Business
Emera Reports Q3 2008 Earnings
HALIFAX, Nov. 7 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $6.5 million in Q3...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, Nov. 7 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings\nwere $6.5 million in Q3 2008, compared to $40.9 million for the same period in\n2007. Earnings per share were $0.05 in the quarter compared to $0.37 in 2007.\nTwo significant accounting adjustments negatively impacted earnings in the\nquarter. Excluding these accounting adjustments, earnings per share would have\nbeen $0.22. Mark-to-market accounting losses in Bear Swamp reduced earnings\nper share by $0.07 in the quarter. As well, the valuation of a long-term\nreceivable in Nova Scotia Power decreased in the quarter causing a further\n$0.10 reduction in earnings per share.\n\n\nYear-to-date earnings were $118.8 million for the first three quarters of\n2008 compared to $114.7 million for the same period in 2007. Earnings per\nshare were $1.06 for the nine months ended September 30, 2008, compared to\n$1.03 for the same period in 2007, inclusive of mark-to-market accounting\nchanges.\n\n\nNova Scotia Power's earnings were $2.3 million in Q3 2008, compared to\n$25 million in Q3 2007. As expected, fuel costs in NSPI increased\nsignificantly in the quarter due to higher commodity costs. Two additional\nfactors contributed to the quarter over quarter change in NSPI. The decreased\nvaluation of a long-term receivable reduced earnings by $10.8 million in the\nquarter. Excluding the effect of the long-term receivable, NSPI's earnings\nwould have been $13.1 million in the quarter. As well, earnings were also\nhigher in 2007 due to a $10.8 million tax recovery in the third quarter last\nyear. NSPI's outlook for the full year 2008 is to earn within its allowed\nrange of rate of return.\n\n\n"Despite expected weaker financial results in the quarter, we are pleased\nwith our progress so far this year," said Chris Huskilson, President and CEO\nof Emera. "Brunswick Pipeline construction is nearing completion, we acquired\n25% of the Grand Bahama Power Company and NSPI's 2009 rate settlement was\napproved. In light of this progress in our businesses, the Board of Directors\nannounced a 6% increase in our dividend on October 20th."\n\n\nBangor Hydro-Electric contributed $6.5 million to consolidated net\nearnings in Q3 2008, compared to $9.1 million in Q3 2007. This decrease\nrelates primarily to the capitalization of costs in 2007 related to\nc...