiary Fortis Energy (Bermuda) Ltd., has committed to a rights offering by Caribbean Utilities Company, Ltd. (CUC), aiming to issue up to 3,359,362 Class A Ordinary Shares. Fortis will acquire at least 1,946,032 CUC Shares at US$14.24 each, totaling approximately US$27.71 million. If fully subscribed, this could increase Fortis’s ownership from 58% to approximately 62% of CUC. The capital raised will help CUC refinance existing debt and support its corporate needs. The rights offering is expected to close around October 28, 2020.
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