Emera Reports Earnings for Q2 2010
06 Août 2010 - 6:58PM
PR Newswire (Canada)
HALIFAX, Aug. 6 /CNW/ -- HALIFAX, Aug. 6 /CNW/ - (EMA-TSX): Emera
Inc.'s consolidated net earnings were $29.6 million or $0.26 per
share in the second quarter of 2010, compared to $38.1 million or
$0.34 per share for the same period in 2009. The decrease in
quarterly earnings is largely the result of lower earnings in Nova
Scotia Power Inc. (NSPI). In the first half of the year, net
earnings increased to $110.8 million or $0.98 per share compared to
$103.6 million or $0.92 per share for the same period in 2009. This
excludes the effect of mark-to-market accounting adjustments in
Bear Swamp. These adjustments were immaterial in the quarter. "The
first half of 2010 has been very strong and we are on course to
meet our 4 to 6% growth target for the year," said Chris Huskilson,
President and Chief Executive Officer of Emera Inc. "In the second
quarter we acquired 38% of Light and Power Holdings in Barbados
and, in July, the shareholders of Maine and Maritimes Corporation
voted in favour of the merger agreement with Bangor Hydro Holdings
Inc.". NSPI earnings were $14.9 million in Q2 2010, compared to
$22.8 million in Q2 2009. This decrease relates to reduced electric
margin and increased operating costs driven by pension expense and
investments in customer service initiatives. Consistent with Q1
2010, NSPI has lower income tax expense as a result of tax
deductions associated with NSPI's increased renewable investments.
Bangor Hydro Electric contributed $7.0 million to consolidated net
earnings in Q2 2010, compared to $5.3 million in Q2 2009. This
increase is due primarily to transmission revenue increases and
recovery of regionally funded transmission investments. Emera's
Pipelines contributed $8.7 million to consolidated net earnings in
Q2 2010, compared to $4.7 million in the same period in 2009. The
increase is due to Brunswick Pipeline's service commencement in
July 2009. Emera's other investments earned $2.3 million in the
second quarter of 2010, compared to $2.9 million for the three
months ended June 30, 2009. Forward Looking Information This news
release contains forward looking information. Actual future results
may differ materially. Additional financial and operational
information is filed electronically with various securities
commissions in Canada through the System for Electronic Document
Analysis and Retrieval (SEDAR). 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 Q2 2010 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 416-695-5800), access code 2831860#
(available until midnight, Friday, August 20, 2010). The
teleconference will also be web cast live at www.emera.com and
available for playback for one year. About Emera Emera Inc.
(EMA-TSX) is an energy and services company with $5.7 billion in
assets. Electricity is Emera's core business. Approximately 94% of
Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor
Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and
BHE are wholly-owned regulated electric utilities which together
serve 603,000 customers. The Brunswick Pipeline is a 145 km gas
pipeline in New Brunswick. Emera also owns 38% of Barbados Light
and Power which serves 120,000 customers on the Caribbean island of
Barbados, 19% of St. Lucia Electricity Services Limited, which
serves more than 50,000 customers on the Caribbean island of St.
Lucia and 25% of Grand Bahama Power Company which serves 19,000
customers on the Caribbean island of Grand Bahama. In addition to
its electric utility investments, Emera owns Bayside Power, a 260
MW gas-fired power plant in Saint John, New Brunswick; Emera Energy
Services, a physical natural gas and power marketing and asset
management business; a joint venture interest in Bear Swamp, a 600
megawatt pumped storage hydro-electric facility in northern
Massachusetts; a 12.9% interest in the Maritimes & Northeast
Pipeline; and an 8.2% interest in Open Hydro. Visit Emera on the
web at www.emera.com. Jennifer Nicholson, CA, Senior Director,
Stakeholder Relations, (902) 428-6347; Jill MacDonald, CA, Manager,
Investor Relations, (902) 428-6486
Copyright
Emera (TSX:EMA)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Emera (TSX:EMA)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024