Emera’s third-quarter net income fell to C$182 million from C$228 million a year earlier, while the Halifax-based utility raised its dividend and announced a C$21.5 billion five-year capital plan focused largely on Florida’s growing energy demand.
Net income was C$0.59 a share, compared with C$0.76 in the year-earlier quarter. Emera said earnings were reduced by a C$41 million after-tax mark-to-market loss and merger transaction costs. Adjusted earnings came to C$0.85 a share, below analysts’ C$0.88 expectation, according to FactSet.
The plan is forecast to support rate-base growth of 7.5% to 8.5% through 2030, up from the previous forecast range of 7% to 8%. About 82% of planned investment is earmarked for Florida. Most of that spending will go toward reliability, resiliency and renewable investments, with half directed to strengthening electric transmission, distribution and gas infrastructure.
The announcement follows Emera’s agreement to merge with Canadian Utilities in an all-share deal valued at C$14.3 billion. The combined company would have C$72 billion in enterprise value and a regulated rate base of C$45 billion, serving about six million customers across Canada, the U.S. and international markets. Emera said Friday the transaction is expected to close in the second half of next year or earlier.
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