In This Article:
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Adjusted Earnings Per Share (EPS): $1.28, a 68% increase over the same period in 2024.
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Adjusted Earnings: $379 million, compared to $216 million in 2024.
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Operating Cash Flow: 37% increase when normalized for fuel and storm deferrals.
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Capital Deployment: Over $700 million in customer-focused capital in Q1, on track for a $3.4 billion capital plan for the year.
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Customer Growth: Tampa Electric and People's Gas customer growth at over 1.5% and 3.5%, respectively.
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Emera Energy Earnings: Adjusted earnings of $48 million, compared to $33 million last year.
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Foreign Exchange Impact: Strengthening US dollar contributed to a 7% increase in adjusted EPS.
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Debt Portfolio: 11% of debt is variable rate, with plans to repay $1 billion variable rate debt with proceeds from the sale of New Mexico Gas.
Release Date: May 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Emera Inc (EMRAF) reported a record first quarter adjusted earnings per share of $1.28, a 68% increase over the same period in 2024.
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The company's regulated utilities, including Tampa Electric and New Mexico Gas, benefited from new rates reflecting their rate-based investments.
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Emera Energy had a record quarter, with adjusted earnings of $48 million, capitalizing on higher pricing and market volatility due to cold weather.
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The company successfully executed its asset sale program in 2024, strengthening its balance sheet and positioning it well for 2025.
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Emera Inc (EMRAF) remains confident in its 5% to 7% average earnings per share guidance through 2027, supported by a $3.4 billion capital plan for the year.
Negative Points
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The macroeconomic environment remains uncertain, posing potential challenges to capital deployment and customer affordability.
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There is some concern over tariff exposure and supply chain constraints, although the company is working to mitigate these risks.
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Nova Scotia Power is expected to earn just below the allowed rate of return band for the year, despite a strong first quarter.
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The regulatory process for the sale of New Mexico Gas is ongoing, with a hearing scheduled for June 23rd, and the outcome remains uncertain.
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Interest rate and tariff uncertainties have caused a chill in the data center community, potentially impacting future growth opportunities in Florida.
Q & A Highlights
Q: Can you provide an update on the regulatory process for the sale of New Mexico Gas? A: Scott Balfour, President and CEO, stated that the process is well underway with no unexpected developments. The next milestone is a hearing scheduled for June, and they expect a successful outcome and closing in the fourth quarter of 2025.