Emera reports financial results for the first quarter of 2024

HALIFAX, Nova Scotia, May 13, 2024–(BUSINESS WIRE)–Today Emera (TSX: EMA) released Q1 2024 financial results.

Summary

• Adjusted quarterly 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 on Tampa Electric during the quarter;

  • lower contributions from New Mexico Gas Company (“NMGC”) asset management arrangements, which were very strong in the first quarter of last year;

  • lower profits 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 gloss;

  • lower marketing and trading contributions at Emera Energy Services (“EES”), which had a very strong first quarter 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 tariffs 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 the first quarter of 2023, and quarterly reported EPS decreased by $1.34 to $0.73. from $2.07 in Q1 2023. Both reductions were primarily due to mark-to-market (“MTM”) gains. at EES in 2023.

“While weather and an exceptionally strong quarter last year contributed to lower comparative adjusted earnings in the quarter, our key dealerships remain on track to deliver solid full-year earnings results,” 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 Florida operations. Peoples Gas is on track to become our second largest earnings contributor in 2024, behind Tampa Electric Together , our Florida business has delivered significant earnings growth over the past five years and we expect the drivers of that growth to continue.”

First Quarter 2024 Financial Results

Reported net income for the first quarter of 2024 was $207 million, or $0.73 per common share, compared to net income of $560 million, or $2.07 per common share, in the first quarter of 2023.

Adjusted net income(1) for the first quarter of 2024 was $216 million, or $0.76 per common share, compared to $268 million, or $0.99 per common share, in the first quarter 2023. The reduction was mainly due to lower profits from our operating businesses; increased corporate OM&G due to the timing of long-term compensation hedges; and higher corporate interest expenses.

The story continues

Consolidated Financial Review

The following table highlights significant changes in adjusted net income attributable to common shareholders from 2023 to 2024.

Segment Results and Non-GAAP Reconciliation

1 Non-GAAP Financial Measures and Ratios

Emera uses financial measures that do not have a standardized meaning under US GAAP and may not be comparable to similar measures presented by other entities. Emera calculates non-GAAP measures and indices by adjusting certain GAAP measures for specific items. Management believes that the exclusion of these items better distinguishes the ongoing operations of the business. For more information about the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, Adjusted EPS – Basic, see the “Non-GAAP Financial Measures and Ratios” section of Emera’s Q1 2024 MD&A, which is embedded here. by reference and can be found on SEDAR+ at www.sedarplus.ca. Reconciliation to the closest GAAP measure is included in “Segment Results and Non-GAAP Reconciliation” above.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect the current beliefs of Emera management and are based on information currently available to Emera management. There is a risk that the predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not prove to be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s Annual Management’s Discussion and Analysis, and under the heading “Key Risks and Uncertainties” in the notes. to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca.

Conference call

The company will host a conference call today, Monday, May 13, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss first quarter 2024 financial results.

Analysts and other interested parties in North America are invited to participate by calling 1-800-717-1738. International parties are invited to participate by calling 1-289-514-5100. Participants must call in at least 10 minutes before the call begins. No access code is required.

A live and archived audio webcast of the conference call will be available on the Company’s website, www.emera.com. The conference call replay will be available on the Company’s website two hours after the end of the conference call.

About Emera

is a geographically diversified energy and services company headquartered in Halifax, Nova Scotia, with approximately $39 billion in assets and 2023 revenues of $7.6 billion. The company invests primarily in regulated electricity generation and the transmission and distribution of electricity and gas, with a strategic focus on transforming high-carbon energy sources to low-carbon energy sources. Emera has investments in Canada, the United States and three Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbols EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA. PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing Emera common shares are listed on the Barbados Stock Exchange under the symbol EMABDR and on the Bahamas International Stock Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or in www.sedarplus.ca.

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Contacts

Emera Inc.
relationship with investors
Dave Bezanson, Vice President of Investor Relations and Pensions
902-474-2126
dave.bezanson@emera.com

media
902-222-2683
media@emera.com

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