The following is a summary of the Emera Incorporated (EMRAF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Emera reported annual adjusted earnings of $809 million and adjusted earnings per share of $2.96 in 2023, down approximately 2% over 2022 due to higher interest rates and unfavorable weather.

• The company's Q4 adjusted earnings were $175 million, with adjusted EPS at $0.63.

• Despite lower annual earnings, there has been a 5.3% average annual increase in adjusted EPS over the last three years.

• The company's operative cash flow before working capital changes increased significantly, up by 104% over 2022.

• Emera Energy saw a decrease in earnings by $16 million while Canadian Utilities earnings were up due to new base rates and business growth.

Business Progress:

• Emera demonstrated progress with Tampa Electric's U.S. dollar earnings increasing nearly 8% per year since 2020 and Peoples Gas's earnings growing 15% YoY.

• Significant investments were made in clean energy and reliability, totaling nearly $9 billion over three years.

• The company reduced coal usage in their energy generation mix by 77% since 2005, progressing towards decarbonization goals.

• Tampa Electric's customer base experienced significant growth, increasing by 1.8% YoY.

• Emera successfully executed almost $3 billion of its highest-ever capital program in 2023.

• Further, investments were made into renewable energy resources and projects for renewable natural gas were approved and developed.

• Emera anticipates its earnings per share growth to be backed by strong rate base growth in 2024.

More details: EMERA INC IR

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