The following is a summary of the Emera Incorporated (EMRAF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Emera reported Q1 2024 earnings per share of $0.76, a decline from $0.99 per share in Q1 2023.

• The company's Q1 adjusted earnings were $216 million, a drop from $268 million in Q1 2023.

• The reduction in EPS was mainly due to unusually mild weather and increased operating costs.

Business Progress:

• Emera deployed $600 million in capital in 2024 in line with its plan to invest approximately $3 billion.

• Florida operations, via Tampa Electric and Peoples Gas, continue to fuel Emera's overall growth.

• The installed solar capacity at Tampa Electric is projected to reach 1,350 megawatts by end 2024.

• Peoples Gas is diversifying energy solutions to cater to Florida's increasing energy needs.

• Nova Scotia Power is improving the Atlantic Reliability tie to ensure reliable electricity.

• Asset sale program is expected to be clarified by June 2024, and the course correction due to lower gas prices won't impact the 2024 cash flow.

• Emera aims to attract data center and AI-driven load growth to Tampa, expecting minimal costs due to proactive actions, and plans a rate increase to cover New Mexico gas cost hikes. In addition, Emera plans to raise $250-$300 million yearly through its ATM program.

More details: EMERA INC IR

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