Business
Emera Reports Q2 2011 Earnings
HALIFAX, Aug. 5, 2011 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $29.9 ...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\n\n\nHALIFAX, Aug. 5, 2011 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $29.9 million in Q2 2011,\n compared to $48.5 million in Q2 2010. The 2010 comparative amount\n includes a $22.5 million non-taxable accounting gain on an acquisition.\n Absent this amount, Q2 2010 net earnings were $26.0 million. Reported\n earnings per share were $0.24 in Q2 2011 and $0.43 in Q2 2010 ($0.23 in\n Q2 2010 excluding the aforementioned accounting gain).\n\n\n\"We are pleased with our results so far for 2011, and the progress we\n are making with our recent transactions\", said Chris Huskilson,\n President and CEO of Emera Inc.  \"We are on track to close our\n investment in First Wind by the end of the year. We're bringing our\n skills to bear on our Caribbean investments, focusing on integrating\n Barbados and making substantial operating improvements in Grand\n Bahama.  And the new team at Emera Newfoundland and Labrador is making\n progress on The Maritime Link, and expects to file the environmental\n assessment this fall.\"\n\n\nNova Scotia Power Inc. contributed $16.7 million to consolidated net\n earnings in Q2 2011, compared to $15.5 million in Q2 2010.  The\n increase was primarily due to increased electric margin as a result of\n load growth and colder weather, and lower income taxes. Offsetting the\n increase are higher operating, maintenance and general expenses due\n primarily to higher pension, labour and plant maintenance costs.\n\n\nMaine Utility Operations contributed $8.4 million to consolidated net\n earnings in Q2 2011 compared to $7.0 million for the same period in\n 2010. The increase was mainly due to increased returns from new\n transmission investments, and new earnings from Maine Public Service,\n which was acquired in December, 2010.\n\n\nCaribbean Utility Operations contributed $3.4 million to consolidated\n net earnings in Q2 2011 compared to $24.5 million in Q2 2010. As noted\n above, the 2010 comparative amount includes a $22.5 million non-taxable\n accounting gain on acquisition. Absent this amount, the Q2 2010\n contribution from Caribbean operations was $2.0 million.\n\n\nPipelines contributed $7.2 million to consolidated net earnings in Q2\n 2011 compared to $4.5 million in Q2 2010. The increase was primarily\n due to changes in the mark-to-market on curre...