Emera Net Income Slips to 582 Million Canadian Dollars
The energy and services company reported a cash balance of 2.5 billion Canadian dollars as of March 31, 2026
Emera Incorporated (EMA), an energy and services company, reported net income of 582 million Canadian dollars for the three months ended March 31, 2026, down from 601 million Canadian dollars in the same period last year. Basic and diluted earnings per common share were 1.85 a share, compared to 1.96 a share in the prior year.
Total operating revenues rose to 2.813 billion Canadian dollars from 2.676 billion Canadian dollars. Regulated electric revenues increased to 1.836 billion Canadian dollars from 1.660 billion Canadian dollars, while regulated gas revenues fell to 568 million Canadian dollars from 605 million Canadian dollars.
Adjusted net income rose to 415 million Canadian dollars from 379 million Canadian dollars. The company attributed this growth to higher earnings at Emera Energy Services due to natural gas price volatility and market conditions, as well as higher revenue from new base rates and off-system sales at both Peoples Gas System, Inc. and Tampa Electric Company. These gains were partially offset by higher income tax expense and a stronger Canadian dollar.
Overall net income was impacted by a decrease in after-tax mark-to-market gains, which fell 57 million Canadian dollars to 147 million Canadian dollars from 204 million Canadian dollars in the first quarter of 2025. The company cited unfavorable changes in existing positions and higher amortization of gas transportation assets as the primary drivers.
Operating expenses rose to 1.870 billion Canadian dollars from 1.751 billion Canadian dollars. This included an increase in operating, maintenance and general expenses to 604 million Canadian dollars from 518 million Canadian dollars.
The company's liquidity position shifted significantly, with cash, cash equivalents, restricted cash, and cash associated with assets held for sale ending the period at 2.479 billion Canadian dollars, up from 335 million Canadian dollars in the prior year. This increase followed 2.049 billion Canadian dollars in net proceeds from long-term debt.
Emera is executing a capital investment plan of approximately 20 billion Canadian dollars from 2026 through 2030. To support this growth, the company plans to use cash from operations, corporate equity, and proceeds from the pending sale of New Mexico Gas Company, which is expected to close in mid-2026.