Investment plan

Emera 4Q profits increase; Up to 8% growth expected from the investment plan

By Adriano Marchese

Emera Inc. on Monday reported an increase in fourth-quarter earnings and said it expects growth of up to 8% through 2024 thanks to a new investment plan.

The Halifax, Nova Scotia-based energy holding company said earnings per share were C$1.24, the equivalent of 97 US cents, compared to C$1.09 in the comparable quarter a year ago. year.

Reported net income was C$324 million, compared to C$273 million a year ago.

Adjusted earnings were C$0.64 per share, down from C$0.75 per share.

Looking ahead, the company said it has an investment plan to invest $8.4 billion over the period from 2022 to 2024, adding that there is also an additional $1 billion in investments. capital potential over the same period.

As a result, Emera said it expects rate base growth of 7% to 8% through 2024.

The plan will be funded primarily by internally generated cash flow and new debt raised.

Equity requirements in support of the investment plan should be funded through a dividend reinvestment plan as well as through the issuance of shares.

Emera also expects its annual dividend to increase by 4% to 5% over the same period.

Write to Adriano Marchese at [email protected]