Emera Inc. reported fourth‑quarter 2025 adjusted earnings per share of $0.55, beating the consensus estimate of $0.44 by $0.11 and marking a decline from the $0.84 adjusted EPS posted in Q4 2024. Net income per share fell to $0.23 from $0.52 a year earlier, reflecting weaker performance in several regulated utilities. Despite the quarterly dip, the company’s full‑year 2025 adjusted EPS rose 19% to $3.49, the first time the company has exceeded $1 billion in annual adjusted net income.
Segment results highlighted a mixed picture. Earnings at Nova Scotia Power and New Mexico Gas were lower than the prior year, driven by reduced tax recoveries and unfavorable weather at Tampa Electric. These headwinds were partially offset by stronger earnings at Emera Energy Services, which benefited from higher demand for its services portfolio.
Management extended its average adjusted EPS growth target of 5‑7% annually through 2030, using 2024 as the base year. The company also deployed a record $3.6 billion in capital in 2025 as part of a five‑year, $20 billion program, supporting an 8% growth in its rate base and reinforcing long‑term infrastructure investment.
Scott Balfour, President and CEO, said, "Without question, 2025 was a strong year for Emera. For the first time, we exceeded $1 billion in annual adjusted net income and saw a 19% increase in average adjusted EPS over 2024." He added, "We are making disciplined, strategic investments in the business at historic levels, strengthening the essential infrastructure our customers rely on. Every dollar invested is paced with care – balancing customer affordability with the long‑term reliability, resilience and value our stakeholders expect."
Investors reacted with a muted response, reflecting the contrast between the company’s robust full‑year performance and the softer Q4 results. The guidance for the next quarter remains unchanged, underscoring management’s confidence in maintaining profitability while navigating short‑term operational challenges.
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