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Fortis(FTS) - 2022 Q2 - Earnings Call Transcript
2022-07-28 22:09
Financial Data and Key Metrics Changes - Reported earnings for Q2 2022 were CAD284 million or CAD0.59 per common share, compared to CAD253 million or CAD0.54 per common share in Q2 2021, reflecting a year-over-year increase [21] - Year-to-date reported earnings were CAD634 million or CAD1.33 per common share, compared to CAD608 million or CAD1.30 per common share in the same period last year [21] - Adjusted net earnings for Q2 2022 were CAD272 million or CAD0.57 per common share, which is CAD0.02 higher than Q2 2021 [22] - Year-to-date adjusted net earnings were CAD641 million or CAD1.34 per common share, CAD0.02 higher than the same period in 2021 [24] Business Line Data and Key Metrics Changes - Rate base growth at regulated utilities positively impacted earnings, with contributions from Western Canadian utilities and ITC each adding CAD0.01 to EPS [25] - EPS for the Energy Infrastructure segment increased by CAD0.01 due to higher hydroelectric production in Belize [26] - EPS for US electric and gas utilities decreased by CAD0.01, with UNS down CAD0.02 and Central Hudson up CAD0.1, reflecting various operational factors [27] Market Data and Key Metrics Changes - The higher US dollar to Canadian dollar exchange rate positively impacted quarterly results by approximately CAD0.02 [26] - Central Hudson experienced robust double-digit increases in residential sales, attributed to strong housing development and demand for heat pumps and electric vehicles [116] Company Strategy and Development Direction - The company reaffirmed its CAD20 billion five-year capital plan through 2026, expecting to increase rate base by over CAD10 billion, supporting an average annual rate base growth of approximately 6% [16] - The company is focused on maintaining customer affordability through proactive management of energy prices and inflationary pressures [8] - Innovative technologies and partnerships, such as the carbon-neutral hydrogen pilot project, are seen as essential for accelerating the transition to clean energy [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to deliver on growth and sustainability goals despite high inflation and energy prices [40] - The regulatory environment in Arizona is viewed positively, with expectations for support in upcoming rate cases [80] - The company is actively managing O&M expenses to offset inflationary pressures and maintain necessary investments [118] Other Important Information - The company has maintained strong investment-grade credit ratings, with recent debt issuances supporting its capital program [33] - The ongoing GCOC proceeding in British Columbia is expected to continue into early 2023, with a potential oral hearing in November [96] Q&A Session Summary Question: Follow-up on MISO spending timing - Management indicated that further details on project timing are needed and that they are working with other transmission owners to finalize plans [46] Question: Impact of the Inflation Reduction Act - Management noted it is early to assess the impact but expressed optimism about potential benefits from the climate investments included in the act [49] Question: Inflation impact on capital projects - Management acknowledged challenges in estimating inflation for future projects but emphasized the need to manage capital budgets effectively [55] Question: Initial feedback on Arizona rate filing - Initial conversations with stakeholders have been positive, with expectations for support for the new adjuster mechanism [60] Question: Status of Lake Erie Connector project - The project is currently suspended due to economic conditions, but management remains open to restarting negotiations in the future [63] Question: Trends in Central Hudson's residential sales - Strong housing development and demand for heat pumps and electric vehicles are driving robust residential sales growth [116] Question: O&M efficiencies - Management is actively seeking ways to reduce costs and will provide updates on expected efficiencies in future communications [118]
Fortis(FTS) - 2022 Q2 - Earnings Call Presentation
2022-07-28 20:58
FORTIS Q2 2022 EARNINGS CONFERENCE CALL July 28, 2022 1 FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and bus ...
Fortis(FTS) - 2022 Q2 - Quarterly Report
2022-06-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Fortis Place, Suite 1100 5 Springdale Street St. John's, Newfoundland and Labrador Canada, A1E 0E4 (Address of Principal Executive Office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☐ Form 40-F ☒ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting ...
Fortis(FTS) - 2022 Q1 - Earnings Call Presentation
2022-05-06 12:41
Q1 2022 EARNINGS CONFERENCE CALL May 4, 2022 F®RTIS FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and busines ...
Fortis(FTS) - 2021 Q4 - Annual Report
2022-02-17 16:00
Exhibit 99.1 00 wfoundland British Colur Prince Edward Island Ontario Minnesota New Yo Michigan lowa ■ Regulated Electric Illinois ■ Regulated Gas Missouri Kansas ■ FERC-Regulated Electric Transmission Oklahoma Long-Term Contracted Hydro Generation Arizona ■ Natural Gas Storage Facility One Strong Turks and Caicos Islands Connection Throughout North America Cayman Islands Belize PURPOSE ll Delivering a cleaner We value We keep energy future our people it local VALUES (D �n 海 We never We act with We are We a ...
Fortis(FTS) - 2021 Q4 - Earnings Call Presentation
2022-02-11 14:01
Q4 2021 EARNINGS CONFERENCE CALL FEBRUARY 11, 2022 FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business ...
Fortis(FTS) - 2021 Q3 - Quarterly Report
2021-09-29 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 6-K _________________________ REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of September, 2021 Commission File Number: 001-37915 _________________________ EXHIBITS Exhibit Description 99.1 Fortis Inc. Press Release, dated September 29, 2021. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registran ...
Fortis(FTS) - 2021 Q1 - Earnings Call Transcript
2021-05-05 19:44
Fortis Inc. (NYSE:FTS) Q1 2021 Earnings Conference Call May 5, 2021 8:30 AM ET Company Participants David Hutchens - President, Chief Executive Officer Jocelyn Perry - Executive VP, Chief Financial Officer Linda Apsey - President & Chief Executive Officer, ITC Holdings Corp. Charles Freni - President & Chief Executive Officer of Central Hudson Stephanie Amaimo - VP, Investor Relations Roger Dall'Antonia - President and CEO of FortisBC Janine Sullivan - President and CEO of Fortis Alberta Conference Call Par ...
Fortis(FTS) - 2021 Q1 - Earnings Call Presentation
2021-05-05 14:18
| --- | --- | --- | --- | |-----------------------------|-------|-------|-------| | | | | | | | | | | | Q1 2021 EARNINGS | | | | | CONFERENCE CALL MAY 5, 2021 | | | | FORWARD LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forwardlooking information ...