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Emera Q1 adjusted EPS beats Street estimates by 7 cents

Emera Inc. on May 10 reported first-quarter 2018 adjusted net income of C$202 million, or 87 cents per basic share, compared to C$152 million, or 72 cents basic per share, in the year-ago quarter.

The S&P Capital IQ normalized consensus EPS estimate for the most recent quarter was 80 cents per share.

"Our higher adjusted first-quarter net income reflects the growth opportunity in our business now that it includes [TECO Energy Inc.] as well as the benefits of our diversified portfolio," said Scott Balfour, president and CEO of Emera. The increase also reflects higher capacity prices and contributions from the Maritime Link, which entered service on Jan. 15.

Operating cash flow before changes in working capital increased C$96 million, or 28%, to C$444 million in the first quarter, from C$348 million in the comparable quarter of 2017.

On a GAAP basis, the Halifax, Nova Scotia-based energy and services company posted first-quarter net income attributable to common shareholders of C$271 million, or C$1.17 per basic share, compared with C$312 million, or C$1.48 per basic share, a year ago.