Emera Reports 2025 First Quarter Financial Results
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today, Emera (TSX: EMA) reported 2025 first quarter financial results.
Highlights
Emera delivers strong first quarter results.
Quarterly adjusted earnings per share ('EPS') (1) grew 68% to $1.28 in Q1 2025 compared to $0.76 in Q1 2024 driven by robust performance from across its portfolio
Quarterly reported EPS increased to $1.96 in Q1 2025 from $0.73 in Q1 2024 primarily due to market-to-market ('MTM') gains recognized in 2025 as compared to MTM losses recognized in 2024
On track to deploy $3.4 billion of capital in 2025, with more than $700 million invested in the first quarter.
'Emera's strong start to 2025 provides further evidence of the high quality of our portfolio, providing further support and meaningful early progress towards delivering upon our average adjusted EPS 1 growth guidance of 5-7% through 2027,' said Scott Balfour, President and CEO of Emera Inc. 'Our utilities are making significant investments to continue to improve reliability for customers, to modernize critical infrastructure and to support market growth in the communities we serve while also working to manage cost and affordability impacts for customers. This work and these investments are foundational to delivering long term value for customers and shareholders alike.'
Q1 2025 Financial Results
Q1 2025 adjusted net income attributable to common shareholders ('adjusted net income') (1) was $379 million, or $1.28 per common share, compared with $216 million, or $0.76 per common share, in Q1 2024. The increase was primarily due to higher earnings from Tampa Electric Company ('TEC'), Nova Scotia Power Inc. ('NSPI'), Emera Energy Services ('EES') and New Mexico Gas Company ('NMGC'); the impact of a weaker Canadian dollar ('CAD') and decreased corporate operating, maintenance and general expenses ('OM&G'), partially offset by decreased income from equity investments due to the sale of Emera's indirect minority interest in the Labrador Island Link ('LIL') in Q2 2024.
Q1 2025 reported net income was $583 million, or $1.96 per common share, compared with net income of $207 million, or $0.73 per common share, in Q1 2024.
Weakening of the CAD increased adjusted net income by $14 million and increased net income attributable to common shareholders by $30 million in Q1 2025 compared to the same period in 2024. Impacts of the changes in the translation of the CAD include the impacts of Corporate FX hedges, reported in the Other segment, used to mitigate translation risk of USD earnings.
(1) See 'Non-GAAP Financial Measures and Ratios' noted below and 'Segment Results and Non-GAAP Reconciliation' below for reconciliation to nearest US GAAP measure.
Consolidated Financial Review
The following table highlights significant changes in adjusted net income from 2024 to 2025.
Segment Results and Non-GAAP Reconciliation
Three months ended March
For the
31
millions of Canadian dollars (except per share amounts)
2025
2024
Adjusted net income 1,2
Florida Electric Utility
$
164
$
85
Canadian Electric Utilities
121
87
Gas Utilities and Infrastructure
120
98
Other Electric Utilities
-
9
Other 3
(26)
(63)
Adjusted net income 1,2
$
379
$
216
MTM gain (loss), after-tax 4
204
(9)
Net income attributable to common shareholders
$
583
$
207
EPS (basic)
$
1.96
$
0.73
Adjusted EPS (basic) 1,2
$
1.28
$
0.76
1 See 'Non-GAAP Financial Measures and Ratios' noted below.
2 Excludes the effect of MTM adjustments.
3 Quarter-over-quarter, primarily due to higher contributions from EES and lower OM&G due to timing difference in the valuation of long-term incentive expense and related hedges in 2024 at corporate, partially offset by decreased income tax recovery at corporate and higher corporate interest expense.
4 Net of income tax expense of $84 million for the three months ended March 31, 2025 (2024 - $4 million tax recovery).
Expand
1 Non-GAAP Financial Measures and Ratios
Emera uses financial measures that do not have standardized meaning under US GAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted EPS – basic, refer to the "Non-GAAP Financial Measures and Ratios" section of Emera's Q1 2025 MD&A, which is incorporated herein by reference and can be found on SEDAR+ at www.sedarplus.ca. Reconciliation to the nearest GAAP measure is included in 'Segment Results and Non-GAAP Reconciliation' above.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading 'Enterprise Risk and Risk Management' in Emera's annual Management's Discussion and Analysis, and under the heading 'Principal Financial Risks and Uncertainties' in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca.
Teleconference Call
The company will be hosting a teleconference today, Thursday, May 8, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q1 2025 financial results.
Analysts and other interested parties in North America are invited to participate by dialing 1-800-717-1738. International parties are invited to participate by dialing 1-289-514-5100. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available on the Company's website within 24 hours after the conclusion of the call.
About Emera
Emera (TSX: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in Canada, the United States and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange. Additional information can be accessed at www.emera.com or www.sedarplus.ca.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
23 minutes ago
- Business Wire
Renesas Announces Expected Loss Resulting from Signing Restructuring Support Agreement with Wolfspeed
TOKYO--(BUSINESS WIRE)--Renesas Electronics Corporation (TSE: 6723, "Renesas"), a premier supplier of advanced semiconductor solutions, today announced that it has entered into a Restructuring Support Agreement (the "Restructuring Support Agreement") with Wolfspeed, Inc. (NYSE: WOLF, "Wolfspeed") and its principal creditors for the financial restructuring of Wolfspeed. As a result, Renesas expects to record a loss as described below. 1. Details of Loss As , Renesas entered into the silicon carbide wafer supply agreement with Wolfspeed, and through Renesas' wholly owned subsidiary in the United States, it provided a deposit (the "Deposit") of US$2 billion (approximately 292.0 billion yen) to Wolfspeed. In October 2024, Renesas and Wolfspeed amended their agreement and increased the outstanding principal amount of the Deposit to US$2.062 billion (approximately 301.1 billion yen). Subsequently, Wolfspeed has experienced financial challenges. On May 8, 2025, during its quarterly earnings call, Wolfspeed disclosed that to achieve its stated goal of strengthening its balance sheet, it may implement a transaction through an in-court solution. Due to Wolfspeed's contemplation of an in-court option, Wolfspeed included required going concern language in the footnotes to its financial statements for the quarterly period ended March 30, 2025. In response to this situation, Renesas has been engaging in discussions with Wolfspeed and today entered into the Restructuring Support Agreement among Wolfspeed and its principal creditors, pursuant to which Renesas agreed to, among other things, convert the Deposit of US$2.062 billion into convertible notes, common stock, and warrants issued by Wolfspeed as follows (the 'Restructuring'). Wolfspeed convertible notes: US$204 million (approximately 29.8 billion yen) in aggregate principal amount, convertible to Wolfspeed common stock, maturing in June 2031. These notes are convertible into 13.6% of Wolfspeed's total issued shares on a non-diluted basis at the time of the completion of the Restructuring. On a fully diluted basis, and prior to the exercise of the warrants to be granted to Renesas, this corresponds to 11.8%. Wolfspeed common stock: equivalent to 38.7% (17.9% on a fully diluted basis, prior to Renesas warrants exercise) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. Wolfspeed warrants: equivalent to 5% (on a fully diluted basis) of the total number of issued shares of Wolfspeed at the completion of the Restructuring. The Restructuring is expected to be consummated through proceedings under Chapter 11 of the U.S. Bankruptcy Code. It is expected that Wolfspeed will file a petition with the court to initiate such proceedings in the near future. The Restructuring is expected to become effective by the end of September 2025, subject to court approval of the restructuring plan. If the necessary regulatory approvals have not been obtained by the time the Restructuring takes effect, Renesas will hold rights to instruments with equivalent economic value to Wolfspeed's convertible notes, common stock, and warrants until those approvals are received. In connection with the signing of the Restructuring Support Agreement, Renesas expects to record a loss on the deposited receivables related to the Deposit in its consolidated financial statements. Although the timing and amount of such loss have not been determined at this time, Renesas believes that there is a possibility of recording a loss of approximately 250 billion yen (converted at an average exchange rate of 150 yen to the dollar during the period) in the consolidated financial statements for the six months ending June 30, 2025. Please note that this amount is an estimate calculated by Renesas' internal analysis based on the currently available information and may increase or decrease due to various factors. The definitive timing and amount of the loss to be recorded will be determined in consultation with Renesas' auditor and will be announced once it is determined. 2. Future Outlook Renesas discloses revenue, gross margin, and operating margin on a "Non-GAAP" basis and does not disclose a forecast for profit attributable to owners of parent. Therefore, there is no change to the forecast for the six months ending June 30, 2025, announced on April 24, 2025. (Note1) Unless otherwise indicated, yen equivalents in this material are calculated using the exchange rate as of June 20, 2025: 146 yen to the dollar. (Note2) Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS basis) figures following a certain set of rules. Renesas believes non-GAAP measures provide useful information in understanding and evaluating its constant business results, and therefore, forecasts are provided on a non-GAAP basis. This adjustment and exclusion include the amortization of intangible assets recognized from acquisitions, other PPA (purchase price allocation) adjustments and stock-based compensation, as well as other non-recurring expenses and income Renesas believes to be applicable. Expand About Renesas Electronics Corporation Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at Follow us on LinkedIn, Facebook, Twitter, YouTube, and Instagram. (FORWARD-LOOKING STATEMENTS) The statements in this press release with respect to the plans, strategies and financial outlook of Renesas and its consolidated subsidiaries (collectively 'we') are forward-looking statements involving risks and uncertainties. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as 'aim,' 'anticipate,' 'believe,' 'continue,' 'endeavor,' 'estimate,' 'expect,' 'initiative,' 'intend,' 'may,' 'plan,' 'potential,' 'probability,' 'project,' 'risk,' 'seek,' 'should,' 'strive,' 'target,' 'will' and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements discuss future expectations, identify strategies, contain projections of our results of operations or financial condition, or state other forward-looking information based on our current expectations, assumptions, estimates and projections about our business and industry, our future business strategies and the environment in which we will operate in the future. Known and unknown risks, uncertainties and other factors could cause our actual results, performance or achievements to differ materially from those contained or implied in any forward-looking statement, including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar; and risks and uncertainties associated with Wolfspeed's proceedings under Chapter 11 of the U.S. Bankruptcy Code, including Wolfspeed's ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of such proceedings, and other factors discussed in Wolfspeed's filings with the U.S. Securities and Exchange Commission. Among other factors, a downturn of the world economy; deteriorating financial conditions in world markets, or a deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. This press release is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither we nor our advisors or representatives are under an obligation to update, revise, or affirm.
Business Wire
2 hours ago
- Business Wire
Shift4 to Acquire Australian Payments Leader Smartpay
CENTER VALLEY, Pa. & AUCKLAND, New Zealand--(BUSINESS WIRE)-- Shift4 (NYSE: FOUR), a leader in integrated payments and commerce technology, has announced it has signed a definitive agreement to acquire Smartpay (NZX:SPY, ASX:SMP), a leading independent provider of payment processing and point-of-sale solutions in Australia and New Zealand, for NZ$296.4 million (~$180m USD), or NZ$1.20 per share. This represents a 46.5% premium to 90 trading day Volume Weighted Average Price (VWAP). Smartpay sells tailored payment solutions through an extensive distribution network across Australia and New Zealand, supporting a diverse base of more than 40,000 merchants in the region. The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approvals. 'This acquisition follows the Shift4 playbook to a tee. It deepens our strategic presence in Australia and New Zealand, providing a significant opportunity to offer our full suite of software and payments solutions in the region,' said Shift4 CEO Taylor Lauber. 'By combining our payment infrastructure with Smartpay's distribution capabilities, we're well positioned to go-to-market at scale in the region with our leading products and services such as SkyTab POS for restaurants, SkyTab Venue for stadiums and arenas, and our end-to-end payment solution for hotels and unified commerce merchants.' Shift4 has successfully executed a similar strategy of combining acquisitions to deliver a superior integrated payment experience with localized distribution, service, and support, valuable merchant-facing products, and owned payment rails to rapidly scale in other regions, most recently in Germany, the UK and Ireland. About Shift4 Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying complex payments ecosystems across the world. As the leader in commerce-enabling technology, Shift4 powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For more information, visit About Smartpay Smartpay (NZX:SPY, ASX:SMP) is the leading independent provider of electronic funds transfer at point of sale (EFTPOS) solutions in Australia and New Zealand. Smartpay designs, develops and implements point-of-sale payment solutions for more than 40,000 merchants. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our expectations associated the completion, the benefits, synergies, efficiencies, and opportunities arising from, and anticipated costs of the proposed transaction, and the timing of any of the foregoing. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause each of our actual results, performance or achievements, to be materially different from any futures results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to the substantial and increasingly intense competition worldwide in the financial services, payments and payment technology industries; our ability to continue to expand our respective share of the existing payment processing markets or expand into new markets; additional risks associated with our expansion into international operations, including compliance with and changes in foreign governmental policies, as well as exposure to foreign exchange rates; regulatory approvals and other related issues; and our respective ability to integrate and interoperate each of our services and products with a variety of operating systems, software, devices, and web browsers, and the other important factors discussed under the caption 'Risk Factors' in Part I, Item 1A in Shift4's Annual Report on Form 10-K for the years ended December 31, 2024, as updated by our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and our other filings with the SEC. Any such forward-looking statements represent management's expectations as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause of our view to change.
Business Wire
2 hours ago
- Business Wire
Exelixis Announces Zanzalintinib in Combination with an Immune Checkpoint Inhibitor Improved Overall Survival in STELLAR-303 Phase 3 Pivotal Trial in Patients with Metastatic Colorectal Cancer
BUSINESS WIRE)-- Exelixis, Inc. (Nasdaq: EXEL) today announced positive topline results from the STELLAR-303 phase 3 pivotal trial in which zanzalintinib in combination with atezolizumab (Tecentriq ®) demonstrated a statistically significant improvement in overall survival (OS) versus regorafenib in the intent-to-treat (ITT) population of patients with previously treated non-microsatellite instability (MSI)-high metastatic colorectal cancer (CRC). These topline findings are from the final analysis conducted by the Independent Data Monitoring Committee of one of the dual primary endpoints of the STELLAR-303 phase 3 trial. The trial will proceed to the planned final analysis for the other dual primary endpoint of OS in patients without liver metastases (non-liver metastases, NLM). The safety profiles of zanzalintinib in combination with atezolizumab and of regorafenib were generally consistent with what has been previously observed, and no new safety signals were identified. The ITT population consisted of all randomized patients, regardless of the presence of liver metastases. The NLM subgroup consisted of patients who did not have active liver metastases at baseline as determined by investigator assessment. 'The STELLAR-303 results, which showed a survival benefit with the combination of zanzalintinib and atezolizumab versus regorafenib across all randomized patients with previously treated metastatic colorectal cancer, marks an important first milestone for our zanzalintinib pivotal development program,' said Amy Peterson, M.D., Executive Vice President, Product Development & Medical Affairs, and Chief Medical Officer, Exelixis. 'We look forward to discussing the findings with regulatory authorities and presenting the detailed results at an upcoming medical conference.' Secondary endpoints of STELLAR-303 include progression-free survival, objective response rate and duration of response in the ITT population and in the NLM subgroup of patients. Exelixis plans to submit detailed results of STELLAR-303 for presentation at an upcoming medical conference. About STELLAR-303 STELLAR-303 (NCT05425940) is a global, multicenter, randomized, phase 3, open-label study that randomized 901 patients 1:1 to either zanzalintinib (100 mg) in combination with atezolizumab or regorafenib. The study includes patients with previously treated non-MSI-high metastatic CRC. The dual primary endpoints of the study are OS in the ITT population and in the NLM subgroup of patients. Presence of liver metastases at baseline for all enrolled patients was determined by investigator assessment. Secondary endpoints include progression-free survival, objective response rate and duration of response in the ITT population and in the NLM subgroup of patients. More information about the trial is available at About Zanzalintinib Zanzalintinib is a third-generation oral tyrosine kinase inhibitor that inhibits the activity of receptor tyrosine kinases implicated in cancer growth and spread, including VEGF receptors, MET, AXL and MER. These receptor tyrosine kinases are involved in both normal cellular function and in pathologic processes such as oncogenesis, metastasis, tumor angiogenesis and resistance to multiple therapies, including immune checkpoint inhibitors. With zanzalintinib, Exelixis sought to build upon its extensive experience with the target profile of cabozantinib, the company's flagship medicine, while improving key characteristics, including pharmacokinetic half-life. Zanzalintinib is currently being developed for the treatment of advanced solid tumors, including colorectal cancer, kidney cancer, head and neck cancer and neuroendocrine tumors. Zanzalintinib is an investigational agent that is not approved for any use and is the subject of ongoing clinical trials. About CRC CRC is the third most common cancer and the second leading cause of cancer-related deaths in the U.S. 1 Approximately 154,000 new cases will be diagnosed in the U.S. with around 53,000 expected deaths from the disease in 2025. 1 CRC is most frequently diagnosed among people aged 65-74 and is more common in men and in people of non-Hispanic American Indian/Alaska Native descent. 2 Nearly a quarter of CRC cases are diagnosed at the metastatic stage, at which point the five-year survival rate is just 16.2%. 2 The liver is the most common site for CRC metastasis. Liver metastases significantly impact survival, with a median five-year survival rate of less than 14% when treated with palliative chemotherapy. 3 About Exelixis Exelixis is a globally ambitious oncology company innovating next-generation medicines and regimens at the forefront of cancer care. Powered by drug discovery and development excellence, we are rapidly evolving our product portfolio to target an expanding range of tumor types and indications with our clinically differentiated pipeline of small molecules, antibody-drug conjugates and other biotherapeutics. This comprehensive approach harnesses decades of robust investment in our science and partnerships to advance our investigational programs and extend the impact of our flagship commercial product, CABOMETYX ® (cabozantinib). Exelixis is driven by a bold scientific pursuit to create transformational treatments that give more patients hope for the future. For information about the company and its mission to help cancer patients recover stronger and live longer, visit follow @ExelixisInc on X (Twitter), like Exelixis, Inc. on Facebook and follow Exelixis on LinkedIn. Forward-Looking Statements This press release contains forward-looking statements, including, without limitation, statements related to: the therapeutic potential of the combination of zanzalintinib in combination with atezolizumab to improve overall survival in patients with metastatic CRC; Exelixis' plans to discuss the trial data from STELLAR-303 with regulatory authorities and to present detailed findings at an upcoming medical conference; and Exelixis' scientific pursuit to create transformational treatments that give more patients hope for the future. Any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and are based upon Exelixis' current plans, assumptions, beliefs, expectations, estimates and projections. Forward-looking statements involve risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, which include, without limitation: the availability of data at the referenced times; complexities and the unpredictability of the regulatory review and approval processes in the U.S. and elsewhere; Exelixis' continuing compliance with applicable legal and regulatory requirements; unexpected concerns that may arise as a result of the occurrence of adverse safety events or additional data analyses of clinical trials evaluating zanzalintinib; Exelixis' dependence on third-party vendors for the development, manufacture and supply of zanzalintinib; Exelixis' ability to protect its intellectual property rights; market competition; changes in economic and business conditions; and other factors affecting Exelixis and its development programs detailed from time to time under the caption 'Risk Factors' in Exelixis' most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in Exelixis' future filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Exelixis as of the date of this press release, and Exelixis undertakes no obligation to update or revise any forward-looking statements contained herein, except as required by law. Exelixis, the Exelixis logo and CABOMETYX are registered U.S. trademarks of Exelixis. TECENTRIQ is a registered U.S. trademark of Genentech, a member of the Roche Group. ___________________________ 1 Key Statistics for Colorectal Cancer. ACS website. Available at: Accessed June 2025. 2 Cancer Stat Facts: Colorectal Cancer. SEER website. Available at: Accessed June 2025. 3 Ros J, Salva F, Dopazo C, et al. Liver transplantation in metastatic colorectal cancer: are we ready for it? Br J Cancer. May 2023;128(10):1797-1806.
