Fortis Reports 2Q Earnings, Identifies Additional Hydro Investments
We are reaffirming our CAD 41 fair value estimate, along with our narrow economic moat and stable moat trend ratings, after Fortis reported second-quarter adjusted earnings of $0.61 per share compared with $0.45 in the year-ago period. Management expects 2017-19 rate base growth of 5.2% and a continuation of the company's 6% dividend growth target through 2021, in line with our estimates.Management recently announced Fortis' plan to acquire two thirds of the Waneta Dam Hydroelectric Facility fr...
Fortis is principally an international electric and gas utility holding company. Co. also holds investments in non-regulated generation assets. Co.'s business segments are: Regulated Electric & Gas Utilities - United States; Regulated Gas Utility - Canadian; Regulated Electric Utilities - Canadian; Regulated Electric Utilities - Caribbean; Non-Regulated - Fortis Generation; Non-regulated - Non-Utility; and Corporate and Other. Its regulated utilities served more than 3.0 million customers across Canada and in New York State and the Caribbean. Co. also holds investments in non-regulated generation assets in Canada and Belize, through Fortis Generation.
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