Emera Reports Stable H1 2026 Results as New Mexico Sale Remains Under Appeal
The Canadian utility posted $218 million in net income for the first half while continuing to depreciate assets from its pending $1.3 billion NMGC disposal.
Financial Performance
Emera Incorporated reported net income attributable to common shareholders of $218 million for the six months ended June 30, 2026, compared to $183 million in the prior-year period, according to its supplemental financial filing dated August 7, 2026 (FIN SUPP filing, 2026-08-07). The Canadian utility holding company, with a market capitalization of approximately $15 billion, saw operating revenues reach $3.3 billion for the half-year period.
For the second quarter alone, net income attributable to common shareholders totaled $115 million, up from $79 million in Q2 2025. The company's weighted average shares outstanding stood at 281 million for the six-month period, resulting in earnings per common share of $0.77, compared to $0.66 in the prior year (FIN SUPP filing, 2026-08-07).
Asset Dispositions
Emera completed the sale of its 100 percent interest in Grand Bahama Power Company Limited on May 12, 2026, recognizing a loss of $21 million after transaction costs, or $19 million after-tax (FIN SUPP filing, 2026-08-07). The transaction was recorded in "Other (expense) income, net" on the company's consolidated statements.
The company's pending sale of New Mexico Gas Company (NMGC) for a total enterprise value of approximately $1.3 billion USD remains in flux following a July 30, 2026 final order from the New Mexico Public Regulation Commission approving the transaction. However, "certain of the intervening parties filed a notice of appeal of the final order to the New Mexico Supreme Court" on July 31, 2026, with no further steps taken in the appeal process to date (FIN SUPP filing, 2026-08-07).
NMGC's assets and liabilities have been classified as held for sale since Q3 2024. The company recorded $37 million ($27 million USD) in depreciation on these assets during the first half of 2026, part of $134 million ($97 million USD) recorded since the classification date. No impairment or fair value adjustments were recorded in 2026, compared to a $75 million non-cash impairment charge ($71 million after-tax) taken in Q2 2025 (FIN SUPP filing, 2026-08-07).
Balance Sheet and Segment Performance
Emera's total assets stood at $37.9 billion as of June 30, 2026, compared to $38.1 billion at year-end 2025. Long-term debt totaled $16.9 billion, while the company maintained $750 million in USD-denominated hybrid notes designated as a hedge of foreign currency exposure in its USD-denominated operations (FIN SUPP filing, 2026-08-07).
The Florida Electric Utility segment generated net income of $166 million for the six months, while Canadian Electric Utilities contributed $68 million. The Gas Utilities and Infrastructure segment posted $49 million in net income for the half-year period (FIN SUPP filing, 2026-08-07).
The company declared dividends of $1.4650 per common share for the six-month period, up from $1.4500 in the prior year. Emera also issued common stock under its at-the-market program, raising $163 million net of issuance costs during the first half of 2026.
This article was generated by MarginX from the FIN SUPP filing on 2026-08-07. It is not investment advice.