Fortis earns $262 million in 2009

Staff ~ The Telegram
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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.

Organizations: Fortis Inc.

Geographic location: Canada, Ontario, Belize

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Comments

Comments

Recent comments

  • Eli
    July 02, 2010 - 13:35

    The moneychangers are active here.

    I like the comment about Fortis and a contribution to Denis's campaign?..and others on council?

  • Andrew
    July 02, 2010 - 13:34

    And to think the nerve to want to invest 75 million dollars back into their hometown. Someone should tell them to pack up and take their jobs and investment into the community and send it packing to Halifax so we can enjoy our beautiful rundown, awe-uninspiring downtown.

  • Taxpayer lV
    July 02, 2010 - 13:34

    This is truly a great success story. Congratulations Fortis. And to the naysayers, although NL Power may have contributed greatly to Fortis in the beginning, now they are far down the list in contributing to the coffers of this company. It was through smart decisions, and hard work on the part of Fortis employees that they have achieved this remarkable level of success.

  • James
    July 02, 2010 - 13:32

    I think the Belizeans who were pushed off their land for Fortis' dams, then made to pay the highest prices in Central America to the hydro monopoly (Fortis) might have something to do with these profits. Bravo, you bloodsuckers. May St. John's City Council be as obedient to you as the Belizean government.

  • Sounding
    July 02, 2010 - 13:25

    Well this is what happens when corps like Fortis make so much money , they feel they can propose outrageous designs like their last one to city hall. Curious did Fortis donate money to the mayor's last election campaign and if so how much?

  • James
    July 02, 2010 - 13:22

    What people in Belize, exactly? The urban upper class? Did you read about the protests in Belize or the widespread environmental damage done to the communities downstream of the dam? What about the fact that the water in this river is no longer potable? Oh, and just because there weren't office towers growing out of it, and doesn't make it vacant. Where do you 'read' this nonsense, the shareholder's report?

  • Taxpayer lV
    July 02, 2010 - 13:21

    Jack b'y, NL powers rates are decided by the public utilities board, has nothing to do with fortis. NL has the lowest rates for electricity in the Atlantic provinces.

  • Clyde
    July 02, 2010 - 13:20

    Good, mow as a Fortis employee I hope they can offer us a nice raise!

  • Taxpayer lV
    July 02, 2010 - 13:20

    James you don't even read your stuff, you just make it up.

  • Jack
    July 02, 2010 - 13:18

    With Fortis continuing to make huge profits, lets hope Newfoundland Power will not get anymore rate hikes for the next five years.

    If they want rate hikes, now is the time to fight them, and use their recent huge profits as evidence to why its no longer needed.

  • Taxpayer lV
    July 02, 2010 - 13:16

    That's funny James, I read that the majority of people in Belize are very happy to have a stable supply of electricity for the first time in their history. Not only that, but the area dammed was already vacant, much like the area between your ears. Oh my, the greenies have to get their comments on, even if they are blatant lies.

  • Blair
    July 02, 2010 - 13:14

    Stan's the man. Hope he dosen't resign and move to Ottawa.

  • Andrew
    July 02, 2010 - 13:10

    Always great to see a Newfoundland success story... I don't see why everyone hates Fortis.

  • Nathan
    July 02, 2010 - 13:10

    Hahaha, Nice burn Taxpayer

  • Eli
    July 01, 2010 - 20:25

    The moneychangers are active here.

    I like the comment about Fortis and a contribution to Denis's campaign?..and others on council?

  • Andrew
    July 01, 2010 - 20:23

    And to think the nerve to want to invest 75 million dollars back into their hometown. Someone should tell them to pack up and take their jobs and investment into the community and send it packing to Halifax so we can enjoy our beautiful rundown, awe-uninspiring downtown.

  • Taxpayer lV
    July 01, 2010 - 20:23

    This is truly a great success story. Congratulations Fortis. And to the naysayers, although NL Power may have contributed greatly to Fortis in the beginning, now they are far down the list in contributing to the coffers of this company. It was through smart decisions, and hard work on the part of Fortis employees that they have achieved this remarkable level of success.

  • James
    July 01, 2010 - 20:21

    I think the Belizeans who were pushed off their land for Fortis' dams, then made to pay the highest prices in Central America to the hydro monopoly (Fortis) might have something to do with these profits. Bravo, you bloodsuckers. May St. John's City Council be as obedient to you as the Belizean government.

  • Sounding
    July 01, 2010 - 20:11

    Well this is what happens when corps like Fortis make so much money , they feel they can propose outrageous designs like their last one to city hall. Curious did Fortis donate money to the mayor's last election campaign and if so how much?

  • James
    July 01, 2010 - 20:06

    What people in Belize, exactly? The urban upper class? Did you read about the protests in Belize or the widespread environmental damage done to the communities downstream of the dam? What about the fact that the water in this river is no longer potable? Oh, and just because there weren't office towers growing out of it, and doesn't make it vacant. Where do you 'read' this nonsense, the shareholder's report?

  • Taxpayer lV
    July 01, 2010 - 20:04

    Jack b'y, NL powers rates are decided by the public utilities board, has nothing to do with fortis. NL has the lowest rates for electricity in the Atlantic provinces.

  • Clyde
    July 01, 2010 - 20:03

    Good, mow as a Fortis employee I hope they can offer us a nice raise!

  • Taxpayer lV
    July 01, 2010 - 20:02

    James you don't even read your stuff, you just make it up.

  • Jack
    July 01, 2010 - 20:00

    With Fortis continuing to make huge profits, lets hope Newfoundland Power will not get anymore rate hikes for the next five years.

    If they want rate hikes, now is the time to fight them, and use their recent huge profits as evidence to why its no longer needed.

  • Taxpayer lV
    July 01, 2010 - 19:57

    That's funny James, I read that the majority of people in Belize are very happy to have a stable supply of electricity for the first time in their history. Not only that, but the area dammed was already vacant, much like the area between your ears. Oh my, the greenies have to get their comments on, even if they are blatant lies.

  • Blair
    July 01, 2010 - 19:53

    Stan's the man. Hope he dosen't resign and move to Ottawa.

  • Andrew
    July 01, 2010 - 19:46

    Always great to see a Newfoundland success story... I don't see why everyone hates Fortis.

  • Nathan
    July 01, 2010 - 19:46

    Hahaha, Nice burn Taxpayer