Emera Reports 2024 First Quarter Financial Results

HALIFAX, Nova Scotia, May 13, 2024–(BUSINESS WIRE)–Today Emera (TSX: EMA) reported 2024 first quarter financial results.

Summary

• Quarterly adjusted earnings per share (“EPS”) ⁽¹⁾ of $0.76 decreased $0.23 or 23% compared to $0.99 in Q1 2023. The primary drivers of this change are:
  • the impact of milder weather at Tampa Electric during the quarter;
  • lower contributions from New Mexico Gas Company’s (“NMGC”) asset management agreements, which were very strong in Q1 last year;
  • lower earnings at Nova Scotia Power (“NSPI”) due to an increase in OM&G costs focused on reliability and customer experience, as well as a one-time regulatory disallowance;
  • lower contributions from marketing and trading at Emera Energy Services (“EES”), which had a very strong Q1 last year;
  • higher corporate costs due to mark-to-market losses related to long-term compensation-related hedges;
  • partially offset by higher contributions from Peoples Gas (“PGS”), which benefited from new rates and strong customer growth – delivering its highest quarterly earnings ever.
    
• Quarterly reported net income decreased by $353 million to $207 million compared to $560 million in Q1 2023 and quarterly reported EPS decreased by $1.34 to $0.73 from $2.07 in Q1 2023. Both decreases were primarily due to mark-to-market (“MTM”) gains at EES in 2023.

“While weather and an unusually strong prior-year quarter contributed to lower comparative adjusted earnings for the quarter, our core utilities remain on track to deliver solid earnings results for the full year,” said Scott Balfour, President and CEO of Emera Inc. “We remain confident in the underlying forward-looking growth profile of our business, driven in large part by our two operations in Florida. Peoples Gas is on track to become our second largest earnings contributor in 2024, behind Tampa Electric. Together, our Florida businesses have delivered significant growth in earnings over the last five years, and we expect the drivers of this growth to continue.”