Emera Reports Q2 2012 Earnings
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Aug. 10, 2012--
Emera Inc.’s (TSX:EMA) consolidated net income for Q2 2012 was
$53.2 million or $0.43 per share, compared to $29.9 million or $0.24 per
share in Q2 2011. Excluding the effect of mark-to-market accounting
adjustments, net income for Q2 2012 was $46.3 million or $0.37 per
share, compared to $32.0 million or $0.26 per share in Q2 2011. Earnings
in the quarter included an $11.6 million after-tax gain realized on
Algonquin Power & Utilities Corp. (Algonquin) subscription receipts.
“We had a strong second quarter and are pleased with our progress for
the first half of the year,” said Chris Huskilson, President and CEO of
Emera Inc. “During the quarter we saw improved plant performance at
Bayside Power, closed our 49% investment in First Wind’s Northeast
assets, and had operational improvements in our Caribbean utilities.
Most recently, we’re pleased to have concluded and signed commercial
agreements with Nalcor Energy regarding the development of the Maritime
Link, a significant milestone as Nalcor moves forward with the
development of the Lower Churchill project. We also exercised additional
subscription receipts in Algonquin Power during and after the quarter,
which resulted in us now owning 17.85% of Algonquin’s outstanding common
Emera’s Services Renewables and Other investments contributed $23
million to consolidated net income in Q2 2012 compared to a loss of $1.9
million in Q2 2011. Results for the quarter included an $11.6 million
after-tax gain realized on Algonquin subscription receipts and
mark-to-market gains related to long-term natural gas purchase contracts
in Emera Energy Services.
Nova Scotia Power Inc. (NSPI) contributed $16.8 million to consolidated
net income in Q2 2012 compared to $16.7 million in Q2 2011.
Maine Utility Operations contributed $7.3 million to consolidated net
income in Q2 2012 compared to $8.4 million in Q2 2011. The decreased net
income is primarily a result of lower capitalized construction overheads
due to lower capital spending in 2012 and lower revenues due to
Pipelines’ contributed $7.3 million to consolidated net income in Q2
2012 compared to $7.2 million in Q2 2011.
Caribbean Utility Operations contributed $5.4 million to consolidated
net income in Q2 2012 compared to $3.4 million in Q2 2011. The increased
net income is primarily due to improved plant performance combined with
a change in rate structure to provide for recovery of capital
investments in Grand Bahama Power Company.
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 Q2 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, August 24, 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.
Source: Emera Inc.
Jill MacDonald, CA, 902-428-6486