Business
Emera Restores Second Quarter Earnings to $29 Million
Emera Restores Second Quarter Earnings to $29 Million.
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\n\nHALIFAX, NS, July 28 /CNW/ -(EMA-TSX): Emera Inc.'s consolidated net\nearnings were $29.2 million in the second quarter of 2006, compared to\n$19.3 million for the same period in 2005, and $29.8 million in Q2 2004.\nConsolidated earnings per share were $0.26 in Q2 2006, compared to $0.18 in Q2\n2005, and $0.27 in Q2 2004.\n\"The second quarter of 2006 shows that Emera is back on track,\" said\nChris Huskilson, President and Chief Executive Officer. \"The improvement in\nearnings helps strengthen our business today, and our recently announced\ninvestment in the Brunswick Pipeline is an important step in growing our\ncompany for the future.\"\n\"I am pleased that NSPI has been able to restore its earnings this year\nafter a challenging 2005,\" said Mr. Huskilson. \"Ensuring the utility has a\nstrong financial footing depends on our ability to consistently recover costs\nand provide predictable returns within the range allowed by our regulator.\"\nThe Q2 earnings increase reflects an improvement at the Company's largest\nsubsidiary, Nova Scotia Power Inc. (NSPI). NSPI's contribution to consolidated\nearnings was $24.3 million in Q2 2006, compared with $13.7 million in Q2 2005,\nand $25.0 million in Q2 2004. The improvement in 2006 is due to the combined\neffect of an electricity price increase earlier this year; and higher proceeds\nfrom the resale of natural gas, which are netted against other fuel costs.\nSales and production volume decreases associated with the temporary shutdown\nof a large industrial customer and warmer weather had a minimal effect on\nelectricity margin in the quarter.\nBangor Hydro Electric (BHE), Emera's electricity transmission and\ndistribution utility in Maine, contributed $2.7 million to consolidated net\nearnings in Q2 2006, compared to $2.4 million in Q2 2005. Lower operating\nexpenses reflecting the capitalization of costs associated with the Northeast\nReliability Interconnect transmission project were somewhat offset by the\neffect of a stronger Canadian dollar.\nEmera's Other operations contributed $2.2 million to net earnings in Q2\n2006, compared to $3.2 million in Q2 2005.\nConsolidated cash provided by operating activities was $71.2 million in\nQ2 2006, compared to $65.9 million in Q2 2005.\n\nAbout Emera Inc.\n\nEmera Inc. (EMA-TSX) is an energy and services company with $4.0 billio...