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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