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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