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HALIFAX - Emera Inc. (TSX/NYSE:EMA) reported a 9% increase in adjusted earnings per share for the third quarter of 2025, with adjusted EPS reaching $0.88 compared to $0.81 in the same period last year, according to a press release statement. The utility company's stock has delivered an impressive 34% year-to-date return and currently trades at a P/E ratio of 22.7.
The energy services provider announced a new five-year $20 billion capital plan extending through 2030, with approximately 80% of investments directed toward Florida operations. The company expects to maintain its 7-8% rate base growth through 2030, with Florida utilities specifically projected to achieve 8-9% rate base growth.
Emera's third quarter adjusted net income was $263 million, up from $236 million in Q3 2024, primarily driven by improved performance at Tampa Electric. Reported net income for the quarter was $228 million ($0.76 per share), compared to $4 million ($0.01 per share) in the same quarter last year.
"Emera's momentum continues with another strong quarter of adjusted EPS growth, principally driven by continued strong operational performance at Tampa Electric," said Scott Balfour, President and CEO of Emera Inc.
Year-to-date adjusted net income reached $878 million ($2.94 per share), compared to $603 million ($2.10 per share) for the same period in 2024.
The company's capital plan will focus on reliability and grid modernization, with more than 90% allocated to these areas along with renewable asset integration and technological innovation. Approximately 55% of investments will specifically target strengthening electric transmission, distribution, and gas infrastructure systems.
Emera also reported regulatory progress with the completion of the Peoples Gas rate case providing regulatory clarity through 2028, while Nova Scotia Power reached a settlement agreement with customer representatives.
The company has deployed more than $2.6 billion in capital year-to-date and remains on track to fully execute its 2025 capital plan, according to the press release.
In other recent news, Emera Incorporated announced that its subsidiary, EUSHI Finance, Inc., has successfully completed a $750 million notes offering. These notes are U.S. dollar denominated with a 6.25% fixed-to-fixed reset rate and are due in 2056. The notes are fully guaranteed by both Emera and Emera US Holdings Inc., providing additional security for investors. Additionally, Emera revealed plans to convert all of its outstanding Series B preferred shares into Series A shares by August 15, 2025. This decision was made following the observation that fewer than 1,000,000 Series B shares would remain outstanding after the conversion date. The conversion process was influenced by shareholder elections, with a significant number of Series B shares being tendered for conversion into Series A shares. These developments mark significant financial maneuvers for Emera as it continues to manage its capital structure.
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