11:18 AM EST, 02/21/2025 (MT Newswires) -- (Adds comment and updates shares.)

Emera ( EMRAF ) on Friday reported fourth-quarter adjusted earnings that beat estimates.

The utility-holding company posted adjusted earnings, excluding most one-time items, of $246 million, or $0.84 per share, beating the FactSet analyst consensus forecast of $0.76 per share and above the $175 million, or $0.63, recorded in the year-prior quarter.

Revenue was not disclosed.

Emera ( EMRAF ) attributed the higher adjusted earnings to increased income across all of its regulated utilities, as well as higher corporate income tax recovery.

These were partially offset by lower equity earnings due to the sale of the Labrador Island Link in the second quarter of 2024, higher corporate operating, maintenance and general expense due to the timing of long-term incentive expenses and related hedges, increased Corporate interest expense, and decreased earnings at Emera Energy.

Net income was $154 million, or $0.52 per share, below the FactSet analyst consensus estimate of $0.77 and lower than the year-ago pr of $289 million, or $1.04 per share.

"2024 was a year of significant progress for Emera ( EMRAF )," chief executive Scott Balfour said. "We delivered on our key objectives and in doing so, have strategically positioned the business to meet the evolving demands within our industry and capitalize on the robust organic growth opportunities in our Florida utilities."

For 2025, Emera ( EMRAF ) said it will focus on executing its five-year $20 billion capital plan, grid modernization and infrastructure expansion, as well as growing earnings and cash flow.

National Bank of Canada maintained its sector-perform rating and $56.00 price target on Emera ( EMRAF ) shares following the results.

"With a solid finish to 2024, and the company's five-year capital plan in check, we expect modest changes to our long-term estimates and valuation following the company's conference call," National Bank said.

Emera ( EMRAF ) shares were last seen up $0.28 to $56.89 on the Toronto Stock Exchange.

Price: 56.89, Change: +0.28, Percent Change: +0.49