February 11, 2014
Emera Inc. (EMA-TSX): reported results for the fourth quarter and the year ended December 31, 2013.
- Operating revenues increased 8.3% to $2.2 billion in 2013 compared to $2.1 billion in 2012.
- Net income adjusted for after-tax mark-to-market adjustments increased 12.5% to $259.4 million in 2013 (2012 - $230.5 million). Adjusted net income excludes after-tax mark-to-market losses of $41.9 million (2012 -$9.7 million). Reported net income, including mark-to-market losses was $217.5 million (2012 - $220.8 million).
- Adjusted earnings per share increased 6.0% to $1.96 in 2013 (2012 - $1.85). Adjusted earnings per share in Q4 2013 were $0.47 (Q4 2012 - $0.46).
- Cash flows from operations increased 41.9% to $564.2 million in 2013 (2012 - $397.6 million). 2012 cash flows include a $90 million ($58.9 million after-tax) voluntary contribution to Nova Scotia Power Inc (NSPI)'s pension plan made at the end of the year.
- Emera's total assets increased 17.8% to $8.88 billion in 2013 (2012 - $7.54 billion).
- In October, 2013, Emera's annual dividend increased to $1.45 per share (2012 - $1.40 per share).
'2013 was a year of substantial progress for Emera,' said Chris Huskilson, President and CEO of Emera Inc. 'In addition to the strong financial results, most notably, the Maritime Link Project received final regulatory approval in November and Nalcor successfully completed its project financing in December. We are now working to complete the financing for the Maritime Link in the first half of 2014. Also, Emera Energy's marketing business had a very strong year, as they were well positioned to use acquired pipeline capacity through asset management agreements or direct pipeline reservations and their market experience to serve customers in the dynamic Northeast natural gas market. As well, the recently acquired gas plant assets in New England provided a positive contribution to earnings. Our progress during the year positions us well to deliver on future growth.'
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