Fortis Inc (TSX:FTS)

C$ 61.66 -0.33 (-0.53%) Market Cap: 30.53 Bil Enterprise Value: 63.30 Bil PE Ratio: 19.33 PB Ratio: 1.44 GF Score: 81/100

Q2 2024 Fortis Inc Earnings Call Transcript

Jul 31, 2024 / 12:30PM GMT

Release Date Price: C$57.72 (+1.05%)

Transcript

Key Points

Positve

Fortis Inc (FTS) reported a strong EPS growth of $0.05 quarter over quarter, driven by rate base investments and favorable weather conditions.
The company invested approximately $2.3 billion in capital focused on system reliability, customer growth, and cleaner energy investments.
Fortis Inc (FTS) released its 2024 sustainability report, highlighting progress on key sustainability targets and new initiatives in resiliency and biodiversity.
The 2024 capital plan of $4.8 billion remains on track, with significant projects like the 1800 km Watson at Kenya power transmission project completed.
Fortis Inc (FTS) continues to execute its 5-year capital plan of $25 billion, with an expected rate base increase of $12 billion by 2028, supporting an average annual rate base growth of 6.3%.

Negative

Central Hudson's EPS decreased by $0.02 quarter over quarter due to a one-time regulatory settlement impact and recognition of a regulatory performance target.
Higher holding company finance costs tempered EPS growth at ITC and other segments.
The disposition of Aitken Creek and higher holding company finance costs negatively impacted the corporate and other segment's EPS.
Regulatory lag in Arizona remains a concern, although efforts are being made to address it through potential changes in rate-making policies.
The Iowa Supreme Court's stay of the injunction on ITC's Tranche 1 projects introduces uncertainty, although the company remains optimistic about advancing these projects.

Operator

Good morning, everyone. Thank you for standing by. My name is Constantine, and I will be your conference operator today. Welcome to Fortis second-quarter 2024 earnings conference call and webcast. (Operator Instructions)

At this time. I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Stephanie Amaimo

Fortis Inc - Vice President - Investor Relations

Thanks, Constantine, and good morning, everyone. Welcome to Fortis second-quarter 2024 results conference call. I'm joined by David Hutchens President and CEO; Jocelyn Perry Executive VP and CFO, other members of the senior management team as well as CEOs from certain subsidiaries.

Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slides. Actual results can differ materially from the forecast projections included in the forward-looking information presented today are non-GAAP financial measures referenced in our prepared

Already have an account? Log in

Get the full story

Start 7-Day Free Trial

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

30-Day 100% money back guarantee

You are not charged until the trial ends. Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文

Education

Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.