Fortis Inc. Holds Annual and Special Meeting of Shareholders and Confirms Donation of $500,000 for COVID-19 Community Support in Newfoundland and Labrador
ST. JOHN’S, Newfoundland and Labrador, May 07, 2020 (GLOBE NEWSWIRE) — Fortis Inc. (“Fortis” or the “Corporation”) (TSX/NYSE: FTS) today held a virtual Annual and Special Meeting of shareholders. At the meeting, Fortis President and CEO Barry Perry discussed the financial results for 2019 and the first quarter of 2020, and also discussed the impact of COVID-19 on the business.
In 2019 Fortis delivered strong annual net earnings of approximately $1.7 billion, deployed $3.8 billion in capital expenditures and marked 46 years of consecutive annual common share dividend payment increases. During its annual meeting, Fortis affirmed its long-term strategy, its $18.8 billion, 5-year capital program and its 6% average annual dividend growth guidance to 2024.“Our focus on energy delivery, local leadership, and geographic and regulatory diversity captures the core of Fortis,” said Barry Perry, President and CEO, Fortis. “These characteristics create a company that delivers financial scale and strategic direction while empowering utilities to innovate and grow. These characteristics also minimize overall business risk and create a durable competitive advantage that supports the growth of long-term shareholder value.”Mr. Perry also provided an update on the Corporation’s response to the COVID-19 pandemic. The Corporation and its utilities carefully adhere to guidance from local health authorities with approximately half of our 9,000 employees remaining in the field to deliver energy and half working from home. To ensure Fortis utilities continue to deliver reliable energy to customers, additional safety measures have been put in place for employees working in field operations.At the annual meeting, Mr. Perry announced the Fortis “Community Matters” Project. This initiative will see Fortis donate $500,000 to 20 non-profit organizations to provide immediate financial support to frontline COVID-19 community response efforts in Newfoundland and Labrador.Collectively, Fortis and its group of companies throughout North America have pledged $4.5 million to date to COVID-19 community support.“By giving back to frontline response organizations at such a critical time, we are supporting families in our communities facing hardships due to COVID-19,” said Mr. Perry. “It’s heartwarming to see our family of companies being leaders in our communities.”About FortisFortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2019 revenue of $8.8 billion and total assets of $57 billion as at March 31, 2020. The Corporation’s 9,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.Forward-Looking InformationFortis includes forward-looking information in this media release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as “forward-looking information”). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: forecast capital expenditures for the period from 2020 through 2024; and targeted average annual dividend growth through 2024.Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such factors or assumptions include, but are not limited to: no material impact from the COVID-19 pandemic, reasonable outcomes for regulatory proceedings and the expectation of regulatory stability; the successful execution of the five-year capital plan; no material capital project and financing cost overrun; sufficient human resources to deliver service and execute the capital plan; the realization of additional opportunities; the impact of fluctuations in foreign exchange; no significant variability in interest rates; and the Board exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. for additional information with respect to certain risk factors, reference should be made to the continuous disclosure materials filed from time to time by the Corporation with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information herein is given as of the date of this media release. Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.A PDF version of this press release is available at: http://ml.globenewswire.com/Resource/Download/4c7b6562-888b-42f5-a486-4a823327904fFor more information, please contact
Ms. Stephanie Amaimo
Vice President, Investor Relations
FORTIS INC. DONATES $500,000 TO COVID-19 COMMUNITY SUPPORT
IN NEWFOUNDLAND AND LABRADOROn May 7, 2020 Fortis announced its “Community Matters” Project. This initiative will see Fortis donate $500,000 to 20 non-profit organizations to provide immediate financial support to frontline COVID-19 community response efforts in Newfoundland and Labrador.The following is a list of frontline COVID-19 community organizations that will receive funding as part of the Fortis Community Matters Project.