Business & Finance
Business and Finance
Business and Finance
Sat, November 6, 2010
Fri, November 5, 2010 
HALIFAX, Nov. 5 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $44.8 million or $0.39 per share in Q3 2010, compared to $37.3 million or $0.33 per share in the third quarter of 2009. Mark-to-market accounting adjustments were immaterial in both Q3 2010 and Q3 2009. In the first nine months of the year, net earnings increased to $151.5 million or $1.33 per share compared to $138.2 million or $1.23 per share for the same period in 2009. Excluding the effect of mark-to-market accounting adjustments in Bear Swamp, net earnings were $157.5 million or $1.38 per share, compared to $140.7 million or $1.25 per share for the same period in 2009.
"We are very pleased with the success of our strategy and the effect it is having on our earnings. As a result of our earnings growth and our payout objectives, the Board increased our common share dividend by 15% in September," said Chris Huskilson, President and CEO of Emera. "In the quarter, we advanced the transaction with Maine and Maritimes Corporation as well as the transaction with NV Energy. In addition, the UARB approved the proposed biomass project with New Page Port Hawkesbury, which is another step in our journey to become a cleaner energy company".
Nova Scotia Power Inc. (NSPI) earnings were $22.4 million in Q3 2010, compared to $16.6 million in Q3 2009. This increase relates primarily to lower income tax expense as a result of tax deductions associated with NSPI's increased renewable investments.
Bangor Hydro Electric contributed $11.5 million to consolidated net earnings in Q3 2010, compared to $8.8 million in Q3 2009. The increase was primarily due to increases in transmission pool revenue due to recovery of regionally funded transmission investments, in addition to other increases in transmission revenues in 2010.
Emera's Pipelines contributed $8.5 million to consolidated net earnings in Q3 2010, compared to $5.7 million in the same period in 2009. The increase is due to Brunswick Pipeline's commencement of operations in July of last year.
Emera's other investments contributed $6.7 million to consolidated net earnings in Q3 2010, compared to $3.3 million in Q3 2009. The increase is primarily due to the acquisition of Bayside Power in September, 2009.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
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 Q3 2010 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 416-695-5800), access code 2831860# (available until midnight, Friday, November 19, 2010). The teleconference will also be web cast live at [ www.emera.com ] and available for playback for one year.
About Emera
Emera Inc. (EMA and EMA.PR.A -TSX) is an energy and services company with $5.8 billion in assets. Electricity is Emera's core business. Approximately 94% of Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns 38% of Barbados Light and Power which serves 120,000 customers on the Caribbean island of Barbados, 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro. Visit Emera on the web at [ www.emera.com ]
