Emera Reports Q1 2011 Earnings
03 Mai 2011 - 6:23PM
PR Newswire (Canada)
HALIFAX, May 3 /CNW/ -- HALIFAX, May 3 /CNW/ - (TSX: EMA): Emera
Inc.'s consolidated net earnings were $123.6 million in Q1 2011,
compared to $77.8 million in Q1 2010. Earnings in Q1 2011 include
$40.8 million of accounting gains on two transactions. Absent this
amount, Q1 2011 net earnings were $82.8 million. Reported earnings
per share were $1.06 in Q1 2011 ($0.71 excluding the aforementioned
gains) and $0.68 for Q1 2010. "The core businesses are running
well, our strategic investment in Algonquin Power generated a
substantial gain, recent incremental investments are beginning to
show increasing earnings, and our transition to US GAAP is
complete", said Chris Huskilson, President and CEO of Emera Inc.
Nova Scotia Power Inc.'s net earnings were consistent
year-over-year, with net earnings of $63.6 million in Q1 2011,
compared to $65.2 million in Q1 2010. Maine Utility Operations
contributed $9.4 million to consolidated net earnings in Q1 2011
compared to $5.6 million for the same period in 2010. This increase
was mainly due to increased returns from new transmission
investments, and earnings from Maine and Maritimes Corporation,
which was acquired in December, 2010. Caribbean Utility Operations
contributed $29.6 million to consolidated net earnings in Q1 2011
compared to $0.2 million in Q1 2010. This increase is the result of
a $28 million non-recurring accounting gain on the acquisition of
Light & Power Holdings Ltd. in January, 2011, as a result of
the purchase price allocation as determined under US GAAP.
Pipelines contributed $6.8 million to consolidated net earnings in
Q1 2011 compared to $8.3 million in Q1 2010. This decrease is
primarily due to changes in the mark-to-market of currency hedges
year-over-year. Services, Renewables and Other Investments
contributed $20.6 million to consolidated net earnings in Q1 2011
compared to a loss of $0.6 million in Q1 2010. Higher net earnings
are primarily due to a $12.8 million after-tax gain realized on the
exchange of Algonquin Power & Utilities Corp. (Algonquin)
subscription receipts for Algonquin shares. In addition, stronger
energy marketing results and the inclusion of Algonquin and
California Pacific's equity earnings contributed to the increase.
Emera's Corporate segment had a loss of $6.4 million in Q1 2011,
compared to a loss of $0.9 million in Q1 2010. Corporate expenses
were higher in Q1 2011 due to increased deferred compensation
costs, corporate activities associated with business growth, and
preferred stock dividends on the preferred shares issued in June of
2010. 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 Q1 2011 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 7847722#
(available until midnight, Tuesday, May 17, 2011). The
teleconference will also be web cast live at emera.com and
available for playback for one year. About Emera Emera Inc. is a
growing energy and services company with $6.5 billion in assets and
2010 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 common
and preferred shares are listed on the Toronto Stock Exchange and
trade respectively under the symbol EMA and EMA.PR.A. Additional
information can be accessed at www.emera.com, www.sedar.com, or on
www.sec.gov. Jill MacDonald, CA, Manager, Investor Relations, (902)
428-6486
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