Fortis Stock Price, News & Analysis

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.

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.