Emera Reports 2011 Earnings
10 Février 2012 - 4:40PM
PR Newswire (Canada)
HALIFAX, Feb. 10, 2012 /CNW/ - : Emera Inc.'s consolidated net
income for the year ended December 31, 2011 was $241.1 million,
compared to $190.7 million in 2010. Earnings per share were $1.99
compared to $1.67 in 2010. Excluding the effect of
mark-to-market accounting adjustments in Bear Swamp, and accounting
gains on an acquisition, 2011 net income was $213.7 million,
compared to $176.8 million in 2010; and 2011 earnings per share
were $1.77 compared to $1.55 in 2010. Higher earnings
year-over-year primarily resulted from increased investment in the
Caribbean, and a $12.8 million after-tax gain on Algonquin Power
& Utilities Corp. (Algonquin) subscription receipts recorded in
Q1 2011. Consolidated net income for the three months ended
December 31, 2011 was $46.8 million compared to $24.1 million for
the fourth quarter of 2010. Quarterly earnings per share were
$0.38 in 2011 and $0.21 for the same period in 2010.
Higher earnings in the quarter are primarily due to increased
investments in the Caribbean. "2011 was another record year for
earnings," said Chris Huskilson, President and CEO of Emera Inc.
"Our Caribbean investments made a meaningful contribution to
earnings, we have begun integrating Maine Public Service with
Bangor Hydro, the Lower Churchill project continues to advance, and
in December, we were pleased to have registered the Maritime Link
Project for its environmental approval process." Nova Scotia Power
Inc. (NSPI) contributed $123.5 million to consolidated net income
for the year ended December 31, 2011, compared to $119.2 million in
2010; and $22.2 million in Q4 2011 compared to $19.9 million for
the same period in 2010. The higher net income was primarily
due to $23.3 million of income tax recoveries arising from the
amendment of prior years' tax returns. This more than offset
decreased electric margin from industrial customers and increased
pension costs. In November 2011, the Nova Scotia Utility and
Review Board approved a rate settlement agreement for NSPI which
resulted in an average rate increase of approximately 5.1% for all
customers effective January 1, 2012. Maine Utility Operations
contributed $37.0 million to consolidated net income in 2011
compared to $31.9 million for the same period in 2010. The
increase is primarily due to increased returns from new
transmission investments, lower operating, maintenance and general
expenses and the acquisition of Maine and Maritimes Corporation in
Q4 2010. Maine Utilities contributed $9.8 million to consolidated
net income in Q4 2011 compared to $7.8 million for the same period
in 2010. Excluding the impact of the accounting gains previously
noted, Caribbean Utility Operations (the Caribbean) contributed
$18.6 million to consolidated net income in 2011 compared to a loss
of $2.7 million in 2010. For the fourth quarter of 2011, the
Caribbean contributed $3.1 million to consolidated net income
compared to a loss of $7.7 million for the same period in 2010. The
increased net income during the quarter and year-over-year was due
to increased investments in both Grand Bahama Power Company (GBPC)
and Barbados Light and Power; and higher earnings at GBPC, which
had expensed $6.1 million of acquisition related costs in the
fourth quarter of 2010. Pipelines contributed $27.9 million to
consolidated net income in 2011 compared to $28.9 million in 2010;
and $6.9 million in Q4 2011 compared to $8.0 million in Q4 2010.
Emera's Services Renewables and Other investments (SRO) contributed
$27.0 million to consolidated net income in 2011 compared to $8.6
million in 2010. Excluding the effect of the mark-to-market
accounting adjustments in Bear Swamp previously noted, SRO
contributed $27.8 million in 2011, compared to $17.2 million in
2010. The increase is primarily due to the $12.8 million after-tax
gain realized on Algonquin subscription receipts. This segment
contributed $6.7 million to consolidated net income in Q4 2011
compared to $4.4 million in Q4 2010. The increase during the
quarter is primarily due to stronger energy marketing results.
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 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, February 24, 2012). 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 $6.9 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 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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