Q2 2024 Emera Inc Earnings Call Transcript
Key Points
- Emera Inc (EMRAF) announced a $500 million US hybrid offering and the sale of its interest in the Labrador-Island link, providing approximately $2 billion in liquidity.
- The company reduced holding company debt by approximately $1.3 billion, improving its debt metrics significantly.
- Emera Inc (EMRAF) has a strong capital plan, with $8.8 billion in investments over three years, focusing on reliability, storm hardening, and grid modernization.
- The sale of New Mexico Gas will further reduce holding company debt by approximately $1 billion and improve credit metrics.
- Tampa Electric and Peoples Gas showed strong customer growth and new base rates, contributing positively to the company's earnings.
- Adjusted earnings per share decreased from $0.60 in Q2 2023 to $0.53 in Q2 2024, and year-to-date adjusted earnings per share decreased from $1.58 to $1.28.
- Higher operating costs, largely due to increased interest expenses, negatively impacted the company's results.
- Corporate costs increased by $15 million in the quarter, driven by higher interest expenses and unfavorable currency translations.
- Nova Scotia Power faced higher operating costs and income tax expenses, which negatively impacted earnings.
- Emera Energy's year-to-date results were down $13 million compared to the previous year, reflecting weaker performance in the natural gas market.
Good morning, ladies and gentlemen, and welcome to Emera Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions).
I would now like to turn the conference over to Dave Bezanson. Please go ahead.
Thank you, Jenny, and thank you all for joining us this morning for Emera's Q2 2024 conference call and live webcast. Emera's second quarter earnings release was distributed this morning by a newswire and the financial statements, management's discussion and analysis and the presentation being referenced on this call are available on our website at emera.com.
Joining me for this morning's call are Scott Balfour, Emera's President and Chief Executive Officer, Greg Blunden, Emera's Chief Financial Officer and other members of Emera's management team.
This morning's discussion will include forward-looking information which is subject to the cautionary statement
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