Business
Emera Reports Q3 2009 Earnings of $34.9 million
Emera Reports Q3 2009 Earnings of $34.9 million
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nNov. 6, 2009 (Canada NewsWire Group) -- HALIFAX, Nov. 6 /CNW/ -- (EMA-TSX): Emera Inc.'s consolidated net earnings were $34.9 million in Q3 2009, compared to $6.5 million for the same period in 2008. Earnings per share in the quarter were $0.31 compared to $0.05 in Q3 2008. In Q3 2008, two significant accounting adjustments at Nova Scotia Power and Bear Swamp negatively impacted earnings in that quarter. Excluding these accounting adjustments, earnings per share would have been $0.22 in Q3 2008.Year to date earnings were $135.8 million for the first three quarters of 2009 compared to $118.8 million for the same period in 2008. Earnings per share were $1.21 for the nine months ended September 30, 2009 compared to $1.06 for the same period in 2008.\"We had another strong quarter and are pleased with the momentum in our business,\" said Chris Huskilson, President and CEO of Emera. \"Brunswick Pipeline went in-service and began shipping gas in mid-July. We closed the Bayside Power acquisition in September, successfully issued debt in both NSPI and Emera and were upgraded by S&P. In light of our strategic progress, the Board of Directors increased our annual dividend by almost 8% to $1.09 per share.\"Nova Scotia Power's (NSPI) earnings were $16.6 million in Q3 2009, in comparison to $2.3 million in Q3 2008. This increase in earnings is primarily attributable to a valuation of a long term receivable in Q3 2008. Excluding the effect of this long term receivable, NSPI's earnings would have been $13.1 million in Q3 2008.Bangor Hydro Electric contributed $8.8 million to consolidated net earnings in Q3 2009, compared to $6.5 million in Q3 2008. The increase was due to an increase in transmission rates and the stronger US dollar.Emera's Other operations contributed $9.5 million to net earnings in Q3 2009, compared to a net loss of $2.3 million in Q3 2008. This increase relates mainly to increased earnings from Brunswick Pipeline. As well, mark-to-market adjustments in Bear Swamp reduced earnings by $7.3 million in the third quarter of last year.Emera's Management Discussion and Analysis and Financial Statements are available on our website at www.emera.com.Forward Looking InformationThis news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is...