Canada · Delayed Price · Currency is CAD Emera Earnings Call Transcripts
Fiscal Year 2026
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The all-share merger combines two regulated utility platforms, creating a ~CAD 72B North American business with growth led by Florida and Alberta. Closing is expected in late 2027, subject to shareholder and regulatory approvals.
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Adjusted EPS and earnings remain strong year-to-date, with major asset sales enhancing financial flexibility and supporting a robust capital plan. Regulatory and market conditions in core regions remain favorable, and credit metrics are improving.
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Record financial results and operational achievements were reported, with all shareholder proposals approved. Strategic investments and modernization initiatives continue, while cybersecurity and affordability remain key priorities. Shareholder engagement addressed data center growth and cyber risk.
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Record Q1 adjusted EPS rose 7% year-over-year, driven by strong utility and Emera Energy performance, regulatory clarity, and robust capital execution. Data center growth in Florida and portfolio optimization further support long-term EPS growth targets.
Fiscal Year 2025
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Record 2025 results with 19% adjusted EPS growth, strong capital deployment, and robust segment performance, especially at Tampa Electric. Extended 5%-7% EPS growth guidance through 2030, with a CAD 20 billion capital plan and constructive regulatory progress supporting long-term outlook.
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Q3 adjusted EPS rose 9% year-over-year to $0.88, with YTD EPS up 40%. A $20 billion capital plan through 2030 supports 7%-8% rate-based growth, with Florida utilities leading expansion. Regulatory clarity, strong cash flow, and prudent capital allocation underpin positive outlook.
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Q2 2025 adjusted EPS rose 49% year-over-year to $0.79, driven by strong performance at Tampa Electric and Emera Energy, with robust capital deployment and improved credit metrics. Guidance for 5%-7% annual EPS growth is reaffirmed, and regulatory progress continues across key jurisdictions.
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The meeting highlighted a record CAD 20 billion capital plan, strong 2024 financial results, and a new NYSE listing to access broader capital markets. All board and governance motions passed, and the company remains focused on grid modernization, reliability, and shareholder value.
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Record Q1 adjusted EPS rose 68% year-over-year, driven by strong regulated utility and Emera Energy performance. Cash flow and credit metrics improved, with robust capital deployment and limited tariff risk. Guidance for above-trend EPS growth in 2025 remains intact.
Fiscal Year 2024
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Adjusted EPS for 2024 was CAD 2.94, matching prior year and guidance, with a strong Q4 driven by regulated utilities and lower costs. Strategic asset sales, robust capital investment, and favorable rate cases strengthened the balance sheet and outlook, with EPS growth expected to exceed guidance in 2025.
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Management outlined a $20B five-year capital plan focused on Florida and Nova Scotia, targeting 7%-8% rate base growth and 5%-7% EPS growth, supported by robust grid modernization, renewables, and operational excellence. Strategic asset sales, regulatory wins, and a planned NYSE listing strengthen the balance sheet and future growth prospects.
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Q3 2024 adjusted earnings rose 8% year-over-year, led by strong Florida operations and customer growth. Storm costs from major hurricanes are being managed through regulatory recovery, while strategic actions have strengthened the balance sheet and improved credit metrics.
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Q2 2024 adjusted earnings and EPS declined year-over-year due to higher costs, but major asset sales and financing actions improved liquidity and credit metrics. Strong customer growth and regulatory progress support a 5%-7% medium-term EPS growth outlook, with further balance sheet strengthening expected post-New Mexico Gas sale.
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New guidance targets 5%-7% EPS growth through 2027 and 1%-2% dividend growth, with a focus on capital allocation to high-growth regions and reducing the payout ratio to 80% by 2027. Recent asset sales and financing actions have strengthened the balance sheet and credit metrics.