Thursday, November 20, 2014

Fortis Inc. - FTS.t

Fortis Inc. - FTS.t is the largest investor-owned gas and electric distribution utility in Canada. Its regulated utilities account for 90 per cent of total assets and serve more than 2.4 million customers across Canada and in New York State and the Caribbean.

Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investment is comprised of hotels and commercial real estate in Canada.




On November 7, 2014 the company released Numbers

Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) released its third quarter results today. "The third quarter was a period of significant transition for Fortis," says Barry Perry, President, Fortis. "We closed the acquisition of UNS Energy, announced a strategic review of Fortis Properties and implemented our new organizational structure."

Net earnings attributable to common equity shareholders for the third quarter were $14 million, or $0.06 per common share, compared to $48 million, or $0.23 per common share, for the third quarter of 2013. Results for the third quarter of 2014 were impacted by a number of non-recurring expenses associated with the acquisition of UNS Energy Corporation ("UNS Energy"). Earnings for the third quarter were reduced by $35 million, or $0.16 per common share, due to one-time acquisition‑related expenses and customer benefits offered to obtain regulatory approval of the acquisition of UNS Energy. Interest expense of $23 million after tax, or $0.11 per common share, including the make-whole payment, associated with convertible debentures issued to finance a portion of the acquisition of UNS Energy was recognized in the third quarter. Excluding the above-noted impacts, net earnings attributable to common equity shareholders for the third quarter of 2014 were $72 million, or $0.33 per common share, an increase of $24 million, or $0.10 per common share, from the same period last year.


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