Business
Emera Reports Earnings for Q2 2010
Emera Reports Earnings for Q2 2010
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\n Aug. 6, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nHALIFAX, Aug. 6 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $29.6 million or $0.26 per share in the second quarter of 2010, compared to $38.1 million or $0.34 per share for the same period in 2009. The decrease in quarterly earnings is largely the result of lower earnings in Nova Scotia Power Inc. (NSPI). In the first half of the year, net earnings increased to $110.8 million or $0.98 per share compared to $103.6 million or $0.92 per share for the same period in 2009. This excludes the effect of mark-to-market accounting adjustments in Bear Swamp. These adjustments were immaterial in the quarter.\n"The first half of 2010 has been very strong and we are on course to meet our 4 to 6% growth target for the year," said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "In the second quarter we acquired 38% of Light and Power Holdings in Barbados and, in July, the shareholders of Maine and Maritimes Corporation voted in favour of the merger agreement with Bangor Hydro Holdings Inc.".\nNSPI earnings were $14.9 million in Q2 2010, compared to $22.8 million in Q2 2009. This decrease relates to reduced electric margin and increased operating costs driven by pension expense and investments in customer service initiatives. Consistent with Q1 2010, NSPI has lower income tax expense as a result of tax deductions associated with NSPI's increased renewable investments.\nBangor Hydro Electric contributed $7.0 million to consolidated net earnings in Q2 2010, compared to $5.3 million in Q2 2009. This increase is due primarily to transmission revenue increases and recovery of regionally funded transmission investments.\nEmera's Pipelines contributed $8.7 million to consolidated net earnings in Q2 2010, compared to $4.7 million in the same period in 2009. The increase is due to Brunswick Pipeline's service commencement in July 2009.\...