FTS FY 2023 Earnings Report — Fortis Inc. Revenue & Financial Results | Market Cap Arena

FY 2023 Earnings

Reported February 9, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$8.4B	—	—	—	—
Op. Income	$2.3B	—	—	—	—
Gross Margin	67.3%	—	—	—	—
Net Margin	13.7%	—	—	—	—
EPS (Diluted)	$2.27	—	—	—	—
Free Cash Flow	-$456M	—	—	—	—

Revenue Flow

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$2.8B
GROSS PROFIT	$5.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$3.4B
Operating Expenses	$3.4B
Cost & Expenses	$6.2B
OPERATING INCOME	$2.3B
Interest Income	$56M
Interest Expense	$954M
Other Income/Expenses	-$741M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$263M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$1.3B
EBIT	$2.5B
EBITDA	$3.8B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$2.8B
GROSS PROFIT	$5.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$3.4B
Operating Expenses	$3.4B
Cost & Expenses	$6.2B
OPERATING INCOME	$2.3B
Interest Income	$56M
Interest Expense	$954M
Other Income/Expenses	-$741M
INCOME BEFORE TAX	$1.5B
Income Tax Expense	$263M
Net Income from Continuing Ops	$1.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.1B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.1B
D&A	$1.3B
EBIT	$2.5B
EBITDA	$3.8B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.1B
Depreciation & Amortization	$1.3B
Stock-Based Compensation	$0
Deferred Income Tax	$199M
Other Non-Cash Items	$79M
Change in Working Capital	-$132M
OPERATING CASH FLOW	$2.6B
Capital Expenditure	-$3.0B
Acquisitions (Net)	$314M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$136M
NET CASH FROM INVESTING	-$2.7B
Net Debt Issuance	$1.0B
Common Stock Repurchased	$0
Common Dividends Paid	-$512M
Other Financing Activities	-$56M
NET CASH FROM FINANCING	$448M
FREE CASH FLOW	-$456M
Net Change in Cash	$304M

Balance Sheet

Item	Amount
Cash & Equivalents	$457M
Short-Term Investments	$0
Net Receivables	$1.2B
Inventory	$414M
Other Current Assets	$772M
TOTAL CURRENT ASSETS	$2.9B
PP&E (Net)	$31.7B
Goodwill	$8.9B
Intangible Assets	$1.1B
Long-Term Investments	$305M
Tax Assets	$0
Other Non-Current Assets	$3.2B
TOTAL NON-CURRENT ASSETS	$45.2B
TOTAL ASSETS	$48.2B
Account Payables	$723M
Short-Term Debt	$1.8B
Deferred Revenue	$192M
Other Current Liabilities	$696M
TOTAL CURRENT LIABILITIES	$4.4B
Long-Term Debt	$19.9B
Deferred Revenue NC	$123M
Deferred Tax Liabilities	$3.2B
Other Non-Current Liabilities	$3.2B
TOTAL NON-CURRENT LIABILITIES	$26.8B
TOTAL LIABILITIES	$31.1B
Common Stock	$11.0B
Additional Paid-In Capital	$7M
Retained Earnings	$3.0B
Treasury Stock	$0
Accum. Other Comp. Income	$477M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$15.7B
Minority Interest	$1.3B
TOTAL EQUITY	$17.1B
TOTAL LIABILITIES & EQUITY	$48.2B
Total Debt	$21.9B
Net Debt	$21.5B