Fortis Inc. (FTS) Income Statement Analysis

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Complete financial analysis of Fortis Inc. (FTS) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of Fortis Inc., a leading company in the Regulated Electric industry within the Utilities sector.

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Fortis Inc. (FTS)

Industry: Regulated Electric

Sector: Utilities

Website: https://www.fortisinc.com

About Fortis Inc.

Fortis Inc. operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity. The company also sells wholesale electricity to other entities in the western United States; owns gas-fired and hydroelectric generating capacity totaling 65 MW; and distributes natural gas to approximately 1,065,000 residential, commercial, and industrial customers in British Columbia, Canada. In addition, it owns and operates the electricity distribution system that serves approximately 577,000 customers in southern and central Alberta; owns 4 hydroelectric generating facilities with a combined capacity of 225 MW; and provides operation, maintenance, and management services to five hydroelectric generating facilities. Further, the company distributes electricity in the island portion of Newfoundland and Labrador with an installed generating capacity of 143 MW; and on Prince Edward Island with a generating capacity of 130 MW. Additionally, it provides integrated electric utility service to approximately 68,000 customers in Ontario; approximately 272,000 customers in Newfoundland and Labrador; approximately 32,000 customers on Grand Cayman, Cayman Islands; and approximately 16,000 customers on certain islands in Turks and Caicos. The company also holds long-term contracted generation assets in Belize consisting of 3 hydroelectric generating facilities with a combined capacity of 51 MW; and the Aitken Creek natural gas storage facility. It also owns and operates approximately 90,200 circuit Kilometers (km) of distribution lines; and approximately 50,500 km of natural gas pipelines. Fortis Inc. was founded in 1885 and is headquartered in St. John's, Canada.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	11.52B	11.04B	9.45B	8.94B	8.78B	8.39B	8.30B	6.84B	6.73B	5.40B	4.05B	3.65B	3.75B	3.66B	3.64B	3.90B	2.72B	1.47B	1.44B	1.15B	843.08M	715.47M	628.25M	584.58M	505.22M	474.35M	493.83M	474.30M	447.04M
Cost of Revenue	6.66B	3.95B	2.95B	2.56B	2.52B	2.50B	2.36B	2.34B	2.56B	2.20B	1.62B	1.52B	1.70B	1.69B	1.80B	2.11B	1.29B	540.49M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	243.12M	0.00	230.10M
Gross Profit	4.86B	7.09B	6.50B	6.37B	6.26B	5.90B	5.94B	4.50B	4.17B	3.20B	2.43B	2.13B	2.05B	1.98B	1.84B	1.79B	1.43B	931.25M	1.44B	1.15B	843.08M	715.47M	628.25M	584.58M	505.22M	474.35M	250.71M	474.30M	216.94M
Gross Profit Ratio	42.17%	64.21%	68.77%	71.33%	71.31%	70.26%	71.56%	65.76%	61.93%	59.32%	60.04%	58.35%	54.71%	53.98%	50.54%	45.89%	52.65%	63.28%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	50.77%	100.00%	48.53%
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	0.00	0.00	0.00	0.00	0.00	1.00M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling & Marketing	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SG&A	62.00M	92.00M	45.00M	31.00M	11.00M	1.00M	11.00M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Expenses	1.71B	4.35B	4.03B	3.87B	3.80B	-17.00M	9.00M	2.00M	-3.00M	1.00M	1.58B	1.00M	40.00M	1.24B	1.00M	1.09B	890.00M	576.10M	1.09B	882.28M	642.26M	542.35M	481.07M	471.18M	401.89M	382.98M	145.85M	0.00	122.91M
Operating Expenses	1.77B	4.35B	4.03B	3.87B	3.80B	3.53B	3.44B	3.01B	2.74B	2.18B	1.58B	1.34B	1.28B	1.24B	1.14B	1.09B	890.00M	576.10M	1.09B	882.28M	642.26M	542.35M	481.07M	471.18M	401.89M	382.98M	145.85M	0.00	122.91M
Cost & Expenses	8.43B	8.30B	6.98B	6.43B	6.32B	6.03B	5.80B	5.36B	5.30B	4.38B	3.20B	2.86B	2.98B	2.92B	2.94B	3.20B	2.18B	1.12B	1.09B	882.28M	642.26M	542.35M	481.07M	471.18M	401.89M	382.98M	388.97M	0.00	353.00M
Interest Income	76.00M	11.00M	5.00M	13.00M	16.00M	15.00M	14.00M	7.00M	8.00M	13.00M	7.00M	5.00M	4.00M	0.00	0.00	2.00M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	1.31B	1.10B	1.00B	1.04B	1.04B	974.00M	914.00M	639.00M	553.00M	547.00M	389.00M	366.00M	370.00M	350.00M	361.00M	361.00M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation & Amortization	1.77B	1.67B	1.51B	1.43B	1.35B	1.24B	1.18B	983.00M	873.00M	688.00M	541.00M	470.00M	422.00M	408.00M	360.00M	348.00M	273.00M	177.51M	158.72M	115.66M	62.75M	65.38M	62.73M	52.76M	45.66M	43.04M	42.25M	0.00	38.00M
EBITDA	5.15B	4.50B	4.02B	3.97B	3.82B	3.61B	3.65B	2.60B	2.30B	1.74B	1.39B	1.27B	1.23B	1.16B	1.07B	1.05B	814.00M	532.66M	515.18M	379.50M	263.57M	238.50M	209.91M	162.59M	148.99M	133.30M	147.11M	474.30M	132.03M
EBITDA Ratio	44.70%	41.73%	42.76%	45.63%	44.64%	43.72%	45.54%	36.27%	34.64%	32.14%	34.79%	34.76%	32.77%	31.39%	29.31%	26.85%	29.95%	36.19%	35.74%	33.11%	31.26%	33.33%	33.41%	28.42%	29.49%	28.34%	29.79%	100.00%	29.54%
Operating Income	3.08B	2.74B	2.47B	2.51B	3.04B	2.37B	2.50B	1.48B	1.43B	1.02B	852.00M	794.00M	766.00M	740.00M	701.00M	700.00M	541.00M	355.15M	356.46M	263.84M	200.82M	173.12M	147.18M	113.40M	103.33M	91.37M	104.86M	474.30M	94.03M
Operating Income Ratio	26.78%	24.81%	26.13%	28.07%	34.59%	28.19%	30.12%	21.69%	21.24%	18.94%	21.05%	21.73%	20.44%	20.20%	19.27%	17.93%	19.90%	24.13%	24.73%	23.02%	23.82%	24.20%	23.43%	19.40%	20.45%	19.26%	21.23%	100.00%	21.04%
Total Other Income/Expenses	-1.01B	-937.00M	-830.00M	-888.00M	-897.00M	-914.00M	-798.00M	-625.00M	-356.00M	-572.00M	-420.00M	-362.00M	-325.00M	-350.00M	-360.00M	-363.00M	-306.00M	-174.15M	-148.95M	-126.06M	-89.73M	-77.38M	-65.08M	-56.39M	-46.61M	-43.91M	-45.41M	-474.30M	-41.69M
Income Before Tax	2.07B	1.80B	1.64B	1.62B	2.14B	1.45B	1.71B	858.00M	1.06B	451.00M	432.00M	432.00M	436.00M	390.00M	341.00M	324.00M	235.00M	181.31M	207.51M	137.78M	111.87M	95.74M	80.81M	54.39M	56.72M	50.48M	59.46M	0.00	52.34M
Income Before Tax Ratio	17.97%	16.33%	17.35%	18.13%	24.38%	17.29%	20.64%	12.55%	15.80%	8.35%	10.67%	11.82%	11.64%	10.64%	9.38%	8.30%	8.65%	12.32%	14.40%	12.02%	13.27%	13.38%	12.86%	9.30%	11.23%	10.64%	12.04%	0.00%	11.71%
Income Tax Expense	360.00M	289.00M	234.00M	231.00M	289.00M	165.00M	588.00M	145.00M	223.00M	66.00M	32.00M	61.00M	80.00M	67.00M	49.00M	65.00M	36.00M	32.54M	70.42M	46.93M	38.24M	32.49M	28.09M	17.63M	27.48M	23.07M	29.45M	-36.40M	20.33M
Net Income	1.57B	1.39B	1.29B	1.27B	1.72B	1.17B	1.03B	660.00M	805.00M	379.00M	410.00M	362.00M	347.00M	313.00M	280.00M	259.00M	199.00M	148.77M	137.10M	90.86M	73.63M	63.25M	53.44M	36.76M	29.18M	27.41M	30.01M	36.40M	35.04M
Net Income Ratio	13.66%	12.62%	13.70%	14.26%	19.61%	13.90%	12.38%	9.65%	11.97%	7.02%	10.13%	9.91%	9.26%	8.54%	7.70%	6.64%	7.32%	10.11%	9.51%	7.93%	8.73%	8.84%	8.51%	6.29%	5.78%	5.78%	6.08%	7.67%	7.84%
EPS	2.96	2.78	2.61	2.60	3.79	2.75	2.32	1.89	2.61	1.41	1.74	1.66	1.71	1.65	1.54	1.56	1.40	1.42	1.35	1.07	1.06	0.97	0.90	0.68	0.56	0.53	0.60	0.59	0.63
EPS Diluted	3.10	2.78	2.61	2.60	3.78	2.74	2.31	1.89	2.59	1.40	1.73	1.65	1.70	1.62	1.51	1.52	1.32	1.37	1.24	1.01	1.02	0.96	0.90	0.68	0.56	0.53	0.60	0.59	0.63
Weighted Avg Shares Out	507.93M	478.60M	470.90M	464.80M	436.80M	424.70M	415.50M	308.90M	278.60M	225.60M	202.50M	190.00M	181.60M	172.90M	170.20M	157.40M	137.60M	103.52M	101.75M	84.74M	69.24M	65.11M	59.51M	54.07M	52.19M	51.63M	50.49M	49.28M	48.40M
Weighted Avg Shares Out (Dil)	486.50M	479.00M	471.40M	465.40M	437.50M	425.20M	416.20M	313.40M	284.70M	226.10M	209.30M	197.20M	190.00M	187.10M	184.80M	173.70M	146.21M	107.30M	110.56M	89.96M	71.83M	65.72M	59.51M	54.07M	52.19M	51.63M	50.49M	49.28M	48.40M

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