- Emera (EMA) reported 2022 second quarter financial results
- Quarterly adjusted EPS increased $0.05 or 9 per cent to $0.59 compared to $0.54 in Q2 2021
- Year-to-date reported net income was $295 million or $1.12 per common share, compared with net income of $256 million or $1.01 per common share year-to-date in 2021
- Emera is a geographically diverse energy and services company
- Emera Incorporated (EMA) is up 0.36 per cent, trading at C$61.24 per share at 3:33 pm ET
Emera (EMA) reported 2022 second quarter financial results.
Highlights:
- Quarterly adjusted EPS increased $0.05 or 9 per cent to $0.59 compared to $0.54 in Q2 2021. Quarterly reported net loss per common share increased $0.18 to $(0.25) in Q2 2022 compared to a net loss per common share of $(0.07) in Q2 2021. This was due to higher mark-to-market losses
- Year-to-date, adjusted EPS increased $0.02 or 1 per cent to $1.51 compared to $1.49 in Q2 2021. Year-to-date reported EPS increased by $0.11 to $1.12 from $1.01 in 2021 due to lower MTM losses
- Contributions from regulated utilities increased adjusted EPS 18 per cent for the quarter and 12 per cent year-to-date. These increases were partially offset by higher corporate costs, lower contributions from Emera Energy and a higher share count
- On track to fully execute on 2022 capital plan with almost $1.1B of capital investment in cleaner and reliable energy in the first half of 2022
Scott Balfour, President and CEO of Emera Inc, commented on the results.
“Our portfolio of high-quality regulated assets continue to deliver solid performance and predictable earnings growth, driven by strong results from our Florida utilities. The company’s strategy continues to deliver for both customers and shareholders. Our focus is on a clean energy transition that ensures grid reliability and minimizes the cost impacts to customers.”
Q2 2022 financial results:
Q2 2022 reported net loss was $67 million, or $0.25 per common share, compared with a net loss of $17 million, or $0.07 per common share, in Q2 2021. Reported net income included a $223 million after-tax MTM loss, primarily at Emera Energy.
Q2 2022 adjusted net income was $156 million, or $0.59 per common share, compared with $137 million, or $0.54 per common share, in Q2 2021.
The increase was primarily due to higher earnings contribution from Tampa Electric.
Year-to-date financial results:
Year-to-date reported net income was $295 million or $1.12 per common share, compared with net income of $256 million or $1.01 per common share year-to-date in 2021. YTD reported net income included a $96 million after-tax MTM loss primarily at Emera Energy and $7 million of NSP Maritime Link Inc. unrecoverable costs.
YTD adjusted net income was $398 million or $1.51 per common share, compared with $380 million or $1.49 per common share year-to-date in 2021.
Growth in year-to-date adjusted net income was primarily due to higher earnings contribution from Tampa Electric.
Emera is a geographically diverse energy and services company. The company invests in electricity generation, transmission, and distribution as well as gas transmission and utility energy services. Emera has operations throughout North America and the Caribbean countries.
Emera Incorporated (EMA) is up 0.36 per cent, trading at C$61.24 per share at 3:33 pm ET.