Fortis Inc. (FTS), headquartered in Ontario, Canada, is oneincy is a prominent international diversified electric utility holding company. With a rich history spanning over 130 years, the company became publicly traded in 1987 and is listed on the Toronto Stock Exchange (FTS) and New York Stock Exchange (FTS).
Fortis operates in a wide array of utility sectors: regulated gas and electric utilities, non-regulated power generation, and more. This makes the firm a significant player in North America's utilities industry, with operations spanning across Canada, the United States, the Caribbean, and Central America.
As of 2020, the company had total assets worth over CAD 56 billion and serves more than 3.4 million customers. According to its strategy, Fortis focuses on delivering safe, reliable, and cost-effective energy to its consumers, aiming to provide consistent shareholder returns and keeping a strong commitment to sustainability.
A notable aspect of Fortis is its regulated utilities, which contribute to the majority of its earnings. This enables the company to provide stable and predictable performance, reducing risk from fluctuating commodity prices and demand changes. Moreover, the geographical diversity of its utility operations further assists in diffusing economic and legislative risks tied to any single region or country.
Fortis is also recognized for its commitment to sustainability and clean energy. It has consistently invested in renewable energy sources and emission reduction technologies. The company launched a significant 30 by 30 initiative, which targets to reduce carbon emissions by 30% by the year 2030.
Under the leadership of CEO David G. Hutchens and an experienced management team, Fortis has consistently delivered solid financial performance, with a long-standing record of annual dividend growth. Impressively, this trend extends beyond three decades, establishing Fortis as a reliable dividend stock in the utilities sector.
In recent years, Fortis has pursued an aggressive expansion strategy, capitalizing on acquisition opportunities to enhance its assets and market presence. Notably, it acquired ITC Holdings Corp, the largest independent electricity transmission company in the U.S., in 2016.
Through long-term strategic planning, committed and responsible operations, and a customer-centric approach, Fortis Inc. continues to build on its position as a leading North American utility provider. Despite challenges like regulatory concerns and economic volatility, the company's diversified business model, strong dividend record, and investment in sustainable growth ensure its resilience and relevance in the evolving energy landscape.