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Last update at 2025-04-25T16:33:00Z
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Fortis Full Year 2024 Earnings: Revenues Disappoint
Sat 15 Feb 25, 12:59 PMFortis Inc (FTS) Q4 2024 Earnings Call Highlights: Record Investments and Strong Dividend Growth
Sat 15 Feb 25, 07:04 AMFortis Inc. Files 2024 Year-End Disclosure Documents
Fri 14 Feb 25, 12:01 PMFortis Inc. Reports Fourth Quarter & Annual 2024 Results
Fri 14 Feb 25, 11:00 AMFortis Inc. Announces Second Quarter Dividends – 2025
Thu 13 Feb 25, 11:33 PMWill Fortis (FTS) Beat Estimates Again in Its Next Earnings Report?
Thu 06 Feb 25, 05:10 PM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 1803.00M | 1639.00M | 1620.00M | 2141.00M | 1451.00M |
| Minority interest | -120.00000M | -111.00000M | 1587.00M | 1582.00M | 1923.00M |
| Net income | 1394.00M | 1294.00M | 1274.00M | 1722.00M | 1166.00M |
| Selling general administrative | - | - | - | 11.00M | 1.00M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 7091.00M | 6497.00M | 6373.00M | 6263.00M | 5895.00M |
| Reconciled depreciation | 1668.00M | 1505.00M | 1428.00M | 1350.00M | 1243.00M |
| Ebit | 2740.00M | 2469.00M | 2508.00M | 3038.00M | 2305.00M |
| Ebitda | 4608.00M | 4117.00M | 4077.00M | 3921.00M | 3548.00M |
| Depreciation and amortization | 1868.00M | 1648.00M | 1569.00M | 883.00M | 1243.00M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 2740.00M | 2469.00M | 2508.00M | 3038.00M | 2365.00M |
| Other operating expenses | 8303.00M | 6979.00M | 6427.00M | 6322.00M | 6026.00M |
| Interest expense | 1102.00M | 1003.00M | 1042.00M | 1035.00M | 974.00M |
| Tax provision | 289.00M | 234.00M | 231.00M | 289.00M | 209.00M |
| Interest income | 1108.00M | 5.00M | 13.00M | 1002.00M | 960.00M |
| Net interest income | -1091.00000M | -998.00000M | -1029.00000M | -1019.00000M | -959.00000M |
| Extraordinary items | - | - | - | 0.00000M | 44.00M |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 289.00M | 234.00M | 231.00M | 289.00M | 165.00M |
| Total revenue | 11043.00M | 9448.00M | 8935.00M | 8783.00M | 8390.00M |
| Total operating expenses | 4351.00M | 4028.00M | 3865.00M | 3802.00M | 3531.00M |
| Cost of revenue | 3952.00M | 2951.00M | 2562.00M | 2520.00M | 2495.00M |
| Total other income expense net | -937.00000M | -830.00000M | -888.00000M | -897.00000M | -914.00000M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 1514.00M | 1405.00M | 1389.00M | 1852.00M | 1286.00M |
| Net income applicable to common shares | 1330.00M | 1231.00M | 1209.00M | 1655.00M | 1100.00M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 65920.00M | 64252.00M | 57659.00M | 55481.00M | 53404.00M |
| Intangible assets | 1510.00M | 1548.00M | 1343.00M | 1291.00M | 1260.00M |
| Earning assets | - | - | - | - | - |
| Other current assets | 1057.00M | 1494.00M | 734.00M | 665.00M | 617.00M |
| Total liab | 42588.00M | 41410.00M | 36743.00M | 35197.00M | 33291.00M |
| Total stockholder equity | 21505.00M | 21030.00M | 19288.00M | 18697.00M | 18531.00M |
| Deferred long term liab | - | 3095.00M | 3097.00M | 3118.00M | 2958.00M |
| Other current liab | 2296.00M | 2596.00M | 1931.00M | 1841.00M | 1970.00M |
| Common stock | 15108.00M | 14656.00M | 14237.00M | 13819.00M | 13645.00M |
| Capital stock | 16731.00M | 16279.00M | 15860.00M | 15442.00M | 15268.00M |
| Retained earnings | 4112.00M | 3733.00M | 3458.00M | 3210.00M | 2916.00M |
| Other liab | - | 8492.00M | 7869.00M | 7572.00M | 7163.00M |
| Good will | 12184.00M | 12464.00M | 11720.00M | 11792.00M | 12004.00M |
| Other assets | - | 4018.00M | 3834.00M | 3590.00M | 3406.00M |
| Cash | 625.00M | 209.00M | 131.00M | 249.00M | 370.00M |
| Cash and equivalents | - | 209.00M | 131.00M | 249.00M | 370.00M |
| Total current liabilities | 5964.00M | 6617.00M | 4802.00M | 4148.00M | 4176.00M |
| Current deferred revenue | 263.00M | 401.00M | 222.00M | 214.00M | 226.00M |
| Net debt | 29403.00M | 28826.00M | 25816.00M | 24614.00M | 22846.00M |
| Short term debt | 2415.00M | 2734.00M | 1875.00M | 1386.00M | 1226.00M |
| Short long term debt | 2415.00M | 2734.00M | 1875.00M | 1386.00M | 1202.00M |
| Short long term debt total | 30028.00M | 29035.00M | 25947.00M | 24863.00M | 23216.00M |
| Other stockholder equity | 9.00M | 10.00M | 10.00M | 22.00M | 22.00M |
| Property plant equipment | - | 175.00M | 37856.00M | 36038.00M | 34034.00M |
| Total current assets | 4025.00M | 4269.00M | 2728.00M | 2612.00M | 2574.00M |
| Long term investments | 370.00M | 316.00M | 178.00M | 158.00M | 126.00M |
| Net tangible assets | - | 5395.00M | 4602.00M | 3991.00M | 3644.00M |
| Short term investments | - | - | - | - | - |
| Net receivables | 1627.00M | 1759.00M | 1269.00M | 1174.00M | 1105.00M |
| Long term debt | 27235.00M | 25931.00M | 23707.00M | 23113.00M | 21501.00M |
| Inventory | 566.00M | 661.00M | 478.00M | 422.00M | 394.00M |
| Accounts payable | 990.00M | 886.00M | 774.00M | 707.00M | 754.00M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | 653.00M | 1008.00M | -40.00000M | 34.00M | 336.00M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | 13819.00M | 13645.00M |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 340.00M | 3949.00M | 3834.00M | 3590.00M | 3406.00M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 61895.00M | 59983.00M | 54931.00M | 52869.00M | 50830.00M |
| Capital lease obligations | 378.00M | 370.00M | 365.00M | 364.00M | 513.00M |
| Long term debt total | - | 26267.00M | 24040.00M | 23444.00M | 21914.00M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -4059.00000M | -3488.00000M | -4132.00000M | -2768.00000M | -3252.00000M |
| Change to liabilities | 449.00M | 164.00M | -100.00000M | -8.00000M | 99.00M |
| Total cashflows from investing activities | -4059.00000M | -3488.00000M | -4132.00000M | -2768.00000M | -3252.00000M |
| Net borrowings | 1790.00M | 1138.00M | 2155.00M | -665.00000M | 1184.00M |
| Total cash from financing activities | 1035.00M | 451.00M | 1327.00M | 154.00M | 644.00M |
| Change to operating activities | -134.00000M | -164.00000M | -209.00000M | -254.00000M | 24.00M |
| Net income | 1514.00M | 1405.00M | 1389.00M | 1852.00M | 1286.00M |
| Change in cash | 78.00M | -118.00000M | -121.00000M | 38.00M | 5.00M |
| Begin period cash flow | 131.00M | 249.00M | 370.00M | 332.00M | 327.00M |
| End period cash flow | 209.00M | 131.00M | 249.00M | 370.00M | 332.00M |
| Total cash from operating activities | 3074.00M | 2907.00M | 2701.00M | 2663.00M | 2604.00M |
| Issuance of capital stock | 53.00M | 60.00M | 58.00M | 1442.00M | 34.00M |
| Depreciation | 1668.00M | 1505.00M | 1428.00M | 1350.00M | 1243.00M |
| Other cashflows from investing activities | -194.00000M | -102.00000M | -93.00000M | -43.00000M | -34.00000M |
| Dividends paid | 737.00M | 671.00M | 851.00M | 561.00M | 525.00M |
| Change to inventory | -153.00000M | -56.00000M | -36.00000M | -13.00000M | -8.00000M |
| Change to account receivables | -479.00000M | -88.00000M | -84.00000M | 1.00M | -204.00000M |
| Sale purchase of stock | 53.00M | 60.00M | 9118.00M | 7301.00M | 34.00M |
| Other cashflows from financing activities | 9626.00M | 6445.00M | 9083.00M | 7239.00M | 7221.00M |
| Change to netincome | 329.00M | 252.00M | 428.00M | -135.00000M | 284.00M |
| Capital expenditures | 3865.00M | 3386.00M | 4039.00M | 3720.00M | 3218.00M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | -479.00000M | -144.00000M | -434.00000M | -168.00000M | -89.00000M |
| Stock based compensation | - | - | - | -583.00000M | - |
| Other non cash items | 189.00M | -6.00000M | 92.00M | -618.00000M | 28.00M |
| Free cash flow | -791.00000M | -479.00000M | -1338.00000M | -1057.00000M | -614.00000M |
Sector: Utilities Industry: Utilities - Regulated Electric
| Company | Change (CAD) | Price (CAD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| FTS Fortis Inc |
-0.075 0.11% | 67.22 | 19.09 | 18.18 | 2.68 | 1.47 | 5.54 | 11.66 |
| H Hydro One Ltd |
0.12 0.23% | 51.44 | 23.67 | 21.83 | 3.20 | 2.21 | 5.20 | 14.59 |
| EMA Emera Inc. |
0.25 0.41% | 61.39 | 19.53 | 15.72 | 1.95 | 1.30 | 4.78 | 11.88 |
Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity. The company also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 65 MW; and distributes natural gas to approximately 1,087,000 residential, commercial, and industrial customers in British Columbia, Canada. In addition, it owns and operates the electricity distribution system that serves approximately 592,000 customers in southern and central Alberta; owns four hydroelectric generating facilities with a combined capacity of 225 MW; and provides operation, maintenance, and management services to five hydroelectric generating facilities. Further, the company distributes electricity in the island portion of Newfoundland and Labrador with an installed generating capacity of 145 MW; and on Prince Edward Island with a generating capacity of 90 MW. Additionally, it provides integrated electric utility service to approximately 69,000 customers in Ontario; approximately 275,000 customers in Newfoundland and Labrador; approximately 34,000 customers on Grand Cayman, Cayman Islands; and approximately 17,000 customers on certain islands in Turks and Caicos. It also holds long-term contracted generation assets in Belize consisting of 3 hydroelectric generating facilities with a combined capacity of 51 MW; and the Aitken Creek natural gas storage facility. It also owns and operates approximately 90,500 circuit Kilometers (km) of distribution lines; and approximately 51,600 km of natural gas pipelines. Fortis Inc. was founded in 1885 and is headquartered in St. John's, Canada.
Fortis Place, Saint John's, NF, Canada, A1E 0E4
| Name | Title | Year Born |
|---|---|---|
| Mr. David Gerard Hutchens | Pres, CEO & Director | 1967 |
| Ms. Jocelyn H. Perry | Exec. VP & CFO | 1971 |
| Mr. James R. Reid | Exec. VP of Sustainability & Chief Legal Officer | NA |
| Mr. Gary J. Smith | Exec. VP of Operations & Innovation | 1962 |
| Mr. Kevin D. Woodbury | VP of Innovation & Technology | NA |
| Mr. Ronald J. Hinsley | Chief Information Officer & VP | NA |
| Ms. Stephanie A. Amaimo | VP of Investor Relations | NA |
| Ms. Karen M. McCarthy BPR, M.Ed | VP of Communications & Corp. Affairs | NA |
| Mr. Regan P. O'Dea | VP & Gen. Counsel | NA |
| Ms. Susan M. Gray | Exec. VP of Western Utility Operations | 1973 |
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