Summary
Ameren Corporation (AEE) reported a net loss attributable to Ameren Corporation of $145 million, or $(0.60) per share, for the first quarter of 2013, an improvement from the $403 million net loss, or $(1.66) per share, in the first quarter of 2012. This improvement was primarily driven by stronger performance from its rate-regulated utility segments, Ameren Missouri and Ameren Illinois. Favorable factors included colder winter weather leading to increased electric and gas sales volumes, the implementation of new rates for Ameren Missouri electric and Ameren Illinois transmission services, and the absence of a significant donation that impacted prior-year results. However, these positive drivers were partially offset by lower electric delivery service revenues in Illinois due to timing variations in recoverable costs and higher non-fuel operating expenses in Missouri. The company continued its strategic plan to exit its non-rate-regulated Merchant Generation business, entering into an agreement to divest New AER and its associated energy centers. This divestiture, along with the sale of other gas-fired energy centers, is intended to allow Ameren to focus exclusively on its core rate-regulated operations. While the company remains focused on enhancing its regulatory frameworks and cost recovery mechanisms, investors should note the ongoing legal and regulatory proceedings that could impact future financial results.
Financial Highlights
46 data points| Revenue | $1.48B |
| Operating Expenses | $1.29B |
| Operating Income | $185.00M |
| Interest Expense | $101.00M |
| Net Income | -$145.00M |
| EPS (Basic) | $-0.60 |
| EPS (Diluted) | $-0.60 |
| Shares Outstanding (Basic) | 242.60M |
Key Highlights
- 1Net loss attributable to Ameren Corporation improved significantly to $145 million ($0.60/share) from $403 million ($1.66/share) in the prior year's quarter.
- 2Income from continuing operations increased to $54 million ($0.22/share) from $37 million ($0.15/share) due to improved performance at Ameren Missouri and Ameren Illinois.
- 3Colder weather and new rate implementations positively impacted earnings, while lower electric delivery revenues in Illinois and higher Missouri operating expenses were headwinds.
- 4Ameren is divesting its non-rate-regulated Merchant Generation business, entering into an agreement to sell New AER and related energy centers to focus on its core utility operations.
- 5Capital expenditures for continuing operations were $291 million, primarily for infrastructure improvements and environmental compliance.
- 6The company maintained strong liquidity with $2.06 billion in available credit capacity under its credit agreements.
- 7Ameren's credit ratings remained stable, supporting its access to capital markets for future financing needs.