Business
Emera Reports Record Earnings of $151.3 Million for 2007
HALIFAX, Feb. 15 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings increased to $151.3 mi...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, Feb. 15 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net\nearnings increased to $151.3 million in 2007, compared to $125.8 million in\n2006. Annual earnings per share were $1.28 before considering the effect of\nmark-to-market accounting gains in Bear Swamp which increased earnings per\nshare to $1.36 compared to $1.14 in 2006. Consolidated net earnings for the\nthree months ended December 31, 2007 were $36.6 million compared to\n$33.5 million for the fourth quarter of 2006. Quarterly earnings per share\nwere $0.33 in 2007 compared to $0.30 in 2006.\n\n\n"We are pleased with our 2007 results," said Chris Huskilson, President\nand Chief Executive Officer of Emera Inc. "We made significant progress\nthroughout our business to stabilize our core utilities and invest in future\ngrowth. Nova Scotia Power performed consistent with expectations, Bangor Hydro\nhad a very strong year and Emera Energy reported solid earnings as well. Our\ninvestments in Brunswick Pipeline, the Northeast Reliability Interconnect\ntransmission line as well as other transmission development in New England and\nBear Swamp together will make a significant contribution to earnings in the\ncoming years."\n\n\nNova Scotia Power (NSPI), Emera's largest subsidiary, contributed\n$100.2 million to 2007 consolidated net earnings, compared to $104.3 million\nin 2006, and $91.2 million in 2005. This slight decrease was due primarily to\na reduction in electric margin, higher spending on storm response and\nincreased regulatory amortization. NSPI contributed $25.2 million to\nconsolidated net earnings in Q4 2007, compared to $29.9 million in Q4 2006.\nEarnings were lower quarter-over-quarter largely because 2006 earnings\nincluded approximately $9 million in insurance proceeds from settlement of a\nclaim related to a 2005 fuel supply interruption and 2007 storm costs were\nhigher due to a post tropical storm in November.\n\n\nBangor Hydro Electric (BHE), Emera's electricity transmission and\ndistribution utility subsidiary in Maine, contributed $6.7 million to\nconsolidated net earnings in Q4 2007, compared to $5.3 million in Q4 2006; and\n$27.5 million for the year ended December 31, 2007 compared to $16.8 million\nin 2006. Earnings increased due to higher revenue and capitalized costs\nassociated with the NRI transmission line proje...