Energy services firm Emera's Q2 adjusted EPS up 49%, beats estimates
Overview
Emera Q2 adjusted EPS grows 49% yr/yr, beating analyst expectations
Company's reported EPS flat at C$0.45 due to NMGC sale charges
Growth driven by Tampa Electric, Emera Energy Services, and NMGC
Outlook
Emera commits to 5%-7% annual average EPS growth through 2027
Company expects 7%-8% rate base growth through 2029
Emera highlights capital investment needs for infrastructure reliability
Result Drivers
FLORIDA WEATHER - Favorable weather conditions in Florida contributed to earnings growth, per CEO Scott Balfour
CUSTOMER GROWTH - Increased earnings at Tampa Electric driven by customer growth and new base rates
LOWER CORPORATE COSTS - Decreased corporate costs supported higher adjusted net income
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted EPS | Beat | C$0.79 | C$0.65 (12 Analysts) |
Q2 EPS | C$0.45 | ||
Q2 Adjusted Net Income | C$236 mln | ||
Q2 Net Income | C$135 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 7 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the electric utilities peer group is "buy."
Wall Street's median 12-month price target for Emera Inc is C$65.00, about 1.7% below its August 7 closing price of C$66.11
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 19 three months ago
Press Release:
