Emera 1Q Net Up On Nova Scotia Power Contributions

Date : 05/04/2010 @ 11:58AM
Source : Dow Jones News
Stock : Leucadia National Corp. (LUK)
Quote : 25.55  -0.46 (-1.77%) @ 12:05AM

Emera 1Q Net Up On Nova Scotia Power Contributions

Emera Incorporated (TSX:EMA)
Historical Stock Chart

5 Years : From Oct 2012 to Oct 2017

Click Here for more Emera Incorporated Charts.

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; tara.zachariah@dowjones.com

 
 

Latest LUK Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.