Fortis Inc., symbol FTS on Toronto, is the main supplier of electrical power in Newfoundland and Prince Edward Island. It also operates power plants in other parts of Canada, as well as the U.S., Belize and the Cayman Islands. As well, Fortis operates hotels and other businesses in Canada.
Fortis recently raised its quarterly dividend by 3.6%, to $0.29 a share from $0.28. The new annual rate of $1.16 yields 3.5%.
The company has been working to lower its reliance on Atlantic Canada. In May 2004, Fortis bought regulated electrical utilities in Alberta and B.C. for $1.5 billion in cash and stock. In May 2007, it paid $3.7 billion for the regulated gas-distribution business of Terasen Inc. (formerly called BC Gas), which has 939,600 customers in B.C. Fortis issued $1.15 billion of new common shares to help pay for this purchase.
The new purchases helped Fortis earn a record $285.0 million in 2010. That’s up 8.8% from $262.0 million in 2009. The high dividend stock’s earnings per share rose 7.1%, to $1.65 from $1.54, on more shares outstanding.
The Terasen assets provided 46% of Fortis’ overall earnings. This business earned $130.0 million in 2010, up 11.1% from $117.0 million in 2009.
Revenue rose 0.6% in 2010, to $3.7 billion from $3.6 billion in 2009, as warmer weather hurt gas demand and prices.
The high dividend stock’s earnings will probably rise to $1.75 a share in 2011. The stock trades at 18.8 times that figure.
You can get our full analysis, including our updated buy/sell/hold advice, on Fortis in an upcoming issue of The Successful Investor. What’s more, you can get one month free when you subscribe today. Click here to learn how.
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