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Emera Q2 adjusted earnings slide YOY but beat analyst estimates


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Emera Q2 adjusted earnings slide YOY but beat analyst estimates

Emera Inc. on Aug. 10 reported second-quarter adjusted net income of C$117 million, 55 Canadian cents per share, down from C$238 million or C$1.59 per common share in the second quarter of 2016. Excluding certain gains, acquisition costs and tax adjustment, adjusted earnings for second quarter of 2016 would have been C$50 million, or 34 Canadian cents per share.

The S&P Capital IQ normalized consensus EPS estimate for the most recent quarter was 53 Canadian cents.

"Our second quarter results reflect Emera's enhanced earning power and less seasonality from the combined businesses, as well as strong earnings across our regulated businesses," said Emera President and CEO Chris Huskilson. "Our earnings and cash flow, combined with the steady progress on our capital plans, support Emera's long-term prospects and dividend growth target."

Emera Florida and New Mexico contributed C$103 million toward second-quarter 2017 net income, compared with C$82 million a year ago. The net contribution to the adjusted net income was C$58 million, or 27 Canadian cents per common share, net of the C$45 million in after-tax permanent financing cost of the TECO Energy Inc. acquisition.

Nova Scotia Power Inc.'s net income grew slightly to C$29 million, from C$28 million, a year ago, Emera Maine's net income increased by C$2 million year over year to C$12 million, and Emera (Caribbean) Inc.'s net income was down to C$11 million from C$58 million in the second quarter of 2016.

On a GAAP basis, Emera posted net income attributable to common shareholders of C$101 million, or 47 Canadian cents per share, compared with C$208 million, or C$1.39 per share, a year ago.