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Emera Second-Quarter Adjusted Earnings Fall 13% YoY

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Emera (EMA.TO) said on Friday that its second-quarter adjusted earnings fell 13% to C$0.69 per share, from C$0.79 per share, in the prior year period.

The result missed the C$0.71 per share that was forecast by analysts polled by FactSet.

Emera said the lower earnings were due to higher interest expenses and foreign exchange losses at the corporate level, as well as lower earnings at New Mexico Gas Company and the sale of Grand Bahama Power.

The company last month received final approval from the New Mexico Public Regulation Commission for the $1.25 billion sale of New Mexico Gas Company to Bernhard Capital Partners. The transaction is expected to be completed this month.

Emera shares were last seen down C$1.14 at C$71.15 on the Toronto Stock Exchange.

Price: $70.90, Change: $-1.40, Percent Change: -1.93%

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