|
|||||
![]() |
|
ST. LOUIS, May 1, 2025 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced first quarter 2025 net income attributable to common shareholders of $289 million, or $1.07 per diluted share, compared to first quarter 2024 GAAP net income of $261 million, or $0.98 per diluted share. Excluding certain prior year charges discussed below, Ameren recorded first quarter 2024 adjusted net income attributable to common shareholders of $272 million, or $1.02 per diluted share.
First quarter 2025 earnings reflected increased infrastructure investments and higher Ameren Missouri retail sales primarily driven by colder winter temperatures in 2025 compared to the prior-year period. These positive factors were partially offset by higher interest expense at Ameren Parent and Ameren Missouri and higher storm-related expenses at Ameren Missouri. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding.
"Execution on all elements of our strategy, including significant investments in infrastructure in each of our business segments, continues to drive value for our customers. We remain on track to deliver within our 2025 earnings guidance range of $4.85 to $5.05 per share," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation.
A reconciliation of first quarter GAAP to adjusted earnings is reflected in the table below. There were no adjustments to first quarter 2025 earnings. A charge for additional mitigation relief related to the Rush Island Energy Center, which decreased earnings for the first quarter 2024 by $11 million, was excluded from adjusted 2024 earnings.
(In millions, except per share amounts) | ||||
Three Months Ended Mar. 31, | ||||
2025 | 2024 | |||
GAAP Earnings / Diluted EPS | $ 289 | $ 1.07 | $ 261 | $ 0.98 |
Charge for additional mitigation relief related to Rush Island Energy | $ — | $ — | $ 15 | $ 0.05 |
Less: Federal income tax benefit | — | — | (4) | (0.01) |
Charge, net of tax benefit | $ — | $ — | $ 11 | $ 0.04 |
Adjusted Earnings / Diluted EPS | $ 289 | $ 1.07 | $ 272 | $ 1.02 |
Earnings Guidance
Today, Ameren reaffirmed its 2025 earnings per share guidance range of $4.85 to $5.05. Earnings guidance for 2025 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, capital and credit 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 2025 earnings were $42 million, compared to first quarter 2024 GAAP and adjusted earnings of $25 million and $36 million, respectively. Adjusted first quarter earnings in 2024 excluded the charge related to the Rush Island Energy Center, as described above. The year-over-year increase in earnings reflected earnings on increased infrastructure investments and higher retail sales, primarily driven by colder winter temperatures in 2025 compared to the prior-year period. These positive factors were partially offset by higher interest expense and higher storm-related expenses.
Ameren Transmission Segment Results
Ameren Transmission first quarter 2025 earnings were $89 million, compared to first quarter 2024 earnings of $72 million. The year-over-year increase reflected earnings on increased infrastructure investments.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution first quarter 2025 earnings were $63 million, compared to first quarter 2024 earnings of $56 million. The year-over-year increase reflected earnings on increased infrastructure investments under the multi-year rate plan.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas first quarter 2025 earnings were $108 million, compared to first quarter 2024 earnings of $106 million. The year-over-year increase reflected lower operations and maintenance expenses in the first quarter of 2025.
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent's first quarter 2025 loss was $13 million, compared to first quarter 2024 earnings of $2 million. The year-over-year comparison reflected higher interest expense in the first quarter of 2025.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, May 2, 2025, to discuss 2025 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 2.5 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.com/company/Ameren.
Use of Non-GAAP Financial Measures
In this release, Ameren has presented adjusted earnings and adjusted earnings per share, which are non-GAAP measures and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this release. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the cumulative impact of the first and third quarter 2024 charges for additional mitigation relief related to an agreement in principle to settle the New Source Review and Clean Air Act proceeding and a third quarter 2024 charge for customer refunds related to the Federal Energy Regulatory Commission's (FERC) October 2024 order on Midcontinent Independent System Operator, Inc.'s (MISO) allowed base return on equity (ROE), both of which related to matters that had been ongoing for over ten years. Ameren uses adjusted earnings internally for financial planning and for analysis of performance. Ameren also uses adjusted earnings as the primary performance measurement when communicating with analysts and investors regarding our earnings results and outlook, as the company believes that adjusted earnings allow the company to more accurately compare its ongoing performance across periods. In providing adjusted earnings guidance, there could be differences between adjusted earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as those described above.
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 within Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2024, 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 | ||||
2025 | 2024 | |||
Operating Revenues: | ||||
Electric | $ 1,622 | $ 1,364 | ||
Natural gas | 475 | 452 | ||
Total operating revenues | 2,097 | 1,816 | ||
Operating Expenses: | ||||
Fuel and purchased power | 502 | 328 | ||
Natural gas purchased for resale | 169 | 151 | ||
Other operations and maintenance | 485 | 470 | ||
Depreciation and amortization | 367 | 361 | ||
Taxes other than income taxes | 144 | 135 | ||
Total operating expenses | 1,667 | 1,445 | ||
Operating Income | 430 | 371 | ||
Other Income, Net | 85 | 89 | ||
Interest Charges | 175 | 154 | ||
Income Before Income Taxes | 340 | 306 | ||
Income Taxes | 50 | 44 | ||
Net Income | 290 | 262 | ||
Less: Net Income Attributable to Noncontrolling Interests | 1 | 1 | ||
Net Income Attributable to Ameren Common Shareholders | $ 289 | $ 261 | ||
Earnings per Common Share - Basic and Diluted | $ 1.07 | $ 0.98 | ||
Weighted-average Common Shares Outstanding – Basic | 270.0 | 266.4 | ||
Weighted-average Common Shares Outstanding – Diluted | 271.4 | 266.8 |
AMEREN CORPORATION (AEE) | |||
CONSOLIDATED BALANCE SHEET | |||
(Unaudited, in millions) | |||
March 31, | December 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 23 | $ 7 | |
Accounts receivable - trade (less allowance for doubtful accounts) | 667 | 525 | |
Unbilled revenue | 253 | 346 | |
Miscellaneous accounts receivable | 327 | 96 | |
Inventories | 669 | 762 | |
Current regulatory assets | 340 | 366 | |
Other current assets | 176 | 162 | |
Total current assets | 2,455 | 2,264 | |
Property, Plant, and Equipment, Net | 37,010 | 36,304 | |
Investments and Other Assets: | |||
Nuclear decommissioning trust fund | 1,312 | 1,342 | |
Goodwill | 411 | 411 | |
Regulatory assets | 2,569 | 2,397 | |
Pension and other postretirement benefits | 765 | 757 | |
Other assets | 1,143 | 1,123 | |
Total investments and other assets | 6,200 | 6,030 | |
TOTAL ASSETS | $ 45,665 | $ 44,598 | |
LIABILITIES AND EQUITY | |||
Current Liabilities: | |||
Current maturities of long-term debt | $ 17 | $ 317 | |
Short-term debt | 1,252 | 1,143 | |
Accounts and wages payable | 702 | 1,059 | |
Interest accrued | 159 | 196 | |
Customer deposits | 223 | 223 | |
Other current liabilities | 510 | 475 | |
Total current liabilities | 2,863 | 3,413 | |
Long-term Debt, Net | 18,354 | 17,262 | |
Deferred Credits and Other Liabilities: | |||
Accumulated deferred income taxes and tax credits, net | 4,782 | 4,474 | |
Regulatory liabilities | 5,953 | 5,897 | |
Asset retirement obligations | 830 | 822 | |
Other deferred credits and liabilities | 535 | 487 | |
Total deferred credits and other liabilities | 12,100 | 11,680 | |
Shareholders' Equity: | |||
Common stock | 3 | 3 | |
Other paid-in capital, principally premium on common stock | 7,524 | 7,513 | |
Retained earnings | 4,702 | 4,604 | |
Accumulated other comprehensive loss | (10) | (6) | |
Total shareholders' equity | 12,219 | 12,114 | |
Noncontrolling Interests | 129 | 129 | |
Total equity | 12,348 | 12,243 | |
TOTAL LIABILITIES AND EQUITY | $ 45,665 | $ 44,598 |
AMEREN CORPORATION (AEE) | |||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
(Unaudited, in millions) | |||
Three Months Ended | |||
2025 | 2024 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 290 | $ 262 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 395 | 379 | |
Amortization of nuclear fuel | 20 | 18 | |
Amortization of debt issuance costs and premium/discounts | 5 | 5 | |
Deferred income taxes and tax credits, net | 116 | 44 | |
Allowance for equity funds used during construction | (16) | (9) | |
Stock-based compensation costs | 7 | 8 | |
Other | 7 | 16 | |
Changes in assets and liabilities | (393) | (231) | |
Net cash provided by operating activities | 431 | 492 | |
Cash Flows From Investing Activities: | |||
Capital expenditures | (1,064) | (890) | |
Nuclear fuel expenditures | (18) | (12) | |
Purchases of securities – nuclear decommissioning trust fund | (107) | (70) | |
Sales and maturities of securities – nuclear decommissioning trust fund | 93 | 66 | |
Other | 9 | — | |
Net cash used in investing activities | (1,087) | (906) | |
Cash Flows From Financing Activities: | |||
Dividends on common stock | (191) | (178) | |
Dividends paid to noncontrolling interest holders | (1) | (1) | |
Short-term debt, net | 108 | 332 | |
Maturities of long-term debt | (300) | — | |
Issuances of long-term debt | 1,099 | 347 | |
Issuances of common stock | 13 | 10 | |
Employee payroll taxes related to stock-based compensation | (13) | (8) | |
Debt issuance costs | (11) | (5) | |
Net cash provided by financing activities | 704 | 497 | |
Net change in cash, cash equivalents, and restricted cash | 48 | 83 | |
Cash, cash equivalents, and restricted cash at beginning of year(a) | 328 | 272 | |
Cash, cash equivalents, and restricted cash at end of period(b) | $ 376 | $ 355 |
(a) | Includes $7 million of cash and cash equivalents and $321 million of restricted cash as of December 31, 2024. |
(b) | Includes $23 million of cash and cash equivalents and $353 million of restricted cash as of March 31, 2025. |
AMEREN CORPORATION (AEE) | |||
OPERATING STATISTICS | |||
Three Months Ended | |||
March 31, | |||
2025 | 2024 | ||
Electric Sales - kilowatthours (in millions): | |||
Ameren Missouri | |||
Residential | 3,864 | 3,477 | |
Commercial | 3,367 | 3,271 | |
Industrial | 959 | 959 | |
Street lighting and public authority | 17 | 19 | |
Ameren Missouri retail load subtotal | 8,207 | 7,726 | |
Off-system | 1,214 | 1,131 | |
Ameren Missouri total | 9,421 | 8,857 | |
Ameren Illinois Electric Distribution | |||
Residential | 2,973 | 2,751 | |
Commercial | 2,820 | 2,756 | |
Industrial | 2,491 | 2,678 | |
Street lighting and public authority | 103 | 98 | |
Ameren Illinois Electric Distribution total | 8,387 | 8,283 | |
Ameren Total | 17,808 | 17,140 | |
Electric Revenues (in millions): | |||
Ameren Missouri | |||
Residential | $ 376 | $ 341 | |
Commercial | 273 | 259 | |
Industrial | 66 | 61 | |
Other, including street lighting and public authority | (2) | 24 | |
Ameren Missouri retail load subtotal | $ 713 | $ 685 | |
Off-system sales and capacity | 180 | 29 | |
Ameren Missouri total | $ 893 | $ 714 | |
Ameren Illinois Electric Distribution | |||
Residential | $ 342 | $ 297 | |
Commercial | 180 | 165 | |
Industrial | 50 | 45 | |
Other, including street lighting and public authority | — | (1) | |
Ameren Illinois Electric Distribution total | $ 572 | $ 506 | |
Ameren Transmission | |||
Ameren Illinois Transmission(a) | $ 154 | $ 131 | |
ATXI | 57 | 55 | |
Eliminate affiliate revenues | (1) | (1) | |
Ameren Transmission total | $ 210 | $ 185 | |
Other and intersegment eliminations(a) | (53) | (41) | |
Ameren Total | $ 1,622 | $ 1,364 |
(a) | Includes $37 million and $28 million, respectively, 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, | |||
2025 | 2024 | ||
Gas Sales - dekatherms (in millions): | |||
Ameren Missouri | 9 | 8 | |
Ameren Illinois Natural Gas | 65 | 60 | |
Ameren Total | 74 | 68 | |
Gas Revenues (in millions): | |||
Ameren Missouri | $ 64 | $ 61 | |
Ameren Illinois Natural Gas | 411 | 391 | |
Ameren Total | $ 475 | $ 452 | |
March 31, | December 31, | ||
2025 | 2024 | ||
Common Stock: | |||
Shares outstanding (in millions) | 270.3 | 269.9 | |
Book value per share | $ 45.21 | $ 44.88 |
SOURCE Ameren Corporation
3 hours | |
3 hours | |
7 hours | |
May-01 | |
May-01 | |
May-01 | |
May-01 | |
Apr-30 | |
Apr-29 | |
Apr-29 | |
Apr-29 | |
Apr-29 | |
Apr-28 | |
Apr-28 | |
Apr-28 |
Join thousands of traders who make more informed decisions with our premium features. Real-time quotes, advanced visualizations, backtesting, and much more.
Learn more about FINVIZ*Elite