OTTAWA (dpa-AFX) - Energy company Emera Inc. (EMA, EMA.TO), which is in deal to be combined with Canadian Utilities Ltd. (CU.TO) in an all-share merger of equals, on Friday reported lower earnings in its third quarter with weak revenues.
Looking ahead, the company now expects fiscal 2026 adjusted earnings per share growth above the annual target range of 5-7 percent, while maintaining 5-7 percent adjusted earnings per share growth target through 2030.
Further, the firm announced C$21.5 billion five-year capital plan, which is expected to drive 7.5 percent to 8.5 percent rate base growth through 2031.
Around 82 percent of planned investment is in Florida supporting continued system strengthening, storm hardening, and customer demand growth.
The firm also said it remains on track to execute $4 billion annual capital plan in 2026.
Regarding the proposed merger to create regulated utility and energy infrastructure company with approximately C$72 billion in combined enterprise value, the company said the deal is expected to close in the third quarter or fourth quarter 2027, or earlier, subject to required approvals and customary closing conditions.
In the third quarter, Emera's bottom line came in at C$182 million or C$0.59 per share, lower than C$228 million or C$0.76 per share last year.
Adjusted earnings were C$260 million or C$0.85 per share for the period, compared to C$263 million or C$0.88 per share a year ago.
The company attributed the weak result primarily to higher corporate costs driven by a loss on the long-term incentive hedge, and lower earnings due to the sale of Grand Bahama Power Company, partially offset by increased earnings at People's Gas Company, Emera Energy Services and Nova Scotia Power Inc.
The company's revenue for the period fell 5.8 percent to C$1.984 billion from C$2.106 billion last year.
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