Emera Inc.'s (EMA.T) first-quarter profit rose from a year earlier, largely due to higher contributions from its Nova Scotia Power unit.
Emera's net income was C$77.1 million or 68 Canadian cents a share; excluding the effect of mark-to-market accounting adjustments in Bear Swamp, it earned C$81.4 million or 71 Canadian cents, ahead of the Thomson Reuters analyst mean estimate of 60 Canadian cents.
In the year-earlier quarter, Emera earned C$62.8 million or 53 Canadian cents a share, though excluding the effects of mark-to-market accounting, earnings were C$66.3 million or 59 Canadian cents.
Emera's core business is electricity. Its largest unit, Nova Scotia Power, contributed C$63.3 million to earnings in the latest period versus C$52.5 million a year earlier, reflecting lower income tax expenses in the latest quarter. Bangor Hydro Electric Co., its Maine operation, contributed C$5.6 million to earnings, down from C$6.4 million on a stronger Canadian dollar.
Late Monday, Emera said it's acquiring a 38% interest in Light & Power Holdings Ltd., which holds the sole utility operator in Barbados, from Leucadia National Corp. (LUK) for US$85 million. The investment will make Emera the largest single shareholder of Light & Power.
In Toronto Tuesday, Emera is up 0.1% at C$23.97.
-By Tara Zachariah, Dow Jones Newswires; 416-306-2100; email@example.com