Fortis Inc. (FTS)

Fortis Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	11,392	11,517	11,043	9,448	8,935	8,783
Revenue Growth (YoY)	-2.08%	4.29%	16.88%	5.74%	1.73%	4.68%
Fuel & Purchased Power	3,394	3,771	3,952	2,951	2,562	2,520
Depreciation & Amortization	1,844	1,773	1,668	1,505	1,428	1,350
Other Operating Expenses	2,874	2,827	2,591	2,478	2,406	2,441
Total Operating Expenses	8,112	8,371	8,211	6,934	6,396	6,311
Operating Income	3,280	3,146	2,832	2,514	2,539	2,472
Interest Expense	-45	-	-	-1,042	-1,083	-1,075
Interest Income	74	76	11	5	13	16
Net Interest Expense	29	76	11	-1,037	-1,070	-1,059
Income (Loss) on Equity Investments	-3	-	-	-	20	-1
Currency Exchange Gain (Loss)	-2	10	-9	-11	11	-
Allowance for Equity Funds for Construction	117	101	78	77	78	74
Allowance for Borrowed Funds for Construction	56	56	45	39	41	40
Other Non-Operating Income (Expenses)	-1,327	-1,326	-1,136	53	1	27
EBT Excluding Unusual Items	2,150	2,063	1,821	1,635	1,620	1,553
Gain (Loss) on Sale of Investments	10	7	-18	4	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-	577
Other Unusual Items	-	-	-	-	-	11
Pretax Income	2,160	2,070	1,803	1,639	1,620	2,141
Income Tax Expense	381	360	289	234	231	289
Earnings From Continuing Ops.	1,779	1,710	1,514	1,405	1,389	1,852
Net Income to Company	1,779	1,710	1,514	1,405	1,389	1,852
Minority Interest in Earnings	-144	-137	-120	-111	-115	-130
Net Income	1,635	1,573	1,394	1,294	1,274	1,722
Preferred Dividends & Other Adjustments	70	67	64	63	65	67
Net Income to Common	1,565	1,506	1,330	1,231	1,209	1,655
Net Income Growth	9.58%	12.84%	7.73%	1.57%	-26.02%	47.68%
Shares Outstanding (Basic)	491	486	479	471	465	437
Shares Outstanding (Diluted)	491	487	479	471	465	438
Shares Change (YoY)	1.69%	1.57%	1.61%	1.29%	6.38%	2.89%
EPS (Basic)	3.19	3.10	2.78	2.61	2.60	3.79
EPS (Diluted)	3.19	3.10	2.78	2.61	2.60	3.78
EPS Growth	7.82%	11.44%	6.47%	0.38%	-31.22%	45.95%
Free Cash Flow	-1,008	-441	-513	-282	-1,156	-836
Free Cash Flow Per Share	-2.05	-0.91	-1.07	-0.60	-2.48	-1.91
Dividend Per Share	2.335	2.285	2.170	2.050	1.938	1.827
Dividend Growth	4.71%	5.30%	5.85%	5.81%	6.02%	5.94%
Profit Margin	13.74%	13.08%	12.04%	13.03%	13.53%	18.84%
Free Cash Flow Margin	-8.85%	-3.83%	-4.65%	-2.98%	-12.94%	-9.52%
EBITDA	5,124	4,919	4,500	4,019	3,967	3,822
EBITDA Margin	44.98%	42.71%	40.75%	42.54%	44.40%	43.52%
D&A For EBITDA	1,844	1,773	1,668	1,505	1,428	1,350
EBIT	3,280	3,146	2,832	2,514	2,539	2,472
EBIT Margin	28.79%	27.32%	25.65%	26.61%	28.42%	28.15%
Effective Tax Rate	17.64%	17.39%	16.03%	14.28%	14.26%	13.50%

Source: S&P Capital IQ. Utility template. Financial Sources.