- Reported annual net earnings of C$1.209 billion, or $2.60 per common share in 2020
- Adjusted net earnings of $1.195 billion, or $2.57 per common share, up from $1.115 billion, or $2.55 per common share in 2019
- Executed record capital expenditures of $4.2 billion yielding annual rate base growth of 8.2%
- Established a new corporate-wide emissions reduction target of 75% by 2035
- Fortis (FTS) opened at C$51.66 per share
Fortis Inc. (FTS) released its 2020 fourth quarter and annual financial results.
“2020 proved to be a successful year on many fronts. Despite the challenges presented by the pandemic, our 9,000 dedicated employees continued to reliably provide essential energy service to our customers and executed our largest annual capital program while achieving our best safety performance on record,” said David Hutchens, President and Chief Executive Officer, Fortis.
“Our teams also worked with their regulators and communities to help customers who have been most impacted by the pandemic, demonstrating our core values and the benefits of our local business model.”
Fortis reported net earnings of $1.209 billion, compared to $1.655 billion for 2019.
On an adjusted basis, net earnings attributable to common equity shareholders for 2020 were $1.195 billion, or $2.57 per common share, an increase of $0.02 per common share compared to 2019.
Capital expenditures in 2020 were $4.2 billion, $0.4 billion higher than in 2019 and broadly consistent with the 2020 capital plan.
Fortis has targeted a reduction in carbon emissions of 75% by 2035 from a 2019 base year. The corporation expects to achieve the majority of this target through delivering on TEP’s plan to exit coal generation and replace it with wind, solar and energy storage. Clean energy initiatives across the corporation’s other utilities will also contribute to achieving this goal.
“Sustainability remains front and center across our utilities,” said David Hutchens. “With the strength of our low-risk growth outlook and the talent of our North American team, we are positioned well to deliver a cleaner energy future.”
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry with 2020 revenue of $8.9 billion and total assets of $55 billion as at December 31, 2020. The Corporation’s 9,000 employees serve utility customers in five Canadian provinces, nine US states and three Caribbean countries.
Fortis (FTS) opened at C$51.66 per share.
