Financial Results and Business Developments
- Fortis Inc. Announces Q2 Earnings: Fortis Inc. reported its financial results for the second quarter of the year, with net earnings of $444 million, a 4% increase from the same period last year. The company’s revenue for the quarter was $3.4 billion, up 6% from Q2 2022.
Investor Relations
- Fortis Inc. Declares Dividend: Fortis Inc. declared a quarterly dividend of $0.55 per share, payable on August 31, 2023, to shareholders of record as of August 17, 2023.
- Share Buyback Program: The company announced that it has completed its share buyback program, purchasing 2.5 million common shares for a total of $250 million.
Business Developments
- New Renewable Energy Project: Fortis Inc. announced the completion of a new renewable energy project, a 100 MW solar farm in Ontario, Canada. The project is expected to generate enough electricity to power approximately 20,000 homes.
- Grid Modernization Initiative: The company launched a grid modernization initiative, aimed at upgrading its transmission and distribution infrastructure to improve the reliability and efficiency of its grid.
Other Developments
- Regulatory Approvals: Fortis Inc. received regulatory approvals for several of its projects, including a new transmission line in New Brunswick, Canada.
- Partnership Announcements: The company announced partnerships with several industry players, including a partnership with a leading energy storage provider to develop energy storage solutions for its customers.