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 reported a third-quarter net earnings of $326 million ($0.68 per share), up from $295 million in 2021. Adjusted earnings were $341 million ($0.71 per share), reflecting a robust investment of $2.9 billion year-to-date. The company announced its largest-ever capital investment plan of $22.3 billion for 2023-2027, emphasizing a shift towards cleaner energy. A quarterly dividend increase of approximately 6% marked 49 years of consecutive increases. The capital plan aims for 6.2% growth in rate base and includes $5.9 billion for cleaner energy projects.
Fortis Inc. (TSX/NYSE: FTS) will release its third quarter 2022 financial results and a five-year capital outlook for 2023-2027 on October 28, 2022. A teleconference will take place the same day at 8:30 a.m. (Eastern), featuring President and CEO David Hutchens and Executive VP and CFO Jocelyn Perry. Interested parties can join via call or through a webcast available on Fortis' website, with a replay accessible until November 28, 2022. Fortis, a leader in North American utilities, reported $9.4 billion in revenue for 2021 and total assets of $60 billion as of June 30, 2022.
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.
Fortis Inc. (FTS) is set to release its third quarter 2022 financial results and a five-year capital outlook for 2023-2027 on October 28, 2022. The teleconference, scheduled for 8:30 a.m. Eastern, will feature CEO David Hutchens and CFO Jocelyn Perry discussing the results. Interested parties can join via phone or through a webcast on the Fortis website. In 2021, Fortis reported revenues of $9.4 billion and total assets of $60 billion, serving customers across Canada, the U.S., and the Caribbean.
Fortis Inc. (TSX/NYSE: FTS) announces a leadership change with Douglas J. Haughey stepping down as Chair of the Board, effective January 1, 2023. Jo Mark Zurel will succeed him, following the Board's succession planning. Haughey, who has chaired since September 2016, is credited with steering the company towards organic growth post-U.S. expansion. Zurel, a board member since 2016 and experienced in governance, is expected to bring valuable leadership. Fortis reported 2021 revenues of $9.4 billion and has total assets of $60 billion as of June 30, 2022.
The Board of Directors of Fortis Inc. (TSX/NYSE: FTS) announced dividends for multiple share series, payable on September 1, 2022. The declared amounts are as follows: $0.3063 for Series 'F', $0.2745625 for Series 'G', $0.11469 for Series 'H', $0.178077 for Series 'I', $0.2969 for Series 'J', $0.2455625 for Series 'K', $0.2445625 for Series 'M', and $0.535 for Common Shares. Shareholders of record as of August 19, 2022, will benefit from these payments. The dividends are designated as eligible for federal and provincial tax credits.
Fortis Inc. will announce its Q2 2022 financial results on July 28, 2022, during a teleconference at 8:30 a.m. Eastern Time. President and CEO David Hutchens and CFO Jocelyn Perry will discuss the results. Interested participants can call 1.416.764.8646 or 1.888.396.8049 for international calls, 10 minutes prior to the start. A live and archived audio webcast will also be available on the Fortis website. Fortis generated $9.4 billion in revenue in 2021 and has total assets of $58 billion as of March 31, 2022.
Fortis Inc. (TSX/NYSE: FTS) will announce its second quarter 2022 financial results on July 28, 2022. A teleconference and webcast with CEO David Hutchens and CFO Jocelyn Perry will occur at 8:30 a.m. (Eastern) on the same day. Participants in North America can call 1.416.764.8646, and international participants can call 1.888.396.8049. A live and archived audio webcast will be available on Fortis's website. In 2021, Fortis reported revenues of $9.4 billion with total assets of $58 billion as of March 31, 2022.
Tucson Electric Power (TEP) is proposing a rate increase of 11.7%, effective September 2023, to support its transition to cleaner energy and improve service reliability. The average residential bill would rise by $14.22 as TEP invests in new wind and solar projects, grid improvements, and enhanced security measures. Despite rising operational costs, TEP has managed an average annual O&M cost increase of only 2.4% since 2018. The planned changes also include a higher Lifeline discount and removal of credit card transaction fees, reflecting TEP's commitment to assist customers.
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