Fortis Inc. reports developments as a North American regulated electric and gas utility company with operations serving customers in Canada, the United States and the Caribbean. News about FTS commonly covers quarterly and annual results, regulated utility rate matters, capital spending plans, transmission and distribution investments, utility debt funding, and dividend declarations on common and preference shares.
Recurring Fortis updates also include annual meeting matters, director elections, auditor appointments, advisory compensation votes, disclosure-document filings, and investor presentations. Company releases often connect operating results to regulated rate base growth, service-territory investment, reliability projects and the financing needs of its utility portfolio.
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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