Company Reports

Emera and Canadian Utilities announced a merger of equals, which would form a utility with a combined CAD 72 billion enterprise value and CAD 45 billion rate base.

Emera is a predominantly US utility that generates most of its earnings and growth from its Florida operations. While its Canadian utilities have historically operated under a constructive regulatory framework, its US utilities offer more growth opportunities, higher allowed returns, and an industry-leading regulatory environment in Florida.

Emera reported second-quarter operating earnings of CAD 0.69 per share, compared with CAD 0.79 in the same year-ago period. Year-to-date earnings are flat compared with 2025.

Emera reported first-quarter operating earnings of CAD 1.37 per share, up from CAD 1.28 per share in the year-ago period, putting the company on track to meet our full-year expectations.

Emera is a predominantly US utility that generates most of its earnings and growth from its Florida operations. While its Canadian utilities have historically operated under a constructive regulatory framework, its US utilities offer more growth opportunities, higher allowed returns, and an industry-leading regulatory environment in Florida.

Emera reported full-year 2025 operating earnings of CAD 3.49 per share, up from CAD 2.94 in 2024 and in line with our full-year projections.

Emera reported third-quarter operating earnings per share of CAD 0.88, up from CAD 0.81 in the year-ago quarter, putting the company on track to meet our full-year expectations.

Emera is a predominantly US utility that generates most of its earnings and growth from its Florida operations. While its Canadian utilities have historically operated under a constructive regulatory framework, its US utilities offer more growth opportunities, higher allowed returns, and an industry-leading regulatory environment in Florida.

Emera is a predominantly US utility that generates most of its earnings and growth from its Florida operations. While its Canadian utilities have historically operated under a constructive regulatory framework, its US utilities offer more growth opportunities, higher allowed returns, and an industry-leading regulatory environment in Florida.

Emera reported second-quarter operating earnings of CAD 0.79 per share, up from CAD 0.53 in the same quarter last year, putting the company on track to meet our and management's full-year growth expectations.

Emera reported first-quarter operating earnings per share of CAD 1.28, up from CAD 0.76 in the year-ago quarter, putting the company on track to exceed our full-year expectation for 6% growth.

Utilities have limited direct exposure to the tariffs announced by the Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

Emera has transitioned to a predominantly US utility that generates a majority of its earnings and growth from its Florida operations. While its Canadian utilities have historically operated under a constructive regulatory framework, its US utilities offer more growth opportunities and higher allowed returns.

Emera reported 2024 operating earnings per share of CAD 2.94, roughly flat from 2023 earnings.

We are maintaining our CAD 50 fair value estimate for narrow-moat Emera after the company reported third-quarter operating earnings per share of CAD 0.81 compared with CAD 0.75 in the same year-ago quarter. Management reaffirmed its 5% to 7% earnings growth target through 2027, which we view as achievable.

Emera has transitioned to a predominantly U.S. utility that generates a majority of its earnings and growth from its Florida operations. While Emera's Canadian utilities have historically operated under a constructive regulatory framework, Emera's U.S. utilities offer more growth opportunities and higher allowed returns.

We maintain our CAD 50 fair value estimate for narrow-moat Emera after the company reported second-quarter operating earnings per share of CAD 0.53 compared with CAD 0.60 in the same year-ago quarter. The company reaffirmed its 5%-7% earnings growth target through 2027, which we view as achievable.

We are maintaining our CAD 50 fair value estimate for narrow-moat Emera after the company reported first-quarter operating earnings per share of CAD 0.76 compared with CAD 0.99 in the year-ago quarter.

Emera has transitioned to a predominantly U.S. utility that generates a majority of its earnings and growth from its Florida operations. While Emera's Canadian utilities have historically operated under a constructive regulatory framework, Emera's U.S. utilities offer more growth opportunities and higher allowed returns.

We are maintaining our CAD 54 value estimate for narrow-moat Emera after the company reported operating earnings per share of CAD 2.96 for 2023 compared with CAD 3.20 in 2022.