Emera 3Q Profit Drops, Unveils C$21.5 Billion Capital Plan

By Adriano Marchese

Emera logged lower third-quarter profit, raised its dividend and unveiled an expanded five-year capital plan aimed at Florida's growing energy demand.

The Halifax, Nova Scotia-based energy services company on Friday posted a decline in net income to 182 million Canadian dollars ($129.8 million), or C$0.59 a share, down from C$228 million, or C$0.76 a share, in the comparable quarter a year ago.

The company noted that earnings were weighed down by a C$41 million after-tax mark-to-market loss and merger transaction costs.

Adjusted earnings were C$0.85 a share. According to FactSet, analysts were expecting C$0.88 a share.

Emera is launching a C$21.5 billion Canadian dollar capital plan which is forecast to drive a rate-base growth of between 7.5% and 8.5% through 2030, an increase from a previous range of between 7% and 8%.

Florida represents about 82% of the company's planned investment, with most of the spending going towards reliability, resiliency and renewable investments, including 50% directed to strengthening electric transmission, distribution and gas infrastructure.

The new capital plan comes on the heels of its agreement to merge with Canadian Utilities in an all-share deal valued at C$14.3 billion. The deal brings together C$72 billion in enterprise value and a regulated rate base of C$45 billion serving about six million customers across Canada, the U.S. and international markets.

The transaction is expected to close sometime in the second half of next year or earlier, it said Friday.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 06, 2026 06:32 ET (11:32 GMT)