(EMA-TSX): today reported results for the first quarter of 2013.
Highlights:
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Revenues of $638.1 million, up 12% from $568.0 million for Q1 2012.
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Adjusted net income increased 41.1% to $115.4 million in Q1 2013
compared to $81.8 million in Q1 2012. Adjusted net income excludes
after-tax mark-to-market gains of $7.4 million (Q1 2012 – $1.6 million
loss), and includes after-tax gains of $18.1 million realized on
Algonquin Power and Utilities Corp (Algonquin) subscription receipts
(Q1 2012 - nil).
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Adjusted earnings per share up 33.3% to $0.88 in Q1 2013 (Q1 2012 -
$0.66).
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Cash flows from operations increased 28.8% to $122.4 million (Q1 2012
– $95.0 million).
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Emera’s total assets increased 4.1% to $7.84 billion in Q1 2013 (2012
- $7.53 billion).
“We had a strong start to 2013, with each of Emera’s business segments
delivering improved results this quarter,” said Chris Huskilson,
President and CEO of Emera Inc. “Notably, Emera Energy delivered an $8.5
million increase to earnings from its marketing operations. Our
investment in Algonquin also contributed positively to earnings again
this quarter, with $18.1 million of gains from the conversion of
subscription receipts into Algonquin common shares.”
Segmented Results
Emera reports its results in six operating segments: Nova Scotia Power,
Maine Utilities, Caribbean Utilities, Pipelines, Services Renewables and
Other, and Corporate.
Quarterly Segmented Results (in millions of
$CAD, except per share amounts)
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Q1 2013 Reported
Net Income
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Q1 2013 After-tax
mark-to-market
gains
(losses)
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Q1 2013 Adjusted
Net Income
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Q1 2012 Reported
Net Incom
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Q1 2012
After tax
mark-to- market
gains (losses)
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Q1 2012
Adjusted
Net Income
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NSPI
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$63.2
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$63.2
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$59.6
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$59.6
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Maine
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$8.9
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$8.9
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$8.5
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$8.5
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Caribbean
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$4.1
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$4.1
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$3.9
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$3.9
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Pipelines
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$7.2
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$7.2
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$6.8
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$6.8
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Services, Renewables
& Other
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$48.6
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$7.4
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$41.2
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$5.7
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($1.6)
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$7.3
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Corporate
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$(9.2)
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$(9.2)
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$(4.3)
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$(4.3)
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TOTAL
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$122.8
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$7.4
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$115.4
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$80.2
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($1.6)
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$81.8
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Earnings per share
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$0.93
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$0.05
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$0.88
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$0.65
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$(0.01)
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$0.66
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Emera’s Services Renewables and Other investments (SRO)’s net income,
adjusted to exclude mark to market impacts, was $41.2 million in Q1 2013
(Q1 2012 Adjusted Net Income - $7.3 million). The increase in adjusted
net income is primarily due to $18.1 million of after-tax gains realized
on the conversion of Algonquin subscription receipts (Q1 2012 - nil),
and a $8.5 million increase to earnings from Emera Energy’s marketing
and trading operations. There was also a $6.8 million contribution from
our interest in Northeast Wind Partners as a result of settling all of
its entitlements under various guarantee, warranty and performance
obligations from one of its turbine suppliers.
Nova Scotia Power Inc.’s net income was $63.2 million in Q1 2013 (Q1
2012 - $59.6 million). The higher net income was primarily from
increased sales, leading to higher electric margin.
Maine Utility Operations’ net income was $8.9 million in Q1 2013 (Q1
2012 - $8.5 million), and was positively impacted by the colder weather
in the quarter.
Caribbean Utility Operations’ net income was $4.1 million in Q1 2013 (Q1
2012 - $3.9 million).
Pipelines’ contributed $7.2 million to consolidated net income in Q1
2013 (Q1 2012 - $6.8 million).
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.
Teleconference Call
The company will be hosting a teleconference at 3:00 pm Atlantic time
today (2:00 pm Toronto/Montreal/New York; 1:00 pm Winnipeg; 11:00 am
Vancouver) to discuss the Q1 2013 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 6247187#
(available until midnight, Tuesday, May 21, 2013). 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 $7.8 billion in assets
and 2012 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 investments
throughout northeastern North America, and in three Caribbean countries.
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, EMA.PR.A., and
EMA.PR.C. Additional information can be accessed at emera.com,
or on sedar.com.
