Topic: How To Invest

The Successful Investor Hotline – Friday, May 17, 2024

Article Excerpt

EMERA INC., $50.43, Toronto symbol EMA, is a buy. The company owns 100% of Nova Scotia Power, that province’s main electricity supplier. It also owns 100% of Teco Energy, which supplies electricity and natural gas to 1.3 million customers in Tampa Bay, Florida. Another of Teco’s businesses distributes gas to 540,000 customers in New Mexico. Emera’s other interests include power plants and natural gas pipelines in the U.S. and the Caribbean. Emera’s revenue in the three months ended March 31, 2024, fell 17.1%, to $2.02 billion from $2.43 billion a year earlier. If you factor out $410 million in accounting losses from its energy trading business, revenue in the quarter decreased by $5 million. That decline is largely due to lower prices at its gas utilities and unfavourable weather conditions in Florida and New Mexico. Earnings (before unusual items) fell 19.4%, to $216 million from $268 million. Due to more shares outstanding, per-share earnings declined 23.2%, to $0.76 a share from $0.99. That missed…