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.
Fortis Inc. (FTS) generates frequent news as a diversified participant in the North American regulated electric and gas utility industry. Its disclosures highlight activity across electric and gas utilities and transmission businesses that serve customers in five Canadian provinces, ten U.S. states and the Caribbean. Because Fortis is active in multiple jurisdictions and operates through several utility subsidiaries, its news flow covers a broad range of topics relevant to utility investors and sector observers.
News items for Fortis commonly include quarterly and annual financial results, where the company reports net earnings, capital expenditures and progress on its multi-year capital plans. These releases often discuss rate base growth, regulatory developments and capital allocation decisions. Fortis also issues news about dividend declarations on its common and preference shares, providing information on payment dates, record dates and dividend designations for tax purposes.
Regulatory and strategic updates are another important category of Fortis news. The company reports on general rate applications, rate frameworks, and decisions by regulators in jurisdictions such as British Columbia, Arizona and New York that affect its utilities. It also provides updates on capital projects and asset dispositions, such as the sale of its utility in Turks and Caicos and its assets in Belize, and on opportunities related to transmission investments and load growth.
Sustainability and governance topics appear in Fortis’ news as well, including sustainability update reports, greenhouse gas emissions reduction progress and targets, and results from annual shareholder meetings covering director elections, auditor appointments and advisory votes on executive compensation. For investors and analysts, following Fortis news offers insight into its regulated growth strategy, capital planning, regulatory environment and shareholder returns. This news page aggregates these releases so users can review financial updates, regulatory milestones, project developments and corporate actions in one place.
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.