The following is a summary of the Emera Incorporated (EMRAF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Emera reported a Q2 2024 adjusted earnings of $151 million and EPS of $0.53, compared to $162 million and $0.60 in Q2 2023.

• Q2 2024 year-to-date adjusted earnings were stated at $367 million with an EPS of $1.28, compared to $430 million and $1.58 YTD in 2023.

Business Progress:

• Emera has undertaken strategic financial activities including a $500 million US hybrid offering, the sale of interests in the Labrador-Island link, and the securitization of $117 million of unrecovered fuel costs at Nova Scotia Power.

• The sale of New Mexico Gas aims to bolster the balance sheet and reduce holding company debt, aligning with the company�s capital investments in high growth markets.

• Tampa Electric completed turbine upgrades resulting in improved capacity and efficiency, and in Nova Scotia vital projects like the 150 MW battery energy storage system are underway.

Opportunities:

• The robust customer growth and demand for cleaner, more reliable energy at locations like Florida are driving investments in upgrading and hardening infrastructure.

• The potential securitization of additional deferred fuel costs in Nova Scotia and ongoing rate applications, including newly approved rates in Newfoundland and Labrador and upcoming decisions in other areas, indicate robust economic opportunity and operational growth.

Risks:

• The company highlighted a reduction in adjusted earnings per share for the quarter due to higher operating costs largely driven by increased interest expenses.

More details: EMERA INC IR

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