Business
Emera Reports Q2 2008 Earnings of $42.9 million
HALIFAX, August 1 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $42.9 million in...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, August 1 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net\nearnings were $42.9 million in Q2 2008, compared to $34.1 million for the same\nperiod in 2007. Earnings per share were $0.39 in Q2 2008, compared to\n$0.30 for the second quarter of 2007.\n\n\nNova Scotia Power's earnings were $31.0 million in Q2 2008, in comparison\nto $23.9 million in Q2 2007. Income taxes were lower in the quarter. Although\ncommodity prices were higher in the quarter as expected, the increase was\noffset by an increased valuation of a long-term receivable. Excluding the\neffect of the long-term receivable NSPI's earnings would have been\n$21.5 million in the quarter. Higher fuel costs in quarters three and four\nwill moderate NSPI's earnings for the remainder of the year. NSPI's outlook is\nto earn within its allowed range.\n\n\n"We had a solid second quarter and are pleased with our results so far\nthis year," said Chris Huskilson, President and CEO of Emera. "All\nsubsidiaries continue to perform well. Brunswick Pipeline construction is\nproceeding as planned and is on target to meet a Q4 in-service date as\nexpected. Transmission activities in New England continue to advance."\n\n\nBangor Hydro Electric contributed $4.5 million to consolidated net\nearnings in Q2 2008, compared to $4.8 million in Q2 2007. This slight decrease\nrelates to the stronger Canadian dollar.\n\n\nEmera's Other operations contributed $7.4 million to net earnings in\nQ2 2008, compared to $5.4 million in Q2 2007. This increase relates to higher\nearnings and mark-to-market accounting gains in Bear Swamp offset by higher\nincome taxes. Excluding the effect of this mark-to-market accounting gain in\nBear Swamp, quarterly earnings per share would have been $0.35.\n\n\nForward Looking Information\n\n\nThis news release contains forward looking information. Actual future\nresults may differ materially. Additional financial and operational\ninformation is filed electronically with various securities commissions in\nCanada through the System for Electronic Document Analysis and Retrieval\n(SEDAR).\n\n\nTeleconference Call\n\n\nThe company will be hosting a teleconference at 2:00 pm Atlantic time\ntoday (1:00 pm Toronto/Montreal/New York; 12:00 pm Winnipeg; 10:00 am\nVancouver) to discuss the Q2 2008 financial results.\n\n\nAnalysts and other in...