November 5, 2010 / 4:22 PM / 7 years ago

UPDATE 1-Emera's Q3 earnings rise 20 pct on lower income tax

* Q3 EPS C$0.39 vs est C$0.29

* Unit NSPI’s earnings C$22.4 mln vs C$16.6 mln last year

Nov 5 (Reuters) - Canada’s Emera Inc (EMA.TO), which owns electric utilities, posted a 20 percent rise in quarterly profit, handily beating market estimates, helped by lower income tax and a 49 percent increase in earnings from its pipelines segment.

Emera said third-quarter earnings were C$44.8 million ($44.71 million), or 39 Canadian cents a share, compared with C$37.3 million, or 33 Canadian cents a share from a year ago.

The company’s Nova Scotia Power unit posted earnings of C$22.4 million, up from C$16.6 million last year, while pipelines segment contributed C$8.5 million.

Analysts on average were expecting the company to earn 29 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Halifax, Nova Scotia-based Emera’s shares, which have risen nearly 21 percent in value so far this year, were up nearly a percent at C$30.15 in midday trading on Friday on the Toronto Stock Exchange. ($1=1.002 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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