(EMA-TSX): Emera Inc.’s consolidated net income for Q3 2012 was
$44.7 million or $0.36 per share, compared to $40.8 million or $0.33 per
share in Q3 2011. Excluding the effect of mark-to-market accounting
adjustments, net income for Q3 2012 was $43.8 million or $0.35 per
share, compared to $41.4 million or $0.34 per share in Q3 2011. Earnings
in the quarter included $2.7 million of after-tax gains realized on
Algonquin Power & Utilities Corp. (Algonquin) subscription receipts.
“Emera had a strong third quarter, and we continue to advance our
strategy on all fronts,” said Chris Huskilson, President and CEO of
Emera Inc. “During the quarter we concluded and signed commercial
agreements with Nalcor Energy regarding the development of the Maritime
Link, and Nova Scotia Power and customer representatives reached a
proposed settlement agreement for 2013 and 2014 electricity rates. Our
average earnings growth target of 4-6% over the medium and longer term
remains intact, with a strong core business and a robust portfolio of
greenfield development projects in front of us.”
Nova Scotia Power Inc.’s net income was up modestly year-over-year,
contributing $22.6 million to consolidated net income in Q3 2012
compared to $21.0 million in Q3 2011. Pipelines’ net income was
consistent in both years, contributing $6.8 million to consolidated net
income in Q3 2012 compared to $7.0 million in Q3 2011.
Maine Utility Operations contributed $11.0 million to consolidated net
income in Q3 2012 compared to $9.4 million in Q3 2011. The increased net
income in the quarter is primarily due to Bangor Hydro Electric’s
transmission rate increase in Q3 2012 and higher transmission pool
Emera’s Services Renewables and Other investments contributed $8.2
million to consolidated net income in Q3 2012 compared to $2.3 million
in Q3 2011. The increased net income in the quarter is primarily due to
mark-to-market gains in Emera Energy Services and $2.7 million of
after-tax gains realized on Algonquin subscription receipts.
Caribbean Utility Operations contributed $7.2 million to consolidated
net income in Q3 2012 compared to $10.7 million in Q3 2011. The
decreased net income is primarily due to a $4.7 million regulated
recovery of an asset impairment charge in 2011.
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional information related to Emera,
including the company’s Annual Information Form, can be found on SEDAR
or on EDGAR at www.sec.gov.
The company will be hosting a teleconference at 4:00 pm Atlantic time
today (3:00 pm Toronto/Montreal/New York; 2:00 pm Winnipeg; 12:00 pm
Vancouver) to discuss the Q3 2012 financial results.
Analysts and other interested parties wanting to participate in the call
should dial 1-866-225-0198 (in Toronto 416-340-8061) at least 10 minutes
prior to the start of the call. No pass code is required. The
teleconference will be recorded. If you are unable to join the
teleconference live, you can dial for playback, toll-free at
1-800-408-3053 (in Toronto 905-694-9451), access code 6247187 #
(available until midnight, Friday, November 23, 2012). The
teleconference will also be web cast live at emera.com
and available for playback for one year.
Emera Inc. is an energy and services company with $7.4 billion in assets
and 2011 revenues of $2.1 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has interests throughout
northeastern North America, in three Caribbean countries. More than 80%
of the company's earnings come from regulated investments. Emera common
and preferred shares are listed on the Toronto Stock Exchange and trade
respectively under the symbol EMA, EMA.PR.A, and EMA.PR.C. Additional
information can be accessed at www.emera.com,
or on www.sec.gov.