Fortis Inc. (NYSE:FTS) Q3 2019 Earnings Conference Call Transcript

Nov 01, 2019 • 08:30 am ET

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Fortis Inc. (NYSE:FTS) Q3 2019 Earnings Conference Call Transcript

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Operator
Operator

Ladies and gentlemen, thank you for standing by. My name is Lisa and I will be your conference operator today. Welcome to the Fortis Q3 2019 conference call and webcast. [Operator Instructions] I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Executive
Stephanie Amaimo

Thanks, Lisa, and good morning, everyone, and welcome to Fortis's third quarter results conference call. I am joined by Barry Perry, President and CEO, and Jocelyn Perry, Executive VP and CFO, other members of the senior management team, as well as CEOs from certain subsidiaries.

Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide show. All non-GAAP financial measures referenced in our prepared remarks are reconciled to the related US GAAP financial measures in our 2019 third quarter MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

With that, I will turn the call over to Barry.

Executive
Barry Perry

Thank you, Stephanie, and good morning everyone. Fortis delivered another successful quarter both operationally and financially, positioning us well to achieve our goals in 2019. Adjusted EPS was CAD0.66 for the third quarter and we reported adjusted EPS of CAD1.93 to the end of September.

These earnings results were in line with our expectations and Jocelyn will speak to this in more detail shortly. Through September, we invested CAD2.6 billion in our energy delivery businesses across North America to improve reliability, modernize the grid and deliver cleaner energy to our customers.

On the shareholder front, our Board declared a fourth quarter common share dividend of CAD0.4775 per share, representing a 6.1% increase in our quarterly dividend. This increase aligns with growth we are seeing in our business and the guidance we have provided to our shareholders. We have now increased our annual dividend paid to shareholders for 46 consecutive years.

Last month, was the three-year anniversary of closing the ITC transaction. As such, it was fitting that we held our Investor Day this year at the ITC headquarters near Detroit, Michigan. Investors were able to see firsthand the culture of operational excellence at ITC through tours of a critical substation, its operations control room as well as its cybersecurity operations center.

In addition, we showcased the Motor City and the efforts underway by the transportation sector to shift to electric vehicles and the important role of utilities to support electrification and a lower carbon economy. Beyond highlighting ITC and the Motor City, at Investor Day, we also highlighted innovation and the shift to cleaner energy across our businesses in support of our growth strategy.

Fortis is committed to reducing greenhouse gas emissions and increasing renewable energy use. Our teams are discovering innovative ways to deliver energy as clean as we can, as fast as we can with the customer affordability and reliability top of mind. As you may recall, the Wataynikaneyap Power transmission project in Northern Ontario includes building 1,800 kilometers of