Emera Completes New Mexico Gas Sale as Q2 Adjusted EPS Falls to $0.69

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3▲0 ▼0Impact / 5
Summary · why it matters

Emera closed the sale of New Mexico Gas Company, an Albuquerque-based regulated gas utility, to Bernhard Capital Partners on August 12, completing a divestiture program that also included the May sale of Grand Bahama Power Company. The deal was first announced on August 5, 2024. In its second quarter report released August 7, Emera reported adjusted earnings per share of $0.69, down from $0.79 a year earlier, and adjusted net income of $212 million, down from $236 million, as higher interest expense on long-term debt took $21 million out of the quarter and currency losses on US dollar short-term debt added to the drag. Reported earnings per share were $0.34 against $0.45 a year earlier, as mark-to-market losses grew and the Grand Bahama sale booked a $19 million loss. For the first half of 2026, adjusted EPS of $2.06 was essentially flat against $2.07 in 2025, even as the Florida electric utility earned $441 million in adjusted profit, up from $424 million, and management said it is positioned to beat its 5% to 7% annual target range for adjusted EPS growth in 2026. Emera's utilities invested more than $1.7 billion in the first half of 2026 and the company says it is on track for a $4 billion capital plan this year, while operating cash flow before working capital climbed 8% in the first half of 2026 versus a year earlier.

Impact on assets 1

Energy Transition & Power Demand▲ · 1 stocks
Emera Incorporated
EMA
± MixedCapitalrelevance

Emera completed the New Mexico Gas divestiture but Q2 adjusted EPS fell to $0.69 from $0.79 on higher interest expense and FX losses, while management sees 2026 growth above its 5-7% target.

Off-coverage companies 3

New Mexico Gas CompanyPrivate± Mixed
Capitalrelevance

New Mexico Gas Company was sold by Emera to Bernhard Capital Partners, changing ownership of the regulated gas utility.

Bernhard Capital PartnersPrivate± Mixed
Capitalrelevance

Bernhard Capital Partners closed its purchase of New Mexico Gas Company from Emera, a private acquisition with no disclosed terms.

Grand Bahama Power Company LimitedPrivate▼ Negative
Capitalrelevance

Emera's May sale of Grand Bahama Power Company booked a $19 million loss in the quarter.

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