EMRJF EMERA INC
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Executive Summary
Emera reported Q1 2026 adjusted EPS of $1.37, up 7% year-over-year, driven by strong performance at Emera Energy Services, Peoples Gas, and Tampa Electric. Reported EPS fell to $1.85 from $1.96 due to a $57M decrease in mark-to-market gains. The company announced the pending sale of Grand Bahama Power Company and expects to close the New Mexico Gas sale mid-2026. Regulatory approvals for NSPI rate increases support future earnings.
Actionable Insight
Monitor closures of NMGC and GBPC sales for cash inflow; track Florida Supreme Court decision on TEC rate case appeal; watch NSPI's ability to earn within allowed ROE range after rate increase. The raised EES guidance suggests further upside in the Other segment.
Key Facts
- Adjusted EPS basic $1.37 vs $1.28 in Q1 2025, up 7%
- Reported EPS $1.85 vs $1.96, down 5.6%
- Adjusted net income $415M vs $379M, up $36M
- Florida Electric Utility adjusted net income $180M vs $164M
- Canadian Electric Utilities adjusted net income $86M vs $121M, down $35M due to lower tax credits at NSPI
- Gas Utilities & Infrastructure adjusted net income $136M vs $120M
- Emera Energy Services raised 2026 adjusted net income guidance to $60–80M USD (from $15–30M USD)
- Pending sale of Grand Bahama Power Company announced May 5, 2026, closing by end of May
- NSPI rate case approved: 1.2% rate increase effective May 1, 2026, additional 2.5% Jan 1, 2027
- Capital plan of ~$20B through 2030, ~80% in Florida utilities
Financial Impact
Adjusted net income increased $36M YoY; reported net income decreased $21M due to MTM adjustments; operating cash flow up $36M to $735M
Risk Factors
- Florida Supreme Court appeal could result in rate refunds if intervenors prevail
- Pending sales of NMGC and GBPC may be delayed or not close as expected
- Cybersecurity incident at Canadian affiliates could lead to residual operational or financial impacts
- Higher debt levels ($22.5B long-term debt) increase interest expense and financial leverage
Market Snapshot
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-215035 |
| Document: d937393dex991.htm | 0001193125-26-215035 |
| Document: d937393dex994.htm | 0001193125-26-215035 |
| Document: d937393d6k.htm | 0001193125-26-215035 |
| Document: d937393dex995.htm | 0001193125-26-215035 |
| Document: d937393dex996.htm | 0001193125-26-215035 |
| Document: d937393dex993.htm | 0001193125-26-215035 |
| Document: 0001193125-26-215035-index-headers.html | 0001193125-26-215035 |
| Document: 0001193125-26-215035-index.html | 0001193125-26-215035 |
| Document: 0001193125-26-215035.txt | 0001193125-26-215035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 22, 2026
1d ago
|
6-K
| — | awaiting T+20 | — | — |
|
May 8, 2026
15d ago
|
6-K
| — | awaiting T+20 | — | — |
|
Apr 30, 2026
23d ago
|
6-K
| — | awaiting T+20 | — | — |
US Market Status
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