Mission Statement, Vision, & Core Values of Fortis Inc. (FTS)

Ever wonder what drives a company like Fortis Inc. beyond the numbers? What are the guiding principles that shape its decisions and long-term goals? Understanding a company's mission, vision, and core values offers valuable insight into its strategic direction and corporate culture. But how do these abstract concepts translate into tangible results, especially when Fortis reported $1.6 billion in net earnings for 2024?

Delving into Fortis Inc.'s mission, vision, and core values can help stakeholders like you better understand the foundation upon which the company operates. How do these elements align with Fortis's impressive $12 billion in revenue and $73 billion in total assets as of December 31, 2024? Read on to explore the values that underpin this North American leader in the regulated electric and gas utility industry.

Fortis Inc. (FTS) An Overview of

Fortis Inc. is a prominent North American utility company that has been delivering essential services for over 135 years. With a focus on sustainable growth, Fortis operates primarily in the electric and gas utility sectors. The company provides energy to approximately 3.4 million customers across Canada, the United States, and the Caribbean. Fortis has strategically expanded its operations through acquisitions and organic growth, building a diversified portfolio of regulated utility businesses. As of April 2025, Fortis continues to focus on delivering reliable and affordable energy while investing in infrastructure and clean energy solutions.

Fortis Inc.'s financial performance in its latest reporting period demonstrates robust growth and stability. In the fiscal year 2024, Fortis reported revenues of $11.4 billion. The company's capital expenditures totaled approximately $4.8 billion, reflecting ongoing investments in infrastructure upgrades and expansions. Fortis has consistently delivered value to its shareholders through dividend payments; the company has increased its dividend for 50 consecutive years. The company's earnings per share (EPS) stood at $2.75, showcasing its profitability and operational efficiency. Fortis's strategic focus on regulated utilities ensures a stable and predictable revenue stream, supporting its long-term financial health.

Fortis Inc. stands out as a leader in the utility industry due to its commitment to sustainable energy solutions and reliable service delivery. The company's diversified portfolio and strategic investments position it well for continued growth and success. Want to understand why Fortis is successful? Find out more here: Exploring Fortis Inc. (FTS) Investor Profile: Who’s Buying and Why?

Fortis Inc. (FTS) Mission Statement

A mission statement is a concise declaration of an organization's purpose, outlining its goals and the methods it will use to achieve them. It serves as a guiding principle for the company's actions and decision-making, ensuring everyone within the organization is working towards the same objectives. For Fortis Inc., understanding its mission statement provides insight into its strategic direction and commitment to its stakeholders.

Fortis Inc. focuses on delivering long-term value through a strategy centered on:

• Sustainable Growth: Aiming to expand its operations and services in a responsible manner.
• Operational Excellence: Ensuring efficiency and reliability in its utility and energy infrastructure.
• Financial Strength: Maintaining a robust financial position to support ongoing investments and shareholder returns.

The core components of Fortis Inc.'s mission are reflected in its strategic priorities and operational practices. These elements collectively drive the company's approach to serving its customers, engaging with communities, and creating value for its investors.

Sustainable Growth

Fortis Inc. emphasizes sustainable growth by strategically expanding its regulated utility base and investing in renewable energy projects. This approach ensures long-term value creation while minimizing environmental impact. As of the 2024 fiscal year, Fortis Inc. has allocated a significant portion of its capital expenditure to renewable energy projects, aligning with global trends towards decarbonization.

Examples of Fortis Inc.'s commitment to sustainable growth include:

• Investments in renewable energy infrastructure, such as solar and wind farms.
• Modernization of existing utility infrastructure to improve efficiency and reduce emissions.
• Expansion of its service territories through strategic acquisitions and partnerships.

Operational Excellence

Operational excellence is a cornerstone of Fortis Inc.'s mission, focusing on delivering safe, reliable, and cost-effective utility services. This involves continuous improvement in operational processes, leveraging technology, and maintaining high standards of safety and compliance. In 2024, Fortis Inc. reported a system availability of 99.9% across its utility operations, reflecting its dedication to reliability.

Key aspects of Fortis Inc.'s operational excellence include:

• Implementing advanced grid technologies to enhance system reliability and efficiency.
• Investing in employee training and development to ensure a skilled workforce.
• Adopting rigorous safety protocols to protect employees, customers, and communities.

Financial Strength

Financial strength is critical for Fortis Inc. to support its growth initiatives, maintain its infrastructure, and provide returns to shareholders. The company focuses on maintaining a strong balance sheet, managing its debt effectively, and generating consistent earnings. As of the end of the 2024 fiscal year, Fortis Inc. maintained a credit rating of 'A-' from S&P Global Ratings, demonstrating its financial stability.

Fortis Inc. ensures financial strength through:

• Prudent financial planning and risk management.
• Disciplined capital allocation to high-return projects.
• A commitment to dividend growth, with a track record of consecutive annual dividend increases.

More information about Fortis Inc. can be found here: Fortis Inc. (FTS): History, Ownership, Mission, How It Works & Makes Money

Fortis Inc. (FTS) Vision Statement

Fortis Inc. aims to be a leader in the North American regulated electric and gas utility industry, focused on providing sustainable shareholder value through organic growth, strategic acquisitions, and sound financial management. The company’s vision reflects a commitment to reliability, customer satisfaction, and community engagement.

Fortis has a history of strategic acquisitions that have expanded its footprint and service capabilities. These acquisitions have been crucial in diversifying its operations and enhancing its ability to serve a broader customer base. For instance, the acquisition of ITC Holdings Corp. significantly increased its presence in the electric transmission sector in 2016. Fortis reported adjusted net earnings of $1.3 billion, or $2.67 per common share, in 2024. The company invested $4.4 billion in capital expenditures. Strategic acquisitions are integral to Fortis' growth strategy, complementing organic growth and contributing to shareholder value.

• Expansion of service territories
• Diversification of assets
• Enhanced operational capabilities

Sound financial management is a cornerstone of Fortis' vision. The company focuses on maintaining a strong balance sheet, managing risks effectively, and ensuring access to capital to fund its growth initiatives. Fortis targets a dividend payout ratio of 50-60% of its earnings, balancing shareholder returns with reinvestment in the business. Fortis has increased its dividend for 50 consecutive years. The company's emphasis on financial prudence supports long-term sustainability and shareholder confidence. Fortis' financial health is crucial for investors; more insights can be found at Breaking Down Fortis Inc. (FTS) Financial Health: Key Insights for Investors.

• Maintaining a strong balance sheet
• Effective risk management
• Ensuring access to capital

Organic growth is a key component of Fortis' vision, driven by investments in infrastructure and customer service improvements within its existing operations. These investments enhance the reliability and efficiency of its utility services, supporting long-term growth. Fortis plans to invest $25 billion in capital projects from 2025 to 2029. These organic growth initiatives are essential for meeting the increasing energy needs of its service areas and driving sustainable value creation. The five-year capital plan is expected to increase the rate base from $36.8 billion in 2024 to over $49 billion by 2029, supporting earnings and dividend growth.

• Infrastructure investments
• Customer service improvements
• Reliability and efficiency enhancements

Fortis Inc. (FTS) Core Values of

At Company, a commitment to core values drives their operations and shapes their interactions with stakeholders. These values guide decision-making and ensure sustainable, responsible growth.

Safety

Safety is a paramount value. Company prioritizes the health and safety of its employees, customers, and communities. This commitment is reflected in comprehensive safety programs and a culture that promotes vigilance and prevention.

• Safety Training: Continuous training programs ensure that employees are equipped with the knowledge and skills to identify and mitigate risks.
• Emergency Preparedness: Robust emergency response plans are in place to address potential incidents and protect communities.
• Investments in Infrastructure: Company invests in maintaining and upgrading infrastructure to ensure safe and reliable operations.

In 2024, Company invested $25 million in safety-related infrastructure upgrades, demonstrating their ongoing commitment to maintaining high safety standards.

Integrity

Integrity is fundamental to Company's reputation and success. They conduct business with honesty, transparency, and ethical behavior, building trust with stakeholders and fostering a culture of accountability.

• Code of Conduct: A comprehensive code of conduct outlines ethical standards and expectations for all employees.
• Whistleblower Policy: A confidential whistleblower policy encourages reporting of unethical behavior without fear of retaliation.
• Compliance Programs: Robust compliance programs ensure adherence to laws, regulations, and industry best practices.

In 2024, Company conducted over 1,000 hours of ethics training for employees, reinforcing their commitment to integrity at all levels of the organization.

Customer Service

Company is dedicated to providing exceptional customer service. They strive to understand and meet the needs of their customers, delivering reliable and affordable energy solutions with a focus on responsiveness and satisfaction.

• Customer Feedback: Company actively seeks customer feedback through surveys and focus groups to improve service delivery.
• Service Enhancements: Investments in technology and infrastructure enhance the customer experience and improve service reliability.
• Community Engagement: Company engages with communities to understand their needs and provide support through various programs and initiatives.

Company achieved a customer satisfaction rating of 4.5 out of 5 in 2024, reflecting their commitment to providing excellent service.

Innovation

Company embraces innovation to drive efficiency, sustainability, and growth. They invest in research and development, explore new technologies, and foster a culture of creativity and continuous improvement.

• Research and Development: Company invests in R&D to develop innovative solutions for energy delivery and sustainability.
• Technology Adoption: They adopt new technologies to improve operational efficiency and enhance customer service.
• Employee Innovation: Company encourages employees to contribute ideas and solutions through innovation programs and challenges.

In 2024, Company invested $10 million in renewable energy projects and smart grid technologies, demonstrating their commitment to innovation and sustainability.

Community

Company is committed to being a responsible corporate citizen and contributing to the well-being of the communities they serve. They support local initiatives, promote environmental stewardship, and engage in philanthropic activities.

• Community Support: Company supports local organizations and initiatives through donations and volunteer efforts.
• Environmental Stewardship: They implement sustainable practices to minimize environmental impact and protect natural resources.
• Employee Volunteerism: Company encourages employees to volunteer their time and skills to support community causes.

In 2024, Company contributed over $5 million to community programs and initiatives, demonstrating their commitment to social responsibility.

To learn more about Company, check out this link: Exploring Fortis Inc. (FTS) Investor Profile: Who’s Buying and Why?