PR Newswire
ST. LOUIS, Nov. 7, 2013
ST. LOUIS, Nov. 7, 2013 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced net income from continuing operations for the third quarter of 2013 of $305 million, or $1.25 per diluted share, compared to $309 million, or $1.28 per diluted share, for the third quarter of 2012. As a result of the March 2013 agreement to divest its merchant generation business to an affiliate of Dynegy Inc. (NYSE:DYN) and its plan to sell its Elgin, Gibson City and Grand Tower merchant gas-fired energy centers, Ameren has classified the results of this business as discontinued operations in its financial statements.
The reduction in earnings from continuing operations for the third quarter of 2013, compared to the third quarter of 2012, was primarily the result of lower electric sales volumes to native load customers due to temperatures that were cooler than those of the prior-year period. Partially offsetting factors included a rate increase for Missouri electric service, effective in Jan. 2013, and higher Illinois electric delivery earnings recognized under formula ratemaking reflecting timing differences, increased rate base and a higher allowed return on equity.
"Cooler-than-normal weather had a negative impact on third quarter earnings," said Thomas R. Voss, chairman, president and CEO of Ameren Corporation. "As a result, we have updated our 2013 guidance for earnings from continuing operations to a range of $2.00 to $2.10 per diluted share, compared to our prior range of $2.00 to $2.15 per diluted share.
"We have achieved three important milestones in recent weeks," Voss added. "In August, the Illinois Commerce Commission approved a Certificate of Public Convenience and Necessity for key portions of the Illinois Rivers transmission project and we expect the remainder of the project to be approved by March of next year. Further, in October, the Federal Energy Regulatory Commission approved our divestiture of the merchant generation business to a Dynegy affiliate and we announced an agreement to sell our merchant gas-fired energy centers. Both transactions are expected to close by year-end. These milestones reflect our focus on rate-regulated operations and allocation of growth capital to higher and more predictable return opportunities."
Ameren recorded net income from continuing operations for the nine months ended Sept. 30, 2013 of $464 million, or $1.91 per diluted share, compared to $507 million, or $2.09 per diluted share, for the nine months ended Sept. 30, 2012. This earnings decline reflected lower electric sales volumes to native load customers due to summer temperatures that were cooler than those of the prior-year period. The earnings comparison was also negatively impacted by 2013 Callaway refueling and maintenance outage expenses as there were no such expenses in the year-ago period when there was no refueling outage. The comparison was also impacted by the absence, in 2013, of the 2012 benefit of 7 cents per diluted share from a Federal Energy Regulatory Commission order related to a disputed Missouri purchased power agreement and a 2013 charge of 7 cents per diluted share resulting from a Missouri court decision related to fuel adjustment clause treatment of certain prior-period wholesale sales. These negative factors were partially offset by rate increases for Missouri electric and Illinois transmission service, both effective in Jan. 2013, as well as higher Illinois electric delivery earnings. The latter reflected the absence, in 2013, of a 2012 required donation, as well as increased rate base and a higher allowed return on equity under formula ratemaking.
2013 Earnings Guidance
Ameren now expects 2013 earnings from continuing operations to be in a range of $2.00 to $2.10 per diluted share, compared to the prior range of $2.00 to $2.15 per diluted share. This updated guidance incorporates the negative impact of cooler-than-normal third quarter 2013 temperatures on electric sales volumes. The updated guidance continues to incorporate approximately 20 cents per diluted share of parent company and other costs, including certain costs which were previously allocated to the merchant generation business. Guidance is presented on a continuing operations basis reflecting classification of the merchant generation business as discontinued operations.
Ameren's 2013 earnings guidance for continuing operations assumes normal temperatures for the fourth quarter of the year. In addition, this guidance is subject to the effects of, among other things, completion of Ameren's divestiture of the merchant generation business, including sale of the Elgin, Gibson City, and Grand Tower gas-fired energy centers; changes in 30-year United States Treasury bond yields; regulatory decisions and legislative actions; energy center operations; energy, economic, capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Ameren Missouri Segment Results
Ameren Missouri segment third quarter 2013 earnings were $238 million, compared to third quarter 2012 earnings of $236 million. The increase in earnings reflected an increase in rates for electric service, effective in Jan. 2013, and disciplined cost management. These positive factors were partially offset by lower electric sales volumes to native load customers due to temperatures that were cooler than those of the prior-year period.
Ameren Illinois Segment Results
Ameren Illinois segment third quarter 2013 earnings were $77 million, compared to third quarter 2012 earnings of $71 million. The increase in earnings reflected higher Illinois electric delivery earnings recognized under formula ratemaking resulting from timing differences, increased rate base and a higher allowed return on equity. This positive factor was partially offset by lower electric sales volumes to native load customers largely due to temperatures that were cooler than those of the prior-year period.
Parent Company and Other
Parent company and other results from continuing operations were a loss of $10 million for the third quarter of 2013, compared to earnings of $2 million for the third quarter of 2012. This decrease in earnings primarily reflected a decrease in asset retirement obligation costs in the prior-year period and higher income tax expense in the current-year period. Parent company and other results include interest expense and certain other costs which were previously allocated to the merchant generation business, as well as other costs historically not allocated to Ameren's business segments.
Discontinued Operations
Ameren's net loss from discontinued operations for the third quarter of 2013 was $3 million, or 1 cent per diluted share, compared to third quarter 2012 earnings of $65 million, or 26 cents per diluted share. This decrease in earnings primarily reflected the absence, in 2013, of a third quarter 2012 noncash income tax benefit of $45 million related to a first quarter 2012 asset impairment charge, as well as lower realized power sales prices. The tax benefit arose from the requirement to recognize interim period income tax expense using the annual estimated effective rate.
Ameren's net loss from discontinued operations for the nine months ended Sept. 30, 2013 was $212 million, or 88 cents per diluted share, compared to a net loss from discontinued operations for the nine months ended Sept. 30, 2012 of $325 million, or $1.34 per diluted share. This reduced loss reflected lower asset impairment charges partially offset by lower realized power sales prices.
Summary of Net Results
Ameren recorded third quarter 2013 net income of $302 million, or $1.24 per diluted share, compared to third quarter 2012 net income of $374 million, or $1.54 per diluted share. Net income for the nine months ended Sept. 30, 2013 was $252 million, or $1.03 per diluted share, compared to net income for the nine months ended Sept. 30, 2012 of $182 million, or 75 cents per diluted share.
Ameren's earnings or loss per diluted share from continuing operations and discontinued operations, as well as net income or loss per diluted share, was as follows:
| Third Quarter | Nine Months | ||
| 2013 | 2012 | 2013 | 2012 |
Earnings per diluted share from continuing operations | $ 1.25 | $ 1.28 | $ 1.91 | $ 2.09 |
Earnings (loss) per diluted share from discontinued operations | (0.01) | 0.26 | (0.88) | (1.34) |
Net income per diluted share | $ 1.24 | $ 1.54 | $ 1.03 | $ 0.75 |
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Thursday, Nov. 7, to discuss third quarter 2013 earnings, 2013 earnings guidance and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at Ameren.com by clicking on "Q3 2013 Ameren Corporation Earnings Conference Call," followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren's website. This presentation will be posted in the "Investors" section of the website under "Webcasts & Presentations." The analyst call will also be available for replay on the Internet for one year. In addition, a telephone playback of the conference call will be available beginning at approximately noon Central Time from Nov. 7 through Nov. 14 by dialing U.S. 877.660.6853 or international 201.612.7415, and entering ID number 423009.
About Ameren
St. Louis-based Ameren Corporation serves 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through our Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric and natural gas delivery service while Ameren Missouri provides vertically integrated electric service, with generating capacity of 10,300 megawatts, and natural gas delivery service. Ameren Transmission Company of Illinois develops regional electric transmission projects. In 2013, we entered into definitive agreements to divest our Illinois-based merchant generation business. For more information, visit Ameren.com.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Form 10-K for the year ended December 31, 2012 and Ameren's Form 10-Q for the quarter ended March 31, 2013, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
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AMEREN CORPORATION (AEE) | |||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||
(Unaudited, in millions, except per share amounts) | |||||||
| | | | | | | |
| Three Months Ended | | Nine Months Ended | ||||
| September 30, | | September 30, | ||||
| 2013 | | 2012 | | 2013 | | 2012 |
| | | | | | | |
Operating Revenues: | | | | | | | |
Electric | $1,507 | | $1,579 | | $3,823 | | $3,898 |
Gas | 131 | | 130 | | 693 | | 625 |
Total operating revenues | 1,638 | | 1,709 | | 4,516 | | 4,523 |
| | | | | | | |
Operating Expenses: | | | | | | | |
Fuel | 222 | | 194 | | 648 | | 550 |
Purchased power | 128 | | 260 | | 400 | | 630 |
Gas purchased for resale | 42 | | 40 | | 344 | | 304 |
Other operations and maintenance | 383 | | 362 | | 1,229 | | 1,126 |
Depreciation and amortization | 175 Werbung Mehr Nachrichten zur Dynegy Aktie kostenlos abonnieren
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