Emera Completes Sale of New Mexico Gas Company Amid Earnings Challenges
On August 12, Emera (NYSE:EMA) finalized the sale of its New Mexico Gas Company to Bernhard Capital Partners. This marks the end of a multi-year divestiture strategy that also included selling Grand Bahama Power in May 2026. The company is now focused on regulated utilities and has invested over $1.7 billion in capital projects during the first half of 2026, with plans to reach a total investment of $4 billion for the year. Despite increased cash flow from operations—up 8% compared to last year—the second quarter results showed adjusted earnings per share (EPS) at $0.69, down from $0.79 in Q2 2025. The decline was attributed to higher interest expenses and currency losses on U.S. dollar debt. New Mexico Gas had already started underperforming due to rising operating costs before its sale. Emera's Florida electric utility remains a strong performer, with adjusted profits increasing year-over-year. Management expects to exceed the 5%–7% annual EPS growth target for 2026 and maintain it through 2030. However, hedge fund ownership has slightly declined from 15 to 13 funds in recent quarters.
