Emera Inc. (NYSE:EMA) reported fourth-quarter adjusted earnings per share of $0.55 on Monday, surpassing analyst expectations of $0.44.
The Canadian utility recorded adjusted net income of $167 million for the quarter, down from $246 million in the same period a year earlier. Shares were unchanged in after-hours trading following the announcement.
The year-over-year decline in quarterly earnings was largely attributed to weaker performance at Nova Scotia Power and New Mexico Gas Company, lower tax recoveries, and unfavorable weather conditions affecting Tampa Electric. These factors were partly offset by stronger results from Emera Energy Services.
For the full year 2025, Emera delivered record adjusted EPS of $3.49, representing a 19% increase compared with the previous year, and achieved more than $1 billion in annual adjusted net income for the first time.
“Without question, 2025 was a strong year for Emera,” said President and CEO Scott Balfour. “For the first time, we exceeded $1 billion in annual adjusted net income and saw a 19% increase in average adjusted EPS over 2024.”
During the year, the company implemented its largest-ever annual capital investment program totaling $3.6 billion, supporting 8% year-over-year growth in its rate base. Emera also extended its target for average adjusted EPS growth of 5% to 7% annually through 2030, using 2024 as the baseline.
Adjusted net income for full-year 2025 reached $1.045 billion, up from $849 million in 2024. The increase was primarily driven by improved earnings at Tampa Electric, Emera Energy Services, and New Mexico Gas Company, partly offset by the sale of the company’s stake in the Labrador Island Link and lower contributions from Nova Scotia Power.
Reported net income for the fourth quarter totaled $68 million, or $0.23 per share, compared with $154 million, or $0.52 per share, in the same quarter last year.