← Emera overview

Emera vs Fortis: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Emera Incorporated (EMA)

Q3 2026
▲2▼2

Emera's mega-merger with Canadian Utilities reshapes the utility, dividend up again

  • Merger of equals creates $72B utility Emera agreed to combine with Canadian Utilities in an all-share merger of equals, creating a roughly $72 billion utility with about six million customers and a $32 billion capital plan through 2030. Emera shareholders would own about 60% of the combined company, which keeps its headquarters in Halifax. Bigger scale and a larger building program support long-term earnings growth, which is why the stock reacted well.

    This is the single biggest new event of the period and the main reason EMA is moving.

  • Dividend raised for 20th straight year Emera raised its quarterly dividend to $0.74 per share, an annualized $2.96, up 1%. Management tied the increase to forecast rate base growth of 7-8% and 5-7% average earnings-per-share growth through 2030. A steadily rising payout appeals to income investors and supports the share price.

    A fresh dividend increase is a concrete shareholder-return event that helps explain positive sentiment.

  • Q2 profit and adjusted EPS fell Second-quarter net income dropped to C$105 million from C$135 million, and adjusted earnings per share fell to $0.69 from $0.79. Higher interest expense, foreign-exchange losses, weaker New Mexico Gas results and a loss on the Grand Bahama sale weighed on results. Still, Emera kept its 5-7% growth target and said 2026 growth should exceed it.

    Weaker reported earnings are the main counterweight to the positive merger and dividend news.

  • Asset sales shrink the regulated base Emera completed the sale of New Mexico Gas Company to Bernhard Capital Partners and closed the sale of Grand Bahama Power Company. Both remove regulated utility assets and the earnings they produced, which is part of why reported profit fell. The cash raised helps fund the $4 billion annual capital plan, but near-term earnings lose a contribution.

    These divestitures are a real drag on reported results and explain part of the profit decline.

September 2026
▲2▼2

Emera's mega-merger with Canadian Utilities reshapes the utility, dividend up again

  • Merger of equals creates $72B utility Emera agreed to combine with Canadian Utilities in an all-share merger of equals, creating a roughly $72 billion utility with about six million customers and a $32 billion capital plan through 2030. Emera shareholders would own about 60% of the combined company, which keeps its headquarters in Halifax. Bigger scale and a larger building program support long-term earnings growth, which is why the stock reacted well.

    This is the single biggest new event of the period and the main reason EMA is moving.

  • Dividend raised for 20th straight year Emera raised its quarterly dividend to $0.74 per share, an annualized $2.96, up 1%. Management tied the increase to forecast rate base growth of 7-8% and 5-7% average earnings-per-share growth through 2030. A steadily rising payout appeals to income investors and supports the share price.

    A fresh dividend increase is a concrete shareholder-return event that helps explain positive sentiment.

  • Q2 profit and adjusted EPS fell Second-quarter net income dropped to C$105 million from C$135 million, and adjusted earnings per share fell to $0.69 from $0.79. Higher interest expense, foreign-exchange losses, weaker New Mexico Gas results and a loss on the Grand Bahama sale weighed on results. Still, Emera kept its 5-7% growth target and said 2026 growth should exceed it.

    Weaker reported earnings are the main counterweight to the positive merger and dividend news.

  • Asset sales shrink the regulated base Emera completed the sale of New Mexico Gas Company to Bernhard Capital Partners and closed the sale of Grand Bahama Power Company. Both remove regulated utility assets and the earnings they produced, which is part of why reported profit fell. The cash raised helps fund the $4 billion annual capital plan, but near-term earnings lose a contribution.

    These divestitures are a real drag on reported results and explain part of the profit decline.

Latest
▲2▼2

Emera's mega-merger with Canadian Utilities reshapes the utility, dividend up again

  • Merger of equals creates $72B utility Emera agreed to combine with Canadian Utilities in an all-share merger of equals, creating a roughly $72 billion utility with about six million customers and a $32 billion capital plan through 2030. Emera shareholders would own about 60% of the combined company, which keeps its headquarters in Halifax. Bigger scale and a larger building program support long-term earnings growth, which is why the stock reacted well.

    This is the single biggest new event of the period and the main reason EMA is moving.

  • Dividend raised for 20th straight year Emera raised its quarterly dividend to $0.74 per share, an annualized $2.96, up 1%. Management tied the increase to forecast rate base growth of 7-8% and 5-7% average earnings-per-share growth through 2030. A steadily rising payout appeals to income investors and supports the share price.

    A fresh dividend increase is a concrete shareholder-return event that helps explain positive sentiment.

  • Q2 profit and adjusted EPS fell Second-quarter net income dropped to C$105 million from C$135 million, and adjusted earnings per share fell to $0.69 from $0.79. Higher interest expense, foreign-exchange losses, weaker New Mexico Gas results and a loss on the Grand Bahama sale weighed on results. Still, Emera kept its 5-7% growth target and said 2026 growth should exceed it.

    Weaker reported earnings are the main counterweight to the positive merger and dividend news.

  • Asset sales shrink the regulated base Emera completed the sale of New Mexico Gas Company to Bernhard Capital Partners and closed the sale of Grand Bahama Power Company. Both remove regulated utility assets and the earnings they produced, which is part of why reported profit fell. The cash raised helps fund the $4 billion annual capital plan, but near-term earnings lose a contribution.

    These divestitures are a real drag on reported results and explain part of the profit decline.

Fortis Inc (FTS)

Q3 2026
▲3

Fortis Q2 profit rises, capital plan reaffirmed, US$1B notes priced

  • Q2 profit and revenue rise Fortis earned C$396 million (C$0.78 a share) in the second quarter, up from C$384 million, as revenue rose 4.1% to C$2.93 billion. Higher sales and rate base growth lift earnings, which supports the dividend and the stock.

    The quarter's profit growth is the core new financial result behind the period.

  • Big five-year building plan reaffirmed Fortis spent C$2.7 billion in the first half and stuck with its C$5.6 billion annual and roughly C$26-28.8 billion five-year construction plans. That spending grows the rate base about 7% a year, which is the main engine for future earnings and 4-6% dividend growth.

    The reaffirmed capital plan is the long-term driver of earnings and dividend growth.

  • Tilbury LNG expansion approved British Columbia approved the Tilbury LNG Phase 1B expansion, costing up to about C$2.2 billion, with construction starting 2027 and service by 2031. It is extra spending beyond the current plan, a new source of future earnings, though it also adds project and cost risk.

    The Tilbury approval is a concrete new growth project beyond the existing plan.

  • US$1 billion debt raised, and valuation debate Fortis priced US$1 billion of long-term notes at 6.6-6.9% interest to repay maturing debt. That adds fixed interest cost but locks in funding for its building program. Meanwhile one analysis claims the shares are 70% below fair value, while analyst estimates call them roughly fairly priced.

    The new borrowing and the split valuation views are the remaining fresh items this period.

August 2026
▲3

Fortis Q2 profit rises, capital plan reaffirmed, US$1B notes priced

  • Q2 profit and revenue rise Fortis earned C$396 million (C$0.78 a share) in the second quarter, up from C$384 million, as revenue rose 4.1% to C$2.93 billion. Higher sales and rate base growth lift earnings, which supports the dividend and the stock.

    The quarter's profit growth is the core new financial result behind the period.

  • Big five-year building plan reaffirmed Fortis spent C$2.7 billion in the first half and stuck with its C$5.6 billion annual and roughly C$26-28.8 billion five-year construction plans. That spending grows the rate base about 7% a year, which is the main engine for future earnings and 4-6% dividend growth.

    The reaffirmed capital plan is the long-term driver of earnings and dividend growth.

  • Tilbury LNG expansion approved British Columbia approved the Tilbury LNG Phase 1B expansion, costing up to about C$2.2 billion, with construction starting 2027 and service by 2031. It is extra spending beyond the current plan, a new source of future earnings, though it also adds project and cost risk.

    The Tilbury approval is a concrete new growth project beyond the existing plan.

  • US$1 billion debt raised, and valuation debate Fortis priced US$1 billion of long-term notes at 6.6-6.9% interest to repay maturing debt. That adds fixed interest cost but locks in funding for its building program. Meanwhile one analysis claims the shares are 70% below fair value, while analyst estimates call them roughly fairly priced.

    The new borrowing and the split valuation views are the remaining fresh items this period.

Latest
▲3

Fortis Q2 profit rises, capital plan reaffirmed, US$1B notes priced

  • Q2 profit and revenue rise Fortis earned C$396 million (C$0.78 a share) in the second quarter, up from C$384 million, as revenue rose 4.1% to C$2.93 billion. Higher sales and rate base growth lift earnings, which supports the dividend and the stock.

    The quarter's profit growth is the core new financial result behind the period.

  • Big five-year building plan reaffirmed Fortis spent C$2.7 billion in the first half and stuck with its C$5.6 billion annual and roughly C$26-28.8 billion five-year construction plans. That spending grows the rate base about 7% a year, which is the main engine for future earnings and 4-6% dividend growth.

    The reaffirmed capital plan is the long-term driver of earnings and dividend growth.

  • Tilbury LNG expansion approved British Columbia approved the Tilbury LNG Phase 1B expansion, costing up to about C$2.2 billion, with construction starting 2027 and service by 2031. It is extra spending beyond the current plan, a new source of future earnings, though it also adds project and cost risk.

    The Tilbury approval is a concrete new growth project beyond the existing plan.

  • US$1 billion debt raised, and valuation debate Fortis priced US$1 billion of long-term notes at 6.6-6.9% interest to repay maturing debt. That adds fixed interest cost but locks in funding for its building program. Meanwhile one analysis claims the shares are 70% below fair value, while analyst estimates call them roughly fairly priced.

    The new borrowing and the split valuation views are the remaining fresh items this period.