HALIFAX,
May 11, 2012 /CNW/ - (TSX:
EMA): Emera Inc.'s consolidated net income for Q1
2012 was $80.2 million, compared to
$123.6 million in Q1 2011. Q1 2011
earnings included a $28.2 million
accounting gain on an acquisition and a $12.8 million after-tax gain realized on
Algonquin Power & Utilities Corp. (Algonquin) subscription
receipts. Absent these amounts, Q1 2011 net income was $82.6 million. Reported earnings per share were
$0.65 in Q1 2012 compared to
$1.06 in Q1 2011 ($0.71 excluding the aforementioned gains),
reflecting the impact of additional common shares issued in Q1
2011.
"The unusually mild winter reduced earnings in
our core utilities in Q1," said Chris
Huskilson, President and CEO of Emera Inc. "Our
earnings growth target of 4-6% on average over the medium and
longer term remains intact. However, the unusually mild winter, and
the delays in increasing our investment in Algonquin and closing
the First Wind transaction may make it more challenging to achieve
that growth rate in 2012. With respect to our strategic
initiatives, we are pleased with the progress we're making. We've
selected preferred transmission routes and released the request for
proposals to supply the sub-sea cables for the Maritime Link, and
will have our formal design and estimate ready for later this year.
In addition, we received regulatory approval from the Maine Public
Utilities Commission to proceed with our 49% investment in First
Wind's Northeast assets and our increased ownership in
Algonquin."
Nova Scotia Power Inc. (NSPI) contributed
$59.6 million to consolidated net
income in Q1 2012 compared to $63.6
million in Q1 2011. The decreased net income is primarily a
result of decreased residential and commercial sales volumes due to
unusually warm weather.
Maine Utility Operations contributed
$8.5 million to consolidated net
income in Q1 2012 compared to $9.4
million for the same period in 2011, also reflecting the
impact of the warm winter.
Caribbean Utility Operations contributed
$3.9 million to consolidated net
income in Q1 2012 compared to $29.6
million in Q1 2011. Excluding the impact of the
$28.2 million accounting gain
previously noted, net income in Q1 2011 was $1.4 million. 2012 results reflect the increased
investment in Light and Power Holdings, and an increase in
regulatory cost recoveries in Grand
Bahama Power Company.
Pipelines' net income was consistent
year-over-year, contributing $6.8
million to consolidated net income in both Q1 2012 and Q1
2011.
Emera's Services Renewables and Other
investments contributed $6.0 million
to consolidated net income in Q1 2012 compared to $20.6 million in Q1 2011. The decreased net
income is primarily due to the $12.8
million after-tax gain realized on Algonquin subscription
receipts in Q1 2011.
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 2012 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, Friday, May 25,
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 $7.0 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.
SOURCE EMERA INC.