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Emera Q2 adjusted EPS misses Street estimates by 9 cents

Emera Inc. on Aug. 9 reported second-quarter adjusted net income attributable to shareholders of C$111 million, 48 cents per basic share, a drop from C$117 million, or 55 cents per basic share, a year ago.

The S&P Global Market Intelligence normalized consensus EPS estimate for the most recent quarter was 57 cents.

"While timing, weather and foreign exchange rates negatively impacted results for the quarter, we are nonetheless on track with where we expected to be for the first half of the year, and we continue to expect solid full year EPS growth in 2018," Emera President and CEO Scott Balfour said.

On a GAAP basis, net income attributable to common shareholders was C$90 million, or 38 cents per basic share, compared with C$101 million, or 47 cents per basic share, a year earlier.

Emera also said its board approved an increase in the annual common share dividend to C$2.35 per common share from C$2.26 per common share and revised its annual dividend growth rate target to a range of 4% to 5% through 2021. The first quarterly payment of 58.75 cents per share is expected to be paid to shareholders on and after Nov. 15.