Latest news with #FortisInc
Yahoo
04-08-2025
- Business
- Yahoo
Fortis Inc (FTS) Q2 2025 Earnings Call Highlights: Strong Financial Performance and Strategic ...
Capital Expenditures: Almost $3 billion during the first half of the year. Earnings Per Share (EPS): $0.76 for the second quarter, a $0.09 increase over the same period last year. Net Earnings: $384 million for the quarter. Year-to-Date EPS: $1.76, reflecting a $0.16 increase over the same period last year. Rate Base Growth: Expected to increase by approximately $14 billion to $53 billion by 2029, supporting an average annual rate-based growth of 6.5%. Debt Raised: Over $1 billion through June to repay borrowings and fund capital programs. Dividend Growth Guidance: Committed to annual dividend growth of 4 to 6% through 2029. Credit Rating: Fitch assigned a first-time TriBB plus credit rating. Regulatory Developments: TEP filed a general rate application with the ACC, and Central Hudson reached a multi-year rate settlement agreement. Warning! GuruFocus has detected 12 Warning Signs with FTS. Release Date: August 01, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Fortis Inc (NYSE:FTS) reported a strong financial performance with a second-quarter earnings per share of $0.76, a $0.09 increase over the same period last year. The company made significant progress on the regulatory front, including Tucson Electric Power's general rate application and Central Hudson's multi-year rate settlement agreement. Fortis Inc (NYSE:FTS) achieved a 34% reduction in scope one greenhouse gas emissions compared to 2019 levels, demonstrating progress in its sustainability efforts. The first phase of the Roadrunner reserve battery storage project was completed, enhancing renewable energy integration with a 200 megawatt energy storage system. The company is on track with its capital plans, expecting rate base growth to increase by approximately $14 billion to $53 billion by 2029, supporting an average annual rate-based growth of 6.5%. Negative Points Regulatory lag offset transmission revenue increases at UNS Energy, impacting earnings growth. Fortis Alberta faced tempered growth due to the expiration of a PVR efficiency mechanism and a lower allowed ROE of 8.97% effective January 1, 2025. Higher finance costs and the timing of income tax recoveries negatively impacted the corporate and other segment. The company faces potential challenges in meeting its 2030 and 2035 interim greenhouse gas targets due to changes in resource planning. The conversion of coal-fired generation to natural gas at the Springerville generating station may not have a material impact on the five-year plan, but it requires careful management of costs and resources. Q & A Highlights Q: Regarding the Arizona data center opportunity, how quickly could you develop generation to support these assets, and is this a key gating factor at this point? A: David Hutchens, President and CEO, explained that the first 300 megawatts will use existing and planned capacity, aiming for a 2027 timeline. Susan Gray, CEO of UNS Energy, added that the second 300 megawatts will go through an all-source RFP process, with the goal to be in service by 2030-2031. Q: When considering your entire system relative to the existing capital plan, are Arizona and ITC the areas with the greatest upside potential? A: David Hutchens confirmed that Arizona and ITC are significant areas of potential growth, but noted that there are opportunities across the entire footprint, including BC related to LNG. Q: Regarding the Springerville conversion, is it fair to assume that the cost of conversion roughly matches some form of renewables storage in your current IRP? A: David Hutchens stated that there are various factors at play, and the conversion is a great affordability story for customers, utilizing existing infrastructure and supporting local jobs. Q: Is there potential for Four Corners to also be converted to gas like Springerville? A: David Hutchens mentioned that while they haven't specifically looked at Four Corners, the repowering of existing coal plants is a consideration, especially with partners like Salt River Project involved. Q: What is the outlook for gas infrastructure in BC, given the push for energy infrastructure in Canada? A: Roger DallAntonia, CEO of FortisBC, noted that BC is embracing LNG opportunities, with ongoing regulatory processes for LNG storage. The Clean BC policy review later this year will be a key indicator for domestic gas infrastructure. Q: Has the pace of discussions with data center companies changed, and how do you view future announcements? A: Susan Gray explained that the data center project has been consistent, with details now being broken into separate sites. David Hutchens added that there is a long queue of projects, and negotiations depend on available capacity. Q: Can you comment on the impact of the recent legislation on Fortis, particularly regarding renewables and ITC? A: David Hutchens stated that there is limited short-term impact from the legislation, with no change in corporate tax. Long-term, the phase-out of renewable energy credits may affect economic outcomes for projects. Q: Is UNS involved in discussions for new interstate pipeline capacity into Arizona, and is there a growing need for this? A: David Hutchens confirmed discussions for the Springerville repowering project, highlighting the partnership with Salt River Project. He noted that future infrastructure needs will be assessed in the next integrated resource plan. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
01-08-2025
- Business
- Yahoo
Fortis: Q2 Earnings Snapshot
ST. JOHN`S, Newfoundland (AP) — ST. JOHN`S, Newfoundland (AP) — Fortis Inc. (FTS) on Friday reported second-quarter earnings of $277.5 million. The St. john`S, Newfoundland-based company said it had net income of 55 cents per share. The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share. The electric and gas utility posted revenue of $2.03 billion in the period. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on FTS at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Star
01-08-2025
- Business
- Toronto Star
Fortis Inc. Releases Second Quarter 2025 Results
This news release constitutes a 'Designated News Release' incorporated by reference in the prospectus supplement dated December 9, 2024 to Fortis' short form base shelf prospectus dated December 9, 2024. ST. JOHN'S, Newfoundland and Labrador, Aug. 01, 2025 (GLOBE NEWSWIRE) — Fortis Inc. ('Fortis' or the 'Corporation') (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its second quarter results.1
Toronto Star
24-07-2025
- Business
- Toronto Star
Advisory: Fortis Inc. to Hold Teleconference and Webcast on August 1 to Discuss Second Quarter 2025 Results
ST. JOHN'S, Newfoundland and Labrador, July 24, 2025 (GLOBE NEWSWIRE) — Fortis Inc. ('Fortis' or the 'Corporation') (TSX/NYSE: FTS) will release its second quarter 2025 financial results on Friday, August 1, 2025. A teleconference and webcast will be held the same day at 8:30 a.m. (Eastern). David Hutchens, President and Chief Executive Officer and Jocelyn Perry, Executive Vice President and Chief Financial Officer will discuss the Corporation's second quarter financial results. Shareholders, analysts, members of the media and other interested parties are invited to listen to the teleconference via the live webcast on the Corporation's website,
Yahoo
18-07-2025
- Business
- Yahoo
What Makes Fortis Inc. (FTS) a Core Holding for Canadian Income Investors?
Fortis Inc. (NYSE:FTS) is included among the . The company manages a varied mix of regulated utility businesses that generate steady cash flow no matter the state of the economy. In addition, the company primarily focuses on energy delivery, with 93% of its assets invested in transmission and distribution. These segments carry low risk and consistently produce reliable earnings and cash flow. In its recent quarterly earnings, Fortis Inc. (NYSE:FTS) expressed its continued commitment to providing customers with affordable and reliable energy, despite ongoing macroeconomic volatility. It also reaffirmed its goal of delivering annual dividend growth in the range of 4% to 6% through 2029 for its shareholders. Fortis Inc. (NYSE:FTS) currently offers a quarterly dividend of C$0.615 per share for a dividend yield of 3.80%, as of July 15. The company has been rewarding shareholders with growing dividends for the past 51 years. The company has outlined a five-year capital plan worth $26.0 billion, which is projected to raise its midyear rate base from $39.0 billion in 2024 to $53.0 billion by 2029. This growth reflects a compound annual rate of 6.5% over the five-year period. While we acknowledge the potential of FTS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
