Emera Inc.'s (EMA.T) first-quarter profit rose from a year
earlier, largely due to higher contributions from its Nova Scotia
Power unit.
Emera's net income was C$77.1 million or 68 Canadian cents a
share; excluding the effect of mark-to-market accounting
adjustments in Bear Swamp, it earned C$81.4 million or 71 Canadian
cents, ahead of the Thomson Reuters analyst mean estimate of 60
Canadian cents.
In the year-earlier quarter, Emera earned C$62.8 million or 53
Canadian cents a share, though excluding the effects of
mark-to-market accounting, earnings were C$66.3 million or 59
Canadian cents.
Emera's core business is electricity. Its largest unit, Nova
Scotia Power, contributed C$63.3 million to earnings in the latest
period versus C$52.5 million a year earlier, reflecting lower
income tax expenses in the latest quarter. Bangor Hydro Electric
Co., its Maine operation, contributed C$5.6 million to earnings,
down from C$6.4 million on a stronger Canadian dollar.
Late Monday, Emera said it's acquiring a 38% interest in Light
& Power Holdings Ltd., which holds the sole utility operator in
Barbados, from Leucadia National Corp. (LUK) for US$85 million. The
investment will make Emera the largest single shareholder of Light
& Power.
In Toronto Tuesday, Emera is up 0.1% at C$23.97.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100;
tara.zachariah@dowjones.com
