Le Lézard
Classified in: Oil industry, Business
Subjects: ERN, ERP

Ameren Announces First Quarter 2024 Results


ST. LOUIS, May 2, 2024 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2024 net income attributable to common shareholders of $261 million, or $0.98 cents per share, compared to first quarter 2023 GAAP net income of $264 million, or $1.00 per diluted share.

First quarter 2024 results reflected earnings on increased infrastructure investments driven by strong execution of the company's strategy. Earnings were positively impacted by new Ameren Illinois Natural Gas service rates and rate design. Ameren Missouri earnings also benefited from new electric service rates and higher electric retail sales that were partially offset by impacts of milder winter temperatures compared to the year-ago-period. These positive factors were more than offset by higher operations and maintenance expenses at Ameren Missouri, which included a charge related to the Rush Island Energy Center litigation, higher interest expense at Ameren Missouri, lower tax benefits at Ameren Parent and a lower return on equity at Ameren Illinois Electric Distribution. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding.

"We delivered solid first quarter results through strong operational performance and continued strategic infrastructure and grid technology investments. Upgrading our energy delivery systems and increasing renewable generation will ensure reliable, safe, affordable, and cleaner energy for our customers and communities," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "We remain committed to disciplined cost management, which we expect to result in meaningful operations and maintenance expense reductions in the second half of the year. Through consistent execution of our long-term strategy, we are focused on driving sustainable earnings and dividend growth for our shareholders," added Lyons.

Earnings Guidance

Today, Ameren affirmed its 2024 earnings guidance range of $4.52 to $4.72 per diluted share. Earnings guidance for 2024 assumes normal temperatures for the last nine months of the year and is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic and capital market conditions; customer usage; severe storms; market returns on company-owned life insurance investments; 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 first quarter 2024 earnings were $25 million, compared to first quarter 2023 earnings of $28 million. The year-over-year comparison reflected earnings on increased infrastructure investments, new electric service rates effective July 9, 2023, and higher electric retail sales that were partially offset by impacts of milder winter temperatures compared to the year-ago-period. These positive factors were more than offset by higher operations and maintenance expenses, including a charge related to the Rush Island Energy Center litigation and higher interest expense due to higher debt balances.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution first quarter 2024 earnings were $56 million, compared to first quarter 2023 earnings of $61 million. The year-over-year comparison reflected a lower allowed return on equity for 2024 under the new multi-year rate plan.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas first quarter 2024 earnings were $106 million, compared to first quarter 2023 earnings of $87 million. The year-over-year increase reflected new delivery service rates and rate design effective November 28, 2023. The rate design change, which increased earnings by $8 million, is not expected to impact full-year results.

Ameren Transmission Segment Results

Ameren Transmission first quarter 2024 earnings were $72 million, compared to first quarter 2023 earnings of $71 million. The year-over-year increase reflected earnings on increased infrastructure investments offset primarily by lower allowance for funds used during construction due to timing of financings and project expenditures.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent first quarter 2024 earnings were $2 million, compared to first quarter 2023 earnings of $17 million. The year-over-year comparison primarily reflected lower tax benefits associated with share-based compensation.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, May 3, 2024 to discuss 2024 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation will be archived in the "Investors" section of the website under "Quarterly Earnings."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us on X at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.

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, projections, strategies, targets, estimates, 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 Annual Report on Form 10-K for the year ended December 31, 2023, 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:

New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. 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.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)



Three Months Ended
March 31,


2024


2023

Operating Revenues:




Electric

$          1,364


$          1,590

Natural gas

452


472

Total operating revenues

1,816


2,062

Operating Expenses:




Fuel and purchased power

328


608

Natural gas purchased for resale

151


208

Other operations and maintenance

470


448

Depreciation and amortization

361


320

Taxes other than income taxes

135


127

Total operating expenses

1,445


1,711

Operating Income

371


351

Other Income, Net

89


78

Interest Charges

154


127

Income Before Income Taxes

306


302

Income Taxes

44


37

Net Income

262


265

Less: Net Income Attributable to Noncontrolling Interests

1


1

Net Income Attributable to Ameren Common Shareholders

$             261


$             264





Earnings per Common Share ? Basic

$            0.98


$            1.01





Earnings per Common Share ? Diluted

$            0.98


$            1.00





Weighted-average Common Shares Outstanding ? Basic

266.4


262.2

Weighted-average Common Shares Outstanding ? Diluted

266.8


263.1

 

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)



March 31,
2024


December 31,
2023

ASSETS




Current Assets:




Cash and cash equivalents

$                     85


$                     25

Accounts receivable - trade (less allowance for doubtful accounts)

507


494

Unbilled revenue

272


319

Miscellaneous accounts receivable

82


106

Inventories

679


733

Current regulatory assets

356


365

Other current assets

103


139

Total current assets

2,084


2,181

Property, Plant, and Equipment, Net

34,114


33,776

Investments and Other Assets:




Nuclear decommissioning trust fund

1,232


1,150

Goodwill

411


411

Regulatory assets

1,904


1,810

Pension and other postretirement benefits

597


581

Other assets

964


921

Total investments and other assets

5,108


4,873

TOTAL ASSETS

$              41,306


$              40,830

LIABILITIES AND EQUITY




Current Liabilities:




Current maturities of long-term debt

$                1,149


$                   849

Short-term debt

868


536

Accounts and wages payable

647


1,136

Customer deposits

190


176

Other current liabilities

651


648

Total current liabilities

3,505


3,345

Long-term Debt, Net

15,167


15,121

Deferred Credits and Other Liabilities:




Accumulated deferred income taxes and tax credits, net

4,251


4,176

Regulatory liabilities

5,593


5,512

Asset retirement obligations

779


772

Other deferred credits and liabilities

439


426

Total deferred credits and other liabilities

11,062


10,886

Shareholders' Equity:




Common stock

3


3

Other paid-in capital, principally premium on common stock

7,228


7,216

Retained earnings

4,219


4,136

Accumulated other comprehensive loss

(7)


(6)

Total shareholders' equity

11,443


11,349

Noncontrolling Interests

129


129

Total equity

11,572


11,478

TOTAL LIABILITIES AND EQUITY

$              41,306


$              40,830

 

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)



Three Months Ended March 31,


2024


2023

Cash Flows From Operating Activities:




Net income

$                 262


$                 265

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

379


350

Amortization of nuclear fuel

18


19

Amortization of debt issuance costs and premium/discounts

5


3

Deferred income taxes and investment tax credits, net

44


35

Allowance for equity funds used during construction

(9)


(9)

Stock-based compensation costs

8


8

Other

16


(6)

Changes in assets and liabilities

(231)


(169)

Net cash provided by operating activities

492


496

Cash Flows From Investing Activities:




Capital expenditures

(890)


(931)

Nuclear fuel expenditures

(12)


(20)

Purchases of securities ? nuclear decommissioning trust fund

(70)


(29)

Sales and maturities of securities ? nuclear decommissioning trust fund

66


17

Other

?


(1)

Net cash used in investing activities

(906)


(964)

Cash Flows From Financing Activities:




Dividends on common stock

(178)


(165)

Dividends paid to noncontrolling interest holders

(1)


(1)

Short-term debt, net

332


179

Issuances of long-term debt

347


499

Issuances of common stock

10


5

Employee payroll taxes related to stock-based compensation

(8)


(20)

Debt issuance costs

(5)


(5)

Other

?


(3)

Net cash provided by financing activities

497


489

Net change in cash, cash equivalents, and restricted cash

83


21

Cash, cash equivalents, and restricted cash at beginning of year(a)

272


216

Cash, cash equivalents, and restricted cash at end of period(b)

$                 355


$                 237

(a)

Includes $25 million of cash and cash equivalents and $247 million of restricted cash as of December 31, 2023.

(b)

Includes $85 million of cash and cash equivalents and $270 million of restricted cash as of March 31, 2024.

 

AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


March 31,


2024


2023

Electric Sales - kilowatthours (in millions):




Ameren Missouri




Residential

3,477


3,413

Commercial

3,271


3,202

Industrial

959


936

Street lighting and public authority

19


20

Ameren Missouri retail load subtotal

7,726


7,571

Off-system

1,131


1,054

Ameren Missouri total

8,857


8,625

Ameren Illinois Electric Distribution




Residential

2,751


2,696

Commercial

2,756


2,826

Industrial

2,678


2,611

Street lighting and public authority

98


107

Ameren Illinois Electric Distribution total

8,283


8,240

Ameren Total

17,140


16,865

Electric Revenues (in millions):




Ameren Missouri




Residential

$                  341


$                  324

Commercial

259


247

Industrial

61


61

Other, including street lighting and public authority

24


30

Ameren Missouri retail load subtotal

$                  685


$                  662

Off-system sales and capacity

29


179

Ameren Missouri total

$                  714


$                  841

Ameren Illinois Electric Distribution




Residential

$                  297


$                  382

Commercial

165


200

Industrial

45


48

Other, including street lighting and public authority

(1)


(6)

Ameren Illinois Electric Distribution total

$                  506


$                  624

Ameren Transmission




Ameren Illinois Transmission(a)

$                  131


$                  114

 ATXI

55


49

Eliminate affiliate revenues

(1)


?

Ameren Transmission total

$                  185


$                  163

Other and intersegment eliminations(a)

(41)


(38)

Ameren Total

$               1,364


$               1,590

(a)

Includes $28 million in both years of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

 

AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


March 31,


2024


2023

Gas Sales - dekatherms (in millions):




Ameren Missouri

8


8

Ameren Illinois Natural Gas

60


60

Ameren Total

68


68

Gas Revenues (in millions):




Ameren Missouri

$                    61


$                    82

Ameren Illinois Natural Gas

391


391

Eliminate affiliate revenues

?


(1)

Ameren Total

$                  452


$                  472


March 31,


December 31,


2024


2023

Common Stock:




Shares outstanding (in millions)

266.6


266.3

Book value per share

$               42.92


$               42.62

 

SOURCE Ameren Corporation


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