Emera Reports Solid Earnings for Q2 2014
Emera (TSX:EMA) reported results for the second quarter of 2014.
'Emera had a solid quarter with improvement in revenue, cash flow and adjusted earnings'
- Operating revenues of $566.6 million in Q2 2014 increased 11.9% compared to Q2 2013.
- Adjusted net income(1)(before after-tax mark-to-market impacts) of $44.2 million in Q2 2014 is an increase of 3.8% compared to $42.6 million in Q2 2013. Reported net income, including mark-to-market losses, was $24.5 million in Q2 2014 (Q2 2013, $44.9 million).
- Adjusted earnings per share(1) was $0.31 in Q2 2014 (Q2 2013, $0.32). Year-to-date adjusted earnings per share(1) of $1.34 is an 11.7% increase over $1.20 for the six months ending June 30th 2013.
- Cash flow from operations increased 75.9% to $410.2 million for the six months ending June 30th 2014 (YTD 2013, $233.2 million) primarily due to higher cash earnings from trading and marketing in Emera Energy.
'Emera had a solid quarter with improvement in revenue, cash flow and adjusted earnings' said Chris Huskilson, President and CEO of Emera Inc. 'Our strong year to date financial results reflect the continuing success of our strategy and positive impacts from our complimentary portfolio of assets.'
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