Emera Reports Record Earnings for 2010
11 Février 2011 - 6:50PM
PR Newswire (Canada)
HALIFAX, Feb. 11 /CNW/ -- HALIFAX, Feb. 11 /CNW/ - (EMA-TSX): Emera
Inc.'s consolidated net earnings were $191.1 million in 2010,
compared to $175.7 million in 2009. Excluding the effect of
mark-to-market accounting adjustments in Bear Swamp, net earnings
were $199.7 million in 2010, compared to $175 million in 2009.
Earnings per share were $1.68 for 2010 compared to $1.56 for 2009
and $1.76 in 2010 compared to $1.55 in 2009, excluding
mark-to-market adjustments. Consolidated net earnings for the three
months ended December 31, 2010 were $39.6 million compared to $37.5
million for the fourth quarter of 2009. Quarterly earnings per
share were $0.35 in the fourth quarter of 2010 and $0.33 for the
same period in 2009. "In 2010, we produced record operating results
and record returns for our shareholders," said Chris Huskilson,
President and CEO of Emera Inc. "Emera has had five years of solid
progress. We have diversified our earnings, increased our clean
generation, and set the stage for future growth." Earnings in Nova
Scotia Power Inc. (NSPI) were $121.3 million in 2010, compared to
$109.3 million in 2009. This increase was primarily due to
decreased income taxes associated with renewable investments, and
an increase in the expected benefit from accelerated tax
deductions. Offsetting these tax deductions were increased
operating, maintenance and general expenses due primarily to higher
pension and storm costs. NSPI contributed $20.7 million to
consolidated net earnings in Q4 2010 compared to $17.4 million for
the same period in 2009. Bangor Hydro Electric Company (BHE)
contributed $31.9 million to consolidated net earnings in 2010
compared to $27.5 million for the same period in 2009. This
increase was mainly due to increased returns from new transmission
investments. BHE contributed $7.8 million to consolidated net
earnings in Q4 2010 compared to $7.0 million for the same period in
2009. Earnings in Pipelines contributed $35 million to consolidated
net earnings in 2010 compared to $24.2 million in 2009. This
increase was mainly attributable to increased earnings from the
Brunswick Pipeline which went in service in July, 2009. Pipelines
contributed $8.8 million in Q4 2010 compared to $8.4 million in Q4
2009. Emera's Other investments contributed $16.1 million to
consolidated net earnings in 2010 compared to $14.3 million in
2009. Excluding the effect of mark-to-market accounting changes in
Bear Swamp, net earnings from Other investments were $24.7 million
for 2010 compared to $13.6 million in 2009. Higher net earnings
were driven by a successful year in Emera Utility Services, strong
results in Emera Energy's marketing business, and the acquisition
of Light and Power Holdings in May, 2010. Emera's Other investments
contributed $3.3 million in Q4 2010 compared to net earnings of
$8.9 million in Q4 2009. Excluding the mark-to-market accounting
changes, net earnings were $5.9 million in Q4 2010 compared to $5.7
million for the same period in 2009. Consolidated cash provided by
operations was $416.4 million for the year ended December 31, 2010,
compared to $310.2 million for the year ended December 31, 2009.
This increase relates primarily to stronger operating results.
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 Emera is holding a teleconference
today at 4:00 pm Atlantic time (3:00 pm Toronto/Montreal/New York;
2:00 pm Winnipeg; 12:00 pm Vancouver) to discuss the Q4 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 905-694-9451),
access code 1308472No. (available until midnight, Friday, February
25, 2011). The teleconference will also be web cast live at
www.emera.com and available for playback for one year. About Emera
Emera Inc. is a growing energy and services company with $6.3
billion in assets and revenues of $1.6 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 operates throughout northeastern North America, in three
Caribbean countries and in California. More than 80% of the
company's earnings come from regulated investments.. Emera shares
are listed on the Toronto Stock Exchange and trade under the symbol
EMA. Additional information can be accessed at www.emera.com or
www.sedar.com. Jennifer Nicholson, CA, Senior Director, Stakeholder
Relations, (902) 428-6347; Jill MacDonald, CA, Manager, Investor
Relations, (902) 428-6486
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