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Emera Reports Q3 2012 Earnings

Friday, November 9, 2012 10:20 AM


(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 revenues.

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 at www.sedar.com or on EDGAR at www.sec.gov.

Teleconference Call

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.

About Emera

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, www.sedar.com, or on www.sec.gov.

(Source: Business Wire )
(Source: Quotemedia)

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