Emera Reports Q1 2013 Earnings
Emera Reports Q1 2013 Earnings
HALIFAX, Nova Scotia--(BUSINESS WIRE)-- (EMA-TSX): today reported results for the first quarter of 2013.
Highlights:
Revenues of $638.1 million, up 12% from $568.0 million for Q1 2012.
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).
Adjusted earnings per share up 33.3% to $0.88 in Q1 2013 (Q1 2012 - $0.66).
Cash flows from operations increased 28.8% to $122.4 million (Q1 2012 - $95.0 million).
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)
Q1 2013 Reported Net Income | Q1 2013 After-tax | Q1 2013 Adjusted | Q1 2012 Reported | Q1 2012 After tax | Q1 2012 Adjusted | |||||||||||||||||
NSPI | $63.2 | - | $63.2 | $59.6 | - | $59.6 | ||||||||||||||||
Maine | $8.9 | - | $8.9 | $8.5 | - | $8.5 | ||||||||||||||||
Caribbean | $4.1 | - | $4.1 | $3.9 | - | $3.9 | ||||||||||||||||
Pipelines | $7.2 | - | $7.2 | $6.8 | - | $6.8 | ||||||||||||||||
Services, Renewables & Other | $48.6 | $7.4 | $41.2 | $5.7 | ($1.6) | $7.3 | ||||||||||||||||
Corporate | $(9.2) | - | $(9.2) | $(4.3) | - | $(4.3) | ||||||||||||||||
TOTAL | $122.8 | $7.4 | $115.4 | $80.2 | ($1.6) | $81.8 | ||||||||||||||||
Earnings per share |
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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.
Emera Inc.
Jill MacDonald, CA, 902-428-6486
Manager, Investor Relations
KEYWORDS: North America Canada
INDUSTRY KEYWORDS:
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