Business
Emera Reports $175.7 Million of Earnings for 2009
Emera Reports $175.7 Million of Earnings for 2009
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nFeb. 12, 2010 (Canada NewsWire Group) -- HALIFAX, Feb. 12 /CNW/ -- (EMA-TSX): Emera Inc. today released unaudited financial results. The company's consolidated net earnings were $175.7 million in 2009, compared to $144.1 million in 2008. Earnings per share were $1.56 for 2009 compared and $1.29 for 2008. Consolidated net earnings for the three months ended December 31, 2009 were $37.5 million compared to $25.3 million for the same period in 2008. Quarterly earnings per share were $0.33 in 2009 compared to $0.23 in 2008.\"2009 was a positive year for our business,\" said Chris Huskilson, President and CEO of Emera Inc.\" Not only did we have strong operating results, we also made progress on our growth strategy. Brunswick Pipeline went in service last July, we acquired the Bayside generating station in Saint John and we entered into a strategic partnership with Algonquin. As well, Nova Scotia Power Inc. (NSPI) deployed its test tidal turbine in the Bay of Fundy in November and we are advancing several wind projects.\"The Board of Directors is pleased to announce that it has declared a quarterly dividend of $0.2825 per share, an increase of $0.01, payable on or after May 17th to common shareholders of record at the close of business on May 3rd, 2010. This qualifies as an eligible dividend under the applicable legislation. This results in an annualized rate of $1.13, an increase from $1.09 per share.Earnings in NSPI were $109.3 million in 2009, compared to $105.6 million for the same period in 2008 due to an increase in electric margin and a fuel incentive paid to the company as a result of effective fuel management on behalf of customers. NSPI contributed $17.4 million to consolidated net earnings in Q4 2009 compared to $14.4 million for the same period in 2008.Bangor Hydro Electric Company (BHE) contributed $27.5 million to consolidated net earnings in 2009 compared to $23.1 million for the same period in 2008. This increase was mainly due to increased returns from new transmission investments and a stronger average US dollar. BHE contributed $7.0 million to consolidated net earnings in Q4 2009 compared to $6.6 million for the same period in 2008.Emera's pipelines contributed $24.2 million to consolidated net earnings in 2009 compared to $15.4 million in 2008. This increase was mainly attributable to increased earnings fr...