Friday, November 6th, 2009
Power producer Emera's Q3 profit rises to $34.9M from year-ago $6.5M
HALIFAX, N.S. - Power producer Emera Inc. (TSX:EMA) reported Friday third-quarter profits of $34.9 million, up from $6.5 million in the same period of 2008, when the company logged significant accounting adjustments.
The Halifax-based company said its earnings amounted to 31 cents per share compared to five cents per share in the year-ago period. Excluding accounting adjustments in last year's results, earnings per share would have been 22 cents in the prior-year period.
'We had another strong quarter and are pleased with the momentum in our business," president and CEO Chris Huskilson said in a statement.
'Brunswick Pipeline went in-service and began shipping gas in mid-July. We closed the Bayside Power acquisition in September, successfully issued debt in both NSPI and Emera and were upgraded by S&P."
Given the strong results, the company's board increased its annual dividend about eight per cent $1.09 per share.
Revenue rose to $340.6 million, up from $295.8 million in the prior-year period.
Emera, with $5.2 billion in assets and 2,150 employees at the end of 2008, owns Nova Scotia Power Inc., the Atlantic province's dominant power generating company. It also owns Bangor Hydro-Electric Company in Maine and the Brunswick Pipeline, a 145 kilometre gas pipeline in New Brunswick.
Emera also holds 19 per cent of St. Lucia Electricity Services Ltd., which has more than 50,000 customers on the Caribbean island of St. Lucia, as well as 25 per cent of Grand Bahama Power Company, which has 19,000 customers on the Caribbean island of Grand Bahama.
In addition to its electric utility investments, Emera owns Bayside Power, a gas-fired power plant in Saint John, as well as a gas and power marketing business.
Emera also has a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydroelectric plant in northern Massachusetts and a 12.9 per cent stake in the Maritimes & Northeast Pipeline, which brings gas produced off Sable Island to markets in Canada and the United States.
In trading Friday on the TSX, Emera shares gained 37 cents to close at $22.42, a gain of 1.7 per cent.
