News

Utility Emera reports first-quarter profit of $122.8 million, revenue up

HALIFAX – Emera Inc. (TSX:EMA) reported Tuesday a first-quarter profit of $122.8 million in its latest quarter, up from $80.2 million a year ago, helped by a 12 per cent jump in revenue.

The utility company said the profit amounted to 93 cents per share for the quarter, up from 65 cents per share a year ago.

Revenues was $638.1 million, up $568 million in the first quarter of 2012.

Excluding one-time gains, the company said it earned an adjusted profit of $115.4 million or 88 cents per share for the quarter, up from an adjusted profit of $81.8 million or 66 cents per share a year ago.

“We had a strong start to 2013, with each of Emera’s business segments delivering improved results this quarter,” Emera president and chief executive Chris Huskilson said in a statement.

Emera’s Nova Scotia Power business earned $63.2 million, up from $59.6 million a year ago, while its operations in Maine earned $8.9 million, up from $8.5 million.

Caribbean Utilities earned $4.1 million, up from $3.9 million, while pipelines reported a profit of $7.2 million, up from $6.8 million.

Emera’s services renewables and other investments earned $48.6 million, up from $5.7 million.

Emera holds investments in power generation, transmission and distribution, as well as gas pipeline and utility energy services.