Business
Emera Q3 Earnings Increase to $40.9 million
HALIFAX, Nov. 2 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings increased to $40.9 mill...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, Nov. 2 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings\nincreased to $40.9 million in the third quarter of 2007 compared to\n$19.5 million in Q3, 2006. The increase in the quarter was largely due to a\n$10.8 million income tax recovery in Nova Scotia Power Inc.(NSPI). Earnings\nper share were $0.37 in Q3 2007 compared to $0.18 in the same period last\nyear. Strong results year to date are driven by solid performance from Bangor\nHydro-Electric (BHE) and the Bear Swamp hydro-electric generating station.\n\n\n"We continue to see progress in our business," said Chris Huskilson,\nPresident and Chief Executive Officer of Emera Inc. "The Brunswick Pipeline\nhas cleared all regulatory hurdles and construction is about to begin. In\naddition, construction of the Northeast Reliability Interconnect (NRI)\ntransmission line is complete and the line will be in-service in December as\nplanned."\n\n\nNSPI earned $14.2 million before a $10.8 million income tax recovery in\nthe third quarter compared to $12.7 million in Q3, 2006. This tax recovery is\nthe result of the Canada Revenue Agency's approval of the deductibility of\ncertain capitalized expenses as requested by NSPI for the years 2000 to 2004\ninclusive.\n\n\nBangor Hydro-Electric earned $9.1 million in the quarter compared to\n$5.1 million in Q3 last year. The increase relates to increased revenue and\ncapitalized costs associated with the NRI development partially offset by the\nstrong Canadian dollar.\n\n\nEmera's other operations contributed $6.8 million in Q3, 2007 compared to\n$1.7 million in Q3, 2006. The Bear Swamp generating facility had higher energy\nand capacity sales as well as strengthened mark-to-market on energy positions,\nprimarily associated with the company's long term contract with the Long\nIsland Power Authority, in the third quarter of 2007 compared to Q3 of 2006.\nThe Maritimes & Northeast Pipeline also reported increased earnings this\nquarter.\n\n\nConsolidated cash from operations was $82.8 million in Q3, 2007, compared\nto $98.8 million in Q3 2006 reflecting increased operating working capital\nrequirements.\n\n\nTeleconference Call\n\n\nEmera will be hosting a teleconference at 4:00 pm Atlantic time today\n(3:00 pm Toronto/Montreal/New York; 2:00 pm Winnipeg; 12:00 pm Vancouver) to\ndiscuss the Q3 2007 fin...