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Globe and Mail
24 minutes ago
- Globe and Mail
Fortis Inc. Reports Strong Q2 2025 Financial Results
Fortis ( (FTS)) has released its Q2 earnings. Here is a breakdown of the information Fortis presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Fortis Inc. is a leading North American regulated electric and gas utility company, known for its diversified operations across five Canadian provinces, ten U.S. states, and three Caribbean countries, serving 3.5 million utility customers. In its second quarter of 2025, Fortis reported strong financial results with net earnings of $384 million, or $0.76 per common share, marking an increase from the previous year's $331 million, or $0.67 per share. The company continues to execute its capital plan effectively, with $2.9 billion invested in the first half of the year, keeping it on track to meet its annual capital expenditure target of $5.2 billion. Key financial highlights include a significant rise in net earnings attributed to rate base growth and favorable exchange rates. Fortis also advanced its strategic initiatives, such as the agreement to supply 300 MW to a data center by Tucson Electric Power and the filing of rate applications in Arizona and New York. Additionally, Fortis received a stable BBB+ rating from Fitch Ratings, reflecting its solid financial position. Looking ahead, Fortis remains focused on enhancing shareholder value through its $26 billion five-year capital plan, which aims to increase the rate base significantly by 2029. The company anticipates continued earnings and dividend growth, driven by strategic investments and regulatory proceedings. Overall, Fortis is well-positioned to achieve its long-term objectives, leveraging its diversified portfolio and ongoing growth opportunities to maintain its leadership in the utility sector.
Globe and Mail
24 minutes ago
- Globe and Mail
Fortis Earnings Call: Strong Growth Amid Challenges
Fortis ((TSE:FTS)) has held its Q2 earnings call. Read on for the main highlights of the call. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Fortis' recent earnings call painted a picture of robust financial health and strategic progress, with the company showcasing strong earnings growth, substantial capital investments, and significant regulatory achievements. However, the call also highlighted challenges such as regulatory lag, legislative changes, and regional growth constraints, which tempered the overall positive sentiment. Strong Earnings Growth Fortis reported a notable increase in earnings, with second-quarter earnings per share (EPS) rising to $0.76, up by $0.09 from the previous year. Year-to-date EPS also saw an increase, reaching $1.76, which is a $0.16 improvement over the prior year. This growth underscores Fortis' strong financial performance and its ability to generate value for shareholders. Significant Capital Expenditures The company made substantial capital expenditures of nearly $3 billion during the first half of the year. These investments are aligned with Fortis' core objective of delivering safe and reliable energy, reinforcing its commitment to infrastructure development and operational excellence. Sustainability Progress Fortis achieved a 34% reduction in Scope 1 greenhouse gas emissions compared to 2019 levels, marking significant progress in its sustainability efforts. Additionally, the first phase of the Roadrunner Reserve Battery Storage Project commenced operation, demonstrating Fortis' dedication to advancing clean energy initiatives. Regulatory Progress In regulatory matters, Tucson Electric Power filed its general rate application, and Central Hudson reached a multiyear rate settlement agreement. These developments highlight Fortis' proactive approach to navigating regulatory landscapes and securing favorable outcomes. Dividend Growth Commitment Fortis reiterated its commitment to annual dividend growth of 4% to 6% through 2029. This commitment reflects the company's confidence in its financial stability and its dedication to delivering consistent returns to shareholders. Regulatory Lag Impact Despite an increase in transmission revenue, the EPS contribution from UNS Energy remained unchanged from the previous year due to regulatory lag. This challenge underscores the complexities of regulatory environments and their impact on financial performance. Challenges in Western Canada FortisAlberta faced challenges in Western Canada, with EPS growth being tempered by the timing of operating costs, the expiration of a PBR efficiency mechanism, and a lower allowed return on equity (ROE) of 8.97%. These factors highlight the regional growth constraints faced by the company. Uncertain Impact of Legislative Changes The introduction of the One Big Beautiful Bill Act has brought uncertainties, particularly regarding renewable energy credits and their long-term impacts on Fortis' projects and strategy. This legislative change poses potential challenges to the company's strategic planning. Forward-Looking Guidance Looking ahead, Fortis expects its rate base to grow by about $14 billion to $53 billion by 2029, supporting an average annual rate base growth of 6.5%. The company is also planning to convert 800 megawatts of coal-fired generation to natural gas by 2030 as part of its transition to cleaner energy sources. These forward-looking statements reflect Fortis' strategic focus on growth and sustainability. In summary, Fortis' earnings call highlighted a strong financial performance and strategic advancements, balanced by challenges in regulatory and legislative areas. The company's commitment to growth, sustainability, and shareholder returns remains steadfast, positioning it well for future success.
CBC
36 minutes ago
- CBC
Vancouver Pride Parade goes on with spirit and colour despite major sponsorship losses
Social Sharing Tom Sater and Trevor Tang, both originally from California, first crossed paths in Vancouver in 1990, when the city hosted the Gay Games. "We had never met each other before until then," Tang said. On Sunday, the couple joined the Pride parade in the city not only to celebrate the occasion, but also to mark a deeply personal milestone — their 35th anniversary. They say both the parade and the city hold a special place in their hearts, as it's where their story began. "We ended up immigrating to Canada and are now Canadian citizens," Tang said. Pride means embracing diversity and living without fear, he said. "It's about being proud of who you are and not hiding." Sater and Tang were among hundreds of thousands of attendees lining the streets for the 47th annual Vancouver Pride Parade. The event, which ran from 1 p.m. to 3:30 p.m., brought out a sea of rainbow flags, vibrant outfits, music and cheering crowds. But this year, the parade was smaller in scale — both in terms of the size of the route and funding. The route was shortened from four kilometres to 2.2, beginning near the Concord Pacific Lands near B.C. Place and ending in the West End. Organizers said it's a result of financial strain following the loss of nearly half of the event's corporate sponsors. The Vancouver Pride Society said it has seen roughly $400,000 in sponsorships disappear this year, with major brands like Lululemon and Walmart backing out. WATCH | Vancouver Parade losing half its corporate sponsorship: Vancouver Pride Parade going ahead despite financial strain, board confirms 24 days ago Morgane Oger, secretary of the society, said the lack of sponsorship reflects a wave of social conservatism rolling through North America, particularly coming from the United States, as well as tough economic times. "Some of our sponsors are just getting a little bit tired of the endless protests against Vancouver Pride that never get resolved," Oger told CBC News. "The U.S. companies are seeing a lot of pressure about DEI {diversity, equity and inclusion] and making too much noise about inclusion and diversity and that's a real shame." She also cited economic challenges as a factor. "When companies face financial hardship, cutting Pride events seems to be the easiest route," she said. Among the groups that withdrew from this year's parade were Rainbow Refugee and Queer Collective for Palestine. In an earlier statement to CBC News, Rainbow Refugee criticized the society for not taking a firmer stance on Palestine and for "giving space to organizations connected to war." In response, Oger said the society's mandate is to remain inclusive. WATCH | Vancouver Pride Society talks about its recent financial strain: Vancouver Pride Parade going ahead despite financial strain, board confirms 24 days ago The Vancouver Pride Parade is officially a go for Aug. 3, despite rumours it may not run, the Vancouver Pride Society said. But this year's celebrations come at a time of transition: there's a new board, sponsors have pulled out and the organization is facing financial strain. Vancouver Pride Society's Morgane Oger spoke about the challenges. "We celebrate and honour all members of our community — regardless of religion, race or ethnicity, place of origin, or political views," she said in a statement to CBC last month. The organization is exploring more stable funding sources and is considering asking the City of Vancouver to step in with support, she said. Mayor Ken Sim said the city is open to the idea. "We'll obviously look at it. It's disappointing that the sponsors have stepped away, but at the City of Vancouver, we've maintained our commitment and we support Pride." Despite the curtailed festivities, organizers said the day's energy remained electric with an estimated 200,000 to 300,000 people participating. "Pride is really important to celebrate," said Oger. "Because if you don't protect the things that keep you safe and keep your rights active, then you're gonna lose your rights." Vancouver's LGBTQ+ community has been holding parades for more than four decades, and they've become one of the largest annual Pride events in Canada. Prime Minister Mark Carney attends Prime Minister Mark Carney surprised attendees at Vancouver's Pride parade Sunday after meeting with Premier David Eby and officials from the Vancouver port. Carney met with Vancouver Fraser Port Authority president and CEO Peter Xotta and DP World Canada chief operating officer Joel Werner in the morning, briefly appearing at a photo op with the two executives after pacing the port facility as a large container ship loomed above. The prime minister was then scheduled for a meeting with B.C. Premier David Eby that was closed to media as the province grapples with U.S. tariffs and renewed animosity in the long running softwood lumber dispute. Carney later surprised attendees at the Vancouver Pride parade, marching for about a kilometre along the route beginning outside B.C. Place Stadium. He said the Pride parade represents the "essence of Canada," celebrating diversity in a "very positive way." Carney was greeted by loud cheers from parade-goers lining the sidewalks along the route, and he zigzagged across the street several times to meet and greet supporters as his security detail followed closely. The prime minister at one point was handed a microphone by a drag queen who thanked him for coming, and Carney said the parade was "the best of Canada."
