Emera Reports Q3 2011 Earnings
01 Novembre 2011 - 6:48AM
PR Newswire (Canada)
HALIFAX, Nov. 4, 2011 /CNW/ - : Emera Inc.'s consolidated net
earnings were $40.8 million in Q3 2011, compared to $40.3 million
in Q3 2010. Higher earnings primarily resulted from increased
investment in the Caribbean, offset by the impact of the reversal
of 2010 mark-to-market accounting gains at Bayside Power, and
higher foreign exchange expense due to a weaker Canadian dollar as
at September 30, 2011. Earnings per share were $0.33 in Q3 2011 and
$0.35 in Q3 2010, reflecting the impact of additional common shares
issued in Q1, 2011. Year-to-date consolidated net earnings were
$194.3 million or $1.61 per share, compared to $166.6 million or
$1.51 per share for the same period in 2010, excluding the effect
of mark to market accounting adjustments in Bear Swamp. The net
earnings amounts include after-tax accounting gains of $41.1
million in 2011, and $22.5 million in 2010. Cash flows from
operations increased 52% to $361.7 million for the nine months
ended September 30, 2011 compared to $238 million for the same
period last year. "There were several important developments at
Emera in Q3", said Chris Huskilson, President and CEO of Emera Inc.
"Our largest subsidiary, Nova Scotia Power, reached a settlement
with customer representatives on 2012 electricity rates, which is
now being considered for approval by the Utility and Review Board.
We have made substantive progress on the financial, technical,
environmental and government relations fronts on the Lower
Churchill project. We are diligently working through the
regulatory proceedings relating to our First Wind investment with
Algonquin, and the Board of Directors increased Emera's annual
common share dividend by $0.05 to $1.35 per share, supported by the
Company's strengthening cash flows." Nova Scotia Power Inc.
contributed $21.0 million to consolidated net earnings in Q3 2011,
compared to $18.6 million in Q3 2010. The increase was
primarily due to decreased income tax and operating, maintenance
and general expenses, partially offset by decreased electric
margin. Maine Utility Operations contributed $9.4 million to
consolidated net earnings in Q3 2011 compared to $11.5 million for
the same period in 2010. The decrease is due to lower revenue
as a result of cooler temperatures which reduced cooling load in
this summer peaking region. Caribbean Utility Operations
contributed $10.7 million to consolidated net earnings in Q3 2011
compared to $2.8 million in Q3 2010. The increase is due to
increased investments in both Grand Bahama Power Company and
Barbados Light and Power. Pipelines contributed $7.0 million to
consolidated net earnings in Q3 2011 compared to $8.1 million in Q3
2010. The decrease was primarily due to changes in the
mark-to-market of currency hedges and a decrease in financing
income. Emera's Services Renewables and Other investments
contributed $2.3 million to consolidated net earnings in Q3 2011
compared to $6.7 million in Q3 2010. The decrease was primarily due
to the reversal of 2010 mark-to-market accounting gains at Bayside
Power. 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 to discuss the Q3 2011 financial results. Analysts and other
interested parties wanting to participate in the call should dial
1-866-225-0198 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 , access code
7847722# (available until midnight, Friday, November 18, 2011). 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 $6.8 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. EMERA INC. CONTACT: Jill MacDonald, CA Manager,
Investor Relations(902) 428-6486
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