Emera Reports Q1 2014 Earnings
Emera Inc. (TSX:EMA): reported results for the first quarter of 2014.
- Operating revenues increased 65% to $1.05 billion, compared to $638.1 million in Q1 2013.
- Adjusted net income(1) increased 27% to $146.6 million in Q1 2014 compared to $115.4 million in Q1 2013. Adjusted net income(1) excludes after-tax mark-to-market gains of $56.2 million (Q1 2013 – $7.4 million). Reported net income, including mark-to-market gains, was $202.8 million (Q1 2013 - $122.8 million).
- Adjusted earnings per share(1) increased 17% to $1.03 in Q1 2014 (Q1 2013 - $0.88). Basic earnings per share, including mark-to-market gains, were $1.43 (Q1 2013 - $0.93).
- Cash flows from operations increased 59.1% to $146.4 million (Q1 2013 – $92.0 million).
- Emera’s total assets increased 4.6% to $9.29 billion in Q1 2014 (2013 - $8.88 billion).
“Emera had a strong start to 2014, with improvement in both earnings and cash flow,” said Chris Huskilson, President and CEO of Emera Inc. “Emera Energy integrated the New England gas plants into their operations. Also, we reached an important milestone on our Maritime Link Project, securing $1.3 billion of debt financing at 3.50% with the backing of the Federal Loan Guarantee saving Nova Scotia customers approximately $325 million over the life of the project. Our strong results and progress so far this year position us well to deliver on future growth.”
(1) Non-GAAP Measures
Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items.
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For more information:
P.O. Box 1343
Pictou, Nova Scotia
Canada, B0K 1H0
Tel: (902) 428-7567
Jill Hennigar, CA
Manager, Investor Relations