Business
Emera Reports Record Q1 2008 Earnings of $69.4 million
HALIFAX, April 29 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $69.4 million in...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, April 29 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net\nearnings were $69.4 million in Q1 2008, compared to $39.7 million for the same\nperiod in 2007. Earnings per share were $0.62 in Q1 2008, compared to $0.36 in\nthe prior year.\n\n\nNSPI's earnings were $57.9 million in Q1 2008, in comparison to\n$26.1 million in Q1 2007. Strong earnings reflect higher than normal\nhydroelectric output, lower cost power purchases displacing higher cost fossil\nfuels, cost effective fuel switching to natural gas, and increased electric\nsales. The Q1 2007 results also reflect that a previous rate increase did not\ntake effect until Q2 of 2007. NSPI's outlook is to earn within its allowed\nrange.\n\n\n"We were pleased with our results this quarter," said Chris Huskilson,\nPresident and CEO of Emera. "Strong earnings in our businesses give us a good\nstart to the year. Brunswick Pipeline construction is well underway and is on\ntarget to meet a Q4 in-service date as expected and we invested $15 million in\nOpen Hydro as part of Emera's renewable energy strategy. As well, we've signed\nMemorandums of Understanding with National Grid in the US, and Newfoundland\nand Labrador Hydro here in Canada, consistent with our goal of developing\ntransmission in the region."\n\n\nBangor Hydro Electric contributed $5.5 million to consolidated net\nearnings in Q1 2008, compared to $6.9 million in Q1 2007. The decrease was\nprimarily due to the stronger Canadian dollar.\n\n\nEmera's Other operations contributed $6.0 million to net earnings in\nQ1 2008, compared to $6.7 million in Q1 2007. Earnings were lower in Energy\nServices due to reduced gas trading activity and the higher Canadian dollar.\nM&NP had lower earnings in the quarter due to the capitalization of certain\ncosts in Q1 2007 which had been expensed in prior periods. These decreases\nwere partially offset by higher energy and capacity sales and increased\nmark-to-market accounting gains at Bear Swamp. Absent the effect of this\nmark-to-market accounting gain in Bear Swamp, quarterly earnings per share\nwould have been $0.60.\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 securit...