Emera Reports Q2 2013 Earnings
Emera Reports Q2 2013 Earnings
HALIFAX, Nova Scotia--(BUSINESS WIRE)-- (EMA-TSX): today reported results for the second quarter of 2013.
Operating revenues increased 1.0% to $506.5 million in Q2 2013 compared to $501.3 million in Q2 2012.
Net income adjusted for after-tax mark-to-market gains decreased 8.0% to $42.6 million or $0.32 per share in Q2 2013 compared to $46.3 million or $0.37 per share in Q2 2012. 2012 adjusted net income includes after-tax gains of $11.6 million realized on Algonquin Power and Utilities Corp (Algonquin) subscription receipts (Q2 2013 - nil).
Adjusted net income for the six months ended June 30, 2013 increased 23.3% to $158.0 million or $1.20 per share, compared to $128.1 million or $1.03 per share for the same period in 2012.
Cash flows from operations decreased 10.8% to $233.2 million for the six months ending June 30th 2013 (YTD 2012 - $261.3 million), due to an increased investment in working capital.
Emera's total assets increased 6.2% to $8.0 billion in Q2 2013 (2012 - $7.5 billion).
"We had another strong quarter and are pleased with our progress so far this year," said Chris Huskilson, President and CEO of Emera Inc. "Most recently, the Nova Scotia UARB approved the Maritime Link Project subject to certain conditions. We are currently working with our partner to respond to those conditions. The response will be subject to further UARB approval."
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)
Earnings per share
Nova Scotia Power Inc.'s net income was $18.5 million in Q2 2013 (Q2 2012 - $16.8 million). The higher net income this quarter was positively impacted by increased electric margin across all customer groups. Nova Scotia Power's 2013 rate base and full year earnings are however expected to be consistent with 2012.
Maine Utility Operations' net income was $8.9 million in Q2 2013 (Q2 2012 - $7.3 million), and was positively impacted by load growth and lower Operating, Maintenance and General expenses due to increased capitalized construction overheads as a result of higher capital spending in 2013 and decreased employee benefit costs.
Caribbean Utility Operations' net income was $7.7 million in Q2 2013 (Q2 2012 - $5.4 million). The higher net income was primarily due to increased electric margin and increased other income associated with the acquisition of Dominica Electricity Services Limited (DOMLEC).
Pipelines' contributed $6.8 million to consolidated net income in Q2 2013 (Q2 2012 - $7.3 million).
Emera's Services Renewables and Other investments (SRO)'s adjusted net income, was $3.6 million in Q2 2013 (Q2 2012 Adjusted Net Income - $15.3 million). The decrease was primarily due to $11.6 million of after-tax gains realized on the conversion of Algonquin subscription receipts in Q2 2012 (Q2 2013 - nil).
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.
The company will be hosting a teleconference at 10:00 am Atlantic time today (9:00 am Toronto/Montreal/New York; 7:00 am Winnipeg; 6:00 am Vancouver) to discuss the Q2 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, Monday, August 26, 2013). The teleconference will also be web cast live at emera.com and available for playback for one year.
Emera Inc. is an energy and services company with $8.0 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., EMA.PR.C., and EMA.PR.E. Additional information can be accessed at emera.com, or on sedar.com.
Jill MacDonald, CA, 902-428-6486
Manager, Investor Relations
KEYWORDS: North America Canada
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