Welcome to our dedicated page for Fortis news (Ticker: FTS), a resource for investors and traders seeking the latest updates and insights on Fortis stock.
Overview of Fortis Inc.
Fortis Inc. operates as a major regulated electric and gas utility company in North America, offering dependable utility distribution and energy transmission services. With a robust portfolio of operating subsidiaries, the company delivers essential services across Canada, the United States, and select Caribbean regions. Its business model is structured around providing stable, regulated energy delivery, establishing a secure and resilient infrastructure for millions of customers.
Core Business Operations
The company owns and operates several key transmission and distribution subsidiaries that manage electric and gas networks. Through these subsidiaries, Fortis maintains an extensive infrastructure including high-voltage transmission lines and regional gas distribution systems, ensuring reliability and safety in service delivery. Additionally, Fortis holds strategic stakes in electricity generation and smaller utilities, expanding its footprint within the broader energy market.
Market Position and Competitive Landscape
Fortis Inc. holds a distinctive position in the utility market by leveraging a diversified geographic presence. Its stable regulatory framework and long-term service contracts enhance predictability in revenue generation compared to market participants in more volatile sectors. Unlike competitors that may rely on fluctuating market conditions, Fortis demonstrates a focus on regulated operations that underpin consistent performance through established infrastructure and operational prudence.
Operational Excellence and Infrastructure
At the heart of Fortis’s operations is its commitment to maintaining and expanding a resilient energy delivery network. The company oversees vast networks of high-voltage transmission and local distribution, ensuring that electric and gas services are delivered efficiently and safely. This operational excellence is supported by a strategic alignment of assets that includes diversified subsidiaries and specialized regional operations.
Regulatory Environment and Business Model
The regulated nature of Fortis’s utilities provides a framework that supports steady revenue through predictable rate structures and stringent compliance measures. Regulatory oversight ensures operational discipline, and the company has developed robust systems to manage rate cases and policy changes. This carefully balanced business model positions Fortis as a reliable service provider in the public utility sphere, emphasizing stable returns over speculative growth.
Industry Insights
- Regulated Utility Operations: Fortis relies on stable, long-term contracts and regulatory approvals to secure its market positioning.
- Energy Infrastructure: The company’s comprehensive network of transmission and distribution assets is a key enabler of its operational success.
- Geographic Diversification: By operating across Canada, the US, and the Caribbean, Fortis mitigates regional risks and leverages varied market dynamics.
The multifaceted structure of Fortis Inc. not only delivers essential utility services but also contributes significantly to the energy sector’s overall stability. The company continuously refines its operational processes to ensure adherence to high safety and service standards, embodying the depth of experience, expertise, authoritativeness, and trust that investors and industry analysts seek in a well-established utility provider.
Fortis Inc. (TSX/NYSE: FTS) has announced it will release its third quarter 2024 financial results on Tuesday, November 5, 2024. A teleconference and webcast will be held the same day at 8:30 a.m. (Eastern) to discuss the results. David Hutchens, President and CEO, and Jocelyn Perry, Executive VP and CFO, will lead the discussion.
Interested parties can listen to the live webcast on the company's website. Financial analysts in North America can participate toll-free by calling 1.800.717.1738, while those outside North America can call 1.289.514.5100. Participants are advised to dial in 10 minutes before the call starts. No passcode is required. A replay of the teleconference will be available until December 5, 2024, by calling 1.888.660.6264 or 1.289.819.1325 with passcode 33826#.
Fortis Inc. (TSX/NYSE: FTS) has announced its 2025-2029 outlook, featuring a $26 billion five-year capital plan, which is $1 billion higher than the previous plan. The company projects a 6.5% average annual rate base growth through 2029. Key highlights include:
1. Increased regulated growth driven by transmission investments at ITC and customer growth in Alberta.
2. ITC estimates at least US$3 billion in investments for MISO's LRTP Tranche 2.1, with the majority expected post-2029.
3. Fourth quarter common share dividend increasing by 4.2%, marking 51 years of consecutive dividend increases.
4. Annual dividend growth guidance of 4-6% extended to 2029.
The new capital plan is expected to increase midyear rate base from $38.8 billion in 2024 to $53.0 billion by 2029. Funding will primarily come from cash from operations and regulated debt.
Fortis Inc. (TSX/NYSE: FTS) announced that its subsidiary, Fortis Energy Caribbean Inc. (FECI), will provide a standby commitment for a rights offering by Caribbean Utilities Company, (CUC) (TSX: CUP.U). CUC plans to issue up to 3,822,298 Class A Ordinary Shares, representing 10% of its current outstanding shares. FECI will acquire a minimum of 2,220,422 CUC shares at US$13.41 per share, totaling US$29,775,859.02. The standby commitment allows FECI to acquire up to 1,601,876 additional shares at the same price.
If no other subscribers participate, FECI could acquire all 3,822,298 CUC shares for US$51,257,016.18. Fortis currently owns about 58% of CUC shares and could increase its ownership to 62% if there are no other subscribers. The rights offering, expected to close around November 4, 2024, aims to finance alternative energy projects and system upgrades for CUC.
Fortis Inc. (TSX/NYSE: FTS) released its second quarter 2024 results and 2024 Sustainability Report. Highlights include:
- Q2 net earnings of $331 million or $0.67 per common share, up from $294 million or $0.61 in 2023
- Adjusted net earnings per share of $0.67, up from $0.62 in Q2 2023
- Capital expenditures of $2.3 billion in first half of 2024; $4.8 billion annual plan on track
- 33% reduction in direct GHG emissions through 2023 compared to 2019 levels
- $25 billion five-year capital plan expected to increase midyear rate base to $49.4 billion by 2028
Fortis continues to focus on executing its capital plan, leveraging its diversified utility portfolio, and pursuing growth opportunities within its service territories.
Fortis Inc. (TSX/NYSE: FTS) has announced its third quarter dividends for 2024. The Board of Directors has declared dividends payable on September 1, 2024, to shareholders of record at the close of business on August 20, 2024. The dividend for common shares is set at $0.59 per share. Various preference shares will receive dividends ranging from $0.11469 to $0.402658 per share. All dividends are in Canadian dollars and have been designated as eligible dividends for federal and provincial dividend tax credit purposes. This announcement is incorporated as a "Designated News Release" in Fortis' prospectus supplement dated September 19, 2023.
Fortis Inc. (TSX/NYSE: FTS) has announced that it will release its second quarter 2024 financial results on Wednesday, July 31, 2024. The company will hold a teleconference and webcast on the same day at 8:30 a.m. (Eastern) to discuss the results. David Hutchens, President and CEO, and Jocelyn Perry, Executive VP and CFO, will lead the discussion.
Shareholders, analysts, media, and other interested parties are invited to participate. The event will be accessible via live webcast on the company's website. North American participants can call toll-free at 1.800.717.1738, while international participants can dial 1.289.514.5100. A replay of the teleconference will be available until August 31, 2024.
Fortis will release its Q2 2024 financial results on July 31, 2024. A teleconference and webcast are scheduled for the same day at 8:30 a.m. (Eastern), where CEO David Hutchens and CFO Jocelyn Perry will discuss the results. The event will be accessible via a live webcast on the company's website. North American participants can join toll-free at 1.800.717.1738, while international callers can dial 1.289.514.5100. The webcast will also be archived on the 's website. Replay of the teleconference will be available until August 31, 2024, by calling 1.888.660.6264 or 1.289.819.1325 and entering passcode 93188#.
Fortis Inc. shareholders approved the election of directors, appointment of auditors, say on pay, and omnibus equity plan at the Annual and Special Meeting of Shareholders. Deloitte LLP was appointed as the auditors and all business items were passed. Fortis is a key player in the North American utility industry with significant revenue and assets. The 's shares trade on the TSX and NYSE under the symbol FTS.
Fortis Inc., a leading North American utility company, reported first-quarter net earnings of $459 million, up from $437 million in 2023. Adjusted net earnings per share were $0.93, capital expenditures reached $1.1 billion, and the 2024 Climate Report was released. The company remains focused on delivering a cleaner energy future while providing reliable and affordable energy.
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