Fortis Inc (FTS) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 28, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen. Thank you for standing by. My name is Michelle, and I will be your conference operator today.

Welcome to the Fortis Q3 2022 Earnings and 5-year Capital Outlook Conference Call and Webcast. [Operator Instructions]

At this time, I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Stephanie Amaimo

Thanks, Michelle, and good morning, everyone, and welcome to Fortis' third quarter 2022 results and 5-year capital outlook conference call. I'm joined by David Hutchens,

President and CEO; Jocelyn Perry, Executive VP and CFO; other members of the senior management team as well as CEOs from certain subsidiaries.

Before we begin today's call, I want to remind you that the discussion will include forward-looking information which is subject to the cautionary statement contained in the supporting slide show. Actual results can differ materially from the forecast projections included in the forward-looking information presented today.

All non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our third quarter 2022 MD&A.

Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

With that, I will turn the call over to David.

David Hutchens

Thank you, and good morning, everyone. Before we get to the financial highlights, I would like to take a minute to discuss the severe weather events experienced in the quarter.

In late September, 3 of our communities were affected by Hurricane Fiona. In the Caribbean, it hit Turks and Caicos as a Category 3 storm, impacting several of the islands. However, we were able to restore service quickly following the storm due in large part to the prior investments made to strengthen the grid after Hurricane Irma in 2017.

In Atlantic Canada, Fiona was one of the worst storms in its history. The small community of Port aux Basques on the southwest coast of Newfoundland and Labrador took a direct and devastating blow from the hurricane as it swept several homes into the sea and severely damaged many others.

On Prince Edward Island, tidal surges and high winds resulted in extensive damage across the island that left nearly all 86,000 customers without power immediately after the storm and, unfortunately, some of our customers for an extended period of time.