Emera Inc. (EMA.TO) reported that its first-quarter net income increased to C$122.8 million from last year's C$80.2 million, with net income per share increasing to C$0.93 from C$0.65 last year.
Adjusted net income for the quarter increased 41.1% to C$115.4 million from C$81.8 million in the same quarter last year. Adjusted net income was C$0.88, up from C$0.66 last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.67 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusted net income excludes after-tax mark-to-market gains of C$7.4 million, compared to C$1.6 million loss in the prior year, and included after-tax gains of C$18.1 million realized on Algonquin Power and Utilities Corp subscription receipts, compared to no gain in the prior year.
Revenues for the quarter were C$638.1 million, up 12% from C$568.0 million in the year ago quarter.
For comments and feedback: editorial@rttnews.com