Monitor closures of NMGC and GBPC sales for cash inflow; track Florida Supreme Court decision on TEC rate case appeal; watch NSPI's ability to earn within allowed ROE range after rate increase. The raised EES guidance suggests further upside in the Other segment.
Price Chart
Executive Summary
Emera reported Q1 2026 adjusted EPS of $1.37, up 7% year-over-year, driven by strong performance at Emera Energy Services, Peoples Gas, and Tampa Electric. Reported EPS fell to $1.85 from $1.96 due to a $57M decrease in mark-to-market gains. The company announced the pending sale of Grand Bahama Power Company and expects to close the New Mexico Gas sale mid-2026. Regulatory approvals for NSPI rate increases support future earnings.
Key Facts
- Adjusted EPS basic $1.37 vs $1.28 in Q1 2025, up 7%
- Reported EPS $1.85 vs $1.96, down 5.6%
- Adjusted net income $415M vs $379M, up $36M
- Florida Electric Utility adjusted net income $180M vs $164M
- Canadian Electric Utilities adjusted net income $86M vs $121M, down $35M due to lower tax credits at NSPI
- Gas Utilities & Infrastructure adjusted net income $136M vs $120M
- Emera Energy Services raised 2026 adjusted net income guidance to $60–80M USD (from $15–30M USD)
- Pending sale of Grand Bahama Power Company announced May 5, 2026, closing by end of May
- NSPI rate case approved: 1.2% rate increase effective May 1, 2026, additional 2.5% Jan 1, 2027
- Capital plan of ~$20B through 2030, ~80% in Florida utilities
Financial Impact
Adjusted net income increased $36M YoY; reported net income decreased $21M due to MTM adjustments; operating cash flow up $36M to $735M
Risk Factors
- Florida Supreme Court appeal could result in rate refunds if intervenors prevail
- Pending sales of NMGC and GBPC may be delayed or not close as expected
- Cybersecurity incident at Canadian affiliates could lead to residual operational or financial impacts
- Higher debt levels ($22.5B long-term debt) increase interest expense and financial leverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-215035 |
| Document: d937393dex991.htm | 0001193125-26-215035 |
| Document: d937393dex994.htm | 0001193125-26-215035 |
| Document: d937393d6k.htm | 0001193125-26-215035 |
| Document: d937393dex995.htm | 0001193125-26-215035 |
| Document: d937393dex996.htm | 0001193125-26-215035 |
| Document: d937393dex993.htm | 0001193125-26-215035 |
| Document: 0001193125-26-215035-index-headers.html | 0001193125-26-215035 |
| Document: 0001193125-26-215035-index.html | 0001193125-26-215035 |
| Document: 0001193125-26-215035.txt | 0001193125-26-215035 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 22, 2026 22w ago | 6-K | — | awaiting T+20 | — | — |
May 8, 2026 24w ago | 6-K | — | awaiting T+20 | — | — |
Apr 30, 2026 25w ago | 6-K | — | awaiting T+20 | — | — |
US Market Status
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