04:29 PM EST, 11/08/2024 (MT Newswires) -- Emera ( EMRAF ) on Friday reported an increase in third-quarter adjusted net income and a sharp decline in net income.

The utility-holding company said its adjusted net income, excluding most one-time items, rose to $236 million, or $0.81 per share, from $204 million, or $0.75 per share, in the year-prior quarter. The increase was driven by higher earnings from Tampa Electric, Peoples Gas, Nova Scotia Power, and New Mexico Gas Company (NMGC), and lower corporate operating and general expenses, it added.

Net income attributable to common shareholders fell to $4 million, or $0.01, from $101 million, or $0.37, primarily due to charges related to the pending sale of NMGC, the company said.

It did not disclose revenue in its release.

The company added that it remains on track to complete its $2.9 billion capital plan in 2024, with two-thirds of the investments already committed.

The company's shares closed up $0.47 to $50.19 on the Toronto Stock Exchange.