Fortis(US:FTS)2023-02-09 16:00Financial Performance - Fortis reported net earnings of $1.3 billion, or $2.78 per common share for 2022, an increase from $1.2 billion, or $2.61 per common share in 2021, driven by rate base growth and higher electricity sales [3]. - The company achieved adjusted net earnings of $1.3 billion for 2022, up $110 million from 2021, with adjusted net earnings per common share increasing to $2.78, representing approximately 7% annual EPS growth [6][8]. - Fortis' total revenue for 2022 was $11 billion, with total assets amounting to $64 billion as of December 31, 2022 [21]. Capital Expenditures and Investments - Capital expenditures for 2022 totaled $4.0 billion, with over $600 million focused on cleaner energy investments, resulting in a 7% growth in the rate base to $34.1 billion [9]. - Fortis announced a five-year capital plan of $22.3 billion, expected to increase the midyear rate base to $46.1 billion by 2027, translating to a compound annual growth rate of 6.2% [19]. - Fortis plans to invest $5.9 billion in cleaner energy over the next five years, focusing on renewable energy connections and sustainable infrastructure [9]. Environmental Goals - The company is on track to achieve a 75% reduction in greenhouse gas emissions by 2035, with a 28% reduction in Scope 1 emissions compared to 2019 levels [15]. Dividend Guidance - Fortis expects annual dividend growth guidance of 4-6% through 2027, supported by long-term growth in the rate base [20]. Project Updates - The Wataynikaneyap Transmission Power Project is 73% complete, with construction expected to finish in 2024, connecting three First Nation communities to the Ontario electric grid [17]. Operational Outlook - The company does not anticipate a material impact on operations or financial results in 2023 from energy price volatility, global supply chain constraints, or persistent inflation [18]. Investor Communication - The teleconference to discuss Fortis Inc.'s 2022 annual results is scheduled for February 10, 2023, at 8:30 a.m. (Eastern) [24]. - Participants can join the call by dialing 1.416.764.8658 for North America or 1.888.886.7786 for international access [25]. - A live and archived audio webcast of the teleconference will be available on Fortis Inc.'s website [26]. - The replay of the teleconference will be accessible two hours after the call until March 10, 2023 [26]. - Additional information, including Management Discussion and Analysis and Consolidated Financial Statements, can be found on Fortis Inc.'s website and other regulatory sites [27]. - Investor inquiries can be directed to Ms. Stephanie Amaimo, Vice President of Investor Relations, at 248.946.3572 [29]. - Media inquiries can be directed to Ms. Karen McCarthy, Vice President of Communications & Corporate Affairs, at 709.737.5323 [29].