Today Emera (TSX: EMA) announced financial results for the first quarter of 2020.

Q1 2020 Highlights

Reported Net Income

Q1 2020 reported net income was $523 million, or $2.14 per common share, compared with net income of $312 million, or $1.32 per common share, in Q1 2019.

Adjusted Net Income (1)

Q1 2020 adjusted net income was $193 million, or $0.79 per common share, compared with $224 million, or $0.95 per common share, in Q1 2019.

Significant Items Affecting Reported and Adjusted Net Income

Q1 2020 reported earnings included $321 million, net of tax and transaction costs, of earnings related to the gain on sale of the Emera Maine business.

Q1 2019 adjusted earnings included $24 million from the New England Gas Generation ('NEGG') and Bayside generation facilities which were sold in Q1 2019 and a $10 million gain on sale of property in Florida.

Q1 2020 adjusted earnings were reduced by $14 million from the revaluation of Corporate, NSPI and Emera Energy net deferred income tax assets and liabilities due to the reduction in the Nova Scotia provincial corporate income tax rate.

Q1 2020 adjusted earnings included $10 million from the recognition of corporate income tax recovery deferred as a regulatory liability at BLPC.

Cash Flow

Q1 2020 cash flow, before changes in working capital, increased by $84 million to $502 million, compared with $418 million in Q1 2019.

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ('MD&A') for further discussion of these items.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading 'Business Risks and Risk Management' in Emera's annual Management's Discussion and Analysis, and under the heading 'Principal Risks and Uncertainties' in the notes to Emera's annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $34 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera's common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB.

Contact:

Ken McOnie

Tel: 902-428-6945

Email: ken.mconie@emera.com

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