Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Fortis Inc T.FTS

Alternate Symbol(s):  T.FTS.PR.J | T.FTS.PR.K | T.FTS.PR.M | FRTSF | FTRSF | FTS | FTPSF | T.FTS.PR.F | T.FTS.PR.G | T.FTS.PR.H | FORFF | T.FTS.PR.I

Fortis Inc. is a Canada-based diversified regulated electric and gas utility holding company. The Company's regulated utility businesses includes ITC Investment Holdings Inc., ITC Holdings Corp. and the electric transmission operations of its regulated operating subsidiaries, which include International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC and ITC Great Plains, LLC; UNS Energy Corporation, which primarily includes Tucson Electric Power Company (TEP), UNS Electric, Inc. and UNS Gas, Inc.; CH Energy Group, Inc, which primarily includes Central Hudson Gas and Electric Corporation; FortisBC Energy Inc.; FortisAlberta Inc. and FortisBC Inc. The Company’s non-regulated businesses include energy infrastructure and corporate and other.


TSX:FTS - Post by User

<< Previous
Bullboard Posts
Next >>
Post by Dibah420on May 04, 2022 10:45am
244 Views
Post# 34654876

BMO. Ben Pham

BMO. Ben PhamMay 4, 2022 | 07:14 ET~ Fortis FTS-TSX Rating Market Perform Price: May-3 $61.47 Target $62.00 Total Rtn 4%
First Glance: Q1/22 in Line With Expectations and Announces Net Zero Target Bottom Line:

Fortis reported Q1/22 adj. EPS of $0.78 ($0.77 in Q1/21), in line with Street of $0.78 and a tad above our $0.77.
Results beat us mainly at UNS Energy and the Corporate segment, partially offset by Central Hudson.
Also, the five-year $20B capex program was reaffirmed (supporting 6% rate base CAGR through 2026 and 6% dividend growth through 2025) and a net zero target by 2050 was established.
Net, expect a neutral stock price reaction.
Key Points ITC. $109M of earnings was spot on with our $109M estimate, and up from $103M in Q1/21 due to continued rate base growth. Also, (1) In March, MISO announced the first tranche of projects estimated at US$10.4B, of which ITC estimates its share is US$1-1.5B through 2030 (firmer timing/costs expected in 2H, subject to MISO Board approval in July); (2)
In March 2022, the Ontario Government issued an Order in Council and Ministerial Directive instructing the IESO to negotiate on finalizing a transmission service agreement for the Lake Eric project on or before August 15, 2022; the $1.7B project is not in our model.
UNS Energy. $43M came in above our $36M ($45M in Q1/21) supported by favorable weather and customer growth.
On May 2, 2022, TEP submitted a notice of intent with the ACC to file a general rate application in June 2022, based on a 2021 test year and effective September 2023.
Central Hudson. $32M ($39M in Q1/21) fell short of our $42M estimate due to higher operating costs (new customer information system) and storm costs.
FortisBC Energy. Contributed $119M vs. our $117M (Q1/21 of $111M).
FortisAlberta. $36M ($35M in Q1/21) delivered to our $37M.
FortisBC Electric. $18M ($16M in Q1/21) was close to our estimate of $16M.
Other Electric. Other Electric reported earnings of $26M ($20M in Q1/21) vs. our $24M estimate supported by higher sales in both the Caribbean (+7%) and Eastern Canadian (+6%).
Non-regulated Energy Infrastructure. $13M ($19M in Q1/21), fell short of our $16M on lower rainfall in Belize.
Corporate. -$27M (-$28M in Q1/21) was a benefit compared to our -$31M estimate.
<< Previous
Bullboard Posts
Next >>