Company says record earnings for 10th consecutive year
Fortis Inc. delivered net earnings applicable to common shares of $262 million in 2009, up $17 million from earnings of $245 million in 2008.
Earnings per common share were $1.54 compared to $1.56 in 2008.
"For the 10th consecutive year, Fortis delivered record earnings," Stan Marshall, president and chief executive officer of Fortis Inc., said in a news release.
"The global economic downturn and the busiest regulatory calendar in the history of Fortis made 2009 a challenging year. Strong performance from our regulated utilities in western Canada was tempered by the expiry of the water rights of the Rankine hydroelectric generating facility in Ontario and ongoing regulatory challenges in Belize."
The Rankine water rights expired in April at the end of its 100-year term. Earnings from the Rankine hydroelectric generating facility were $3.5 million in 2009 compared to approximately $16 million in 2008.
Fortis has raised its annual dividend to common shareholders for 37 consecutive years, the longest record of any public corporation in Canada. Dividends paid per common share grew to $1.04 in 2009, up four per cent from $1 paid per common share in the previous year. In January 2010, Fortis announced an increase in its quarterly common share dividend to 28 cents from 26 cents, commencing with the first quarter dividend payable on March 1, 2010, which translates into an annualized dividend of $1.12.