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. (FTS) will announce its Q1 2023 financial results on May 3, 2023, at 8:30 a.m. Eastern time. President and CEO David Hutchens, along with CFO Jocelyn Perry, will discuss the results during a teleconference. Interested parties can join by calling 1.888.886.7786 (North America) or 1.416.764.8658 (International) and are encouraged to call 10 minutes early. A live and archived audio webcast will be accessible on the company's website. Additionally, Fortis will hold its Annual Meeting of Shareholders on May 4, 2023, at 9:00 a.m. Eastern, both in-person and online. This meeting will allow shareholders to submit questions during the Q&A session.
Fortis is a leading North American utility company, generating $11 billion in revenue and managing $64 billion in assets as of December 31, 2022, with over 9,200 employees serving customers across various regions.
Fortis Inc. will announce its first quarter 2023 financial results on May 3, 2023, during a teleconference at 8:30 a.m. (Eastern). CEO David Hutchens and CFO Jocelyn Perry will discuss the results. Interested participants can join by calling 1.888.886.7786 (North America) or 1.416.764.8658 (International). The Annual Meeting of Shareholders is scheduled for May 4, 2023, at 9:00 a.m. (Eastern) in St. John's, Newfoundland. Fortis reported 2022 revenue of $11 billion and total assets of $64 billion as of December 31, 2022.
Fortis Inc. has filed its audited Consolidated Financial Statements and Management Discussion for the year ending December 31, 2022. The reports indicate a revenue of $11 billion and total assets of $64 billion. The Corporation serves utility customers in five Canadian provinces, nine U.S. states, and three Caribbean countries. The Management Information Circular for the upcoming Annual Meeting of Shareholders is anticipated to be available in late March 2023. Fortis shares are listed on both the TSX and NYSE under the symbol FTS, with more information accessible via their official website.
Fortis reported strong financial results for 2022 with net earnings of $1.3 billion, or $2.78 per share, marking a 7% annual growth. Capital expenditures were $4.0 billion, focused on cleaner energy, leading to a ~7% rate base growth. The company aims for a five-year capital plan of $22.3 billion to enhance its renewable energy portfolio while achieving a 2050 net-zero emissions target. Despite challenges, such as increased corporate costs and project suspensions, Fortis remains optimistic about a steady dividend growth of 4-6% through 2027. Overall, the company achieved a 28% reduction in emissions since 2019, showcasing its commitment to sustainability.
The Board of Directors of Fortis has declared multiple dividends, payable on June 1, 2023, for shareholders of record on May 17, 2023. The declared dividends include:
- $0.3063 for First Preference Shares, Series "F"
- $0.2745625 for Series "G"
- $0.11469 for Series "H"
- $0.371529 for Series "I"
- $0.2969 for Series "J"
- $0.2455625 for Series "K"
- $0.2445625 for Series "M"
- $0.565 for Common Shares
All dividends are categorized as eligible dividends for tax credit purposes in Canada. Fortis is a major utility provider across North America, with 2021 revenues of $9.4 billion.
Fortis Inc. (TSX/NYSE: FTS) will announce its 2022 financial results on February 10, 2023, followed by a teleconference at 8:30 a.m. Eastern. CEO David Hutchens and CFO Jocelyn Perry will present the results. Interested participants in North America can join by calling 1.416.764.8658, and international callers can use 1.888.886.7786. A live and archived audio webcast will be accessible on the company's website. Fortis reported a revenue of $9.4 billion in 2021 and holds total assets of $64 billion as of September 30, 2022, serving utility customers across five Canadian provinces and nine U.S. states.
EverGen Infrastructure Corp. is solidifying its position as a leader in the renewable natural gas (RNG) market, driven by the U.S. government's $369 billion Inflation Reduction Act aimed at reducing fossil fuel dependence. The act is projected to triple America’s clean energy production by 2030, creating significant opportunities for companies like EverGen, which has been producing RNG in Canada since 2011.
The company estimates a growth in Adjusted EBITDA from approximately $3 million to $13 million through expansions, leveraging contracts with utility partners such as FortisBC. With an abundance of organic waste, EverGen aims to produce over 2 million gigajoules of RNG annually, capitalizing on the green energy transformation.
Fortis Inc. (TSX/NYSE: FTS) will disclose its 2022 financial results on February 10, 2023, during a teleconference at 8:30 a.m. (Eastern). CEO David Hutchens and CFO Jocelyn Perry will discuss the results. Interested parties can join by calling 1.416.764.8658 or 1.888.886.7786. A live and archived audio webcast will be available on the company's website. Fortis reported a revenue of $9.4 billion for 2021 and has total assets worth $64 billion as of September 30, 2022, serving customers in five Canadian provinces, nine U.S. states, and three Caribbean countries.
UniSource Energy Services has proposed updated electric rates to take effect in early 2024, marking its first rate request in seven years. The new rates aim to cover the costs of investments made since 2014 in infrastructure upgrades, including substations and maintenance, as well as rising fuel prices. The average monthly bill for residential customers is expected to increase by $18.52. Efforts to improve efficiency have kept operation costs below inflation rates. The proposal includes an increased monthly discount for low-income customers and eliminates transaction fees for most payments.
The Board of Directors of Fortis has announced dividends for multiple share series, all payable on March 1, 2023, to shareholders of record as of February 15, 2023. The dividends include $0.3063 for Series 'F', $0.2745625 for Series 'G', $0.11469 for Series 'H', $0.346562 for Series 'I', $0.2969 for Series 'J', $0.2455625 for Series 'K', $0.2445625 for Series 'M', and $0.565 for Common Shares. These dividends are designated as eligible for tax credits. Fortis is a major North American utility firm with a 2021 revenue of $9.4 billion.
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