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Mittwoch, 06.11.2024 16:30
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Ameren Announces Third Quarter 2024 Results
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PR Newswire
ST. LOUIS, Nov. 6, 2024
- Third Quarter GAAP Diluted Earnings Per Share (EPS) were $1.70 in 2024 vs. $1.87 in 2023
- Third Quarter Adjusted (Non-GAAP) Diluted Earnings Per Share were $1.87 in 2024 vs. $1.87 in 2023
- 2024 GAAP Diluted EPS Guidance Range is now $4.34 to $4.48 per Diluted Share
- 2024 Adjusted (Non-GAAP) Diluted EPS Guidance Range Established at $4.55 to $4.69
- 2025 Diluted EPS Guidance Range Established at $4.85 to $5.05
ST. LOUIS, Nov. 6, 2024 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced third quarter 2024 net income attributable to common shareholders in accordance with generally accepted accounting principles (GAAP) of $456 million, or $1.70 per diluted share, compared to third quarter 2023 net income of $493 million, or $1.87 per diluted share. Excluding certain charges discussed below, Ameren recorded third quarter 2024 adjusted (non-GAAP) net income attributable to common shareholders of $500 million, or $1.87 per diluted share.
Third quarter 2024 adjusted earnings reflected increased infrastructure investments and disciplined cost management driven by solid execution of the company's strategy. These positive factors were offset by higher interest expense at Ameren Parent, lower Ameren Missouri electric retail sales driven by milder summer temperatures compared to the year-ago period and a lower return on equity (ROE) at Ameren Illinois Electric Distribution. Finally, the earnings per diluted share comparison also reflected higher weighted-average basic common shares outstanding.
"We delivered solid third quarter and year-to-date adjusted earnings resulting from infrastructure investments and disciplined cost control. As a result of this solid execution, we expect to deliver 2024 adjusted earnings within a range of $4.55 to $4.69 per share. Looking ahead, we expect our 2025 earnings per share to be in the range of $4.85 to $5.05 per share, with the midpoint representing a 7.1% increase over the midpoint of our 2024 adjusted guidance range. Further, we continue to see significant opportunity for earnings growth in the years ahead as we focus on meeting our customers' growing needs for safe, reliable, affordable and cleaner energy," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "Through consistent execution of our long-term strategy, we expect to drive sustainable earnings and dividend growth for our shareholders."
Ameren recorded GAAP net income attributable to common shareholders for the nine months ended September 30, 2024, of $975 million, or $3.65 per diluted share, compared to net income attributable to common shareholders for the nine months ended September 30, 2023, of $994 million, or $3.78 per diluted share. Excluding certain charges discussed below, Ameren recorded adjusted net income for the nine months ended September 30, 2024, of $1,030 million, or $3.86 per diluted share.
The increase in year-over-year nine month adjusted earnings reflected increased infrastructure investments and disciplined cost control. Further, earnings were positively impacted by new Ameren Missouri electric service rates, higher electric retail sales at Ameren Missouri across all customer classes and new Ameren Illinois Natural Gas service rates. These positive factors were partially offset by increased interest expense at Ameren Missouri and Ameren Parent and a lower ROE at Ameren Illinois Electric Distribution. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding.
As reflected in the table below, the following items, relating to matters that had been outstanding for over a decade, were excluded from adjusted earnings:
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- A charge for additional mitigation relief related to an agreement in principle to settle the New Source Review and Clean Air Act proceeding associated with the Rush Island Energy Center, which decreased earnings for the third quarter and first nine months of 2024 by $34 million and $45 million, respectively.
- A charge for customer refunds related to the Federal Energy Regulatory Commission's (FERC) October 2024 order on the Midcontinent Independent System Operator, Inc.'s (MISO) allowed base ROE for the periods of November 2013 through February 2015 and September 2016 through September 2024, which decreased earnings for the third quarter and first nine months of 2024 by $10 million.
A reconciliation of three-month and nine-month GAAP to adjusted earnings is as follows:
| | (In millions, except per share amounts) | |||||||
| | Three Months Ended Sep. 30, | Nine Months Ended Sep. 30, | ||||||
| | 2024 | 2023 | 2024 | 2023 | ||||
| GAAP Earnings / Diluted EPS | $ 456 | $ 1.70 | $ 493 | $ 1.87 | $ 975 | $ 3.65 | $ 994 | $ 3.78 |
| Charge for additional mitigation relief related to | $ 44 | $ 0.17 | $ — | $ — | $ 59 | $ 0.22 | $ — | $ — |
| Less: Federal income tax benefit | (10) | (0.04) | — | — | (14) | (0.05) | — | — |
| Charge, net of tax benefit | $ 34 | $ 0.13 | $ — | $ — | $ 45 | $ 0.17 | $ — | $ — |
| Charge for customer refunds from FERC order | $ 12 | $ 0.05 | $ — | $ — | $ 12 | $ 0.05 | $ — | $ — |
| Less: Federal income tax benefit | (2) | (0.01) | — | — | (2) | (0.01) | — | — |
| Charge, net of tax benefit | $ 10 | $ 0.04 | $ — | $ — | $ 10 | $ 0.04 | $ — | $ — |
| Adjusted Earnings / Diluted EPS | $ 500 | $ 1.87 | $ 493 | $ 1.87 | $ 1,030 | $ 3.86 | $ 994 | $ 3.78 |
Earnings Guidance
Ameren now expects 2024 GAAP diluted earnings per share guidance to be in a range of $4.34 to $4.48, compared to the prior GAAP guidance range of $4.52 to $4.72. Ameren expects 2024 adjusted earnings to be in a range of $4.55 to $4.69, which excludes the charge related to an agreement in principle to settle the New Source Review and Clean Air Act proceeding associated with the Rush Island Energy Center and the charge for customer refunds related to FERC's October 2024 order on MISO's allowed base ROE. Further, Ameren expects 2025 diluted earnings per share to be in a range of $4.85 to $5.05.
GAAP and adjusted earnings guidance for 2024 assumes normal temperatures for the last three months of the year. Earnings guidance for 2025 also assumes normal temperatures, and earnings guidance for 2024 and 2025 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 third quarter 2024 GAAP and adjusted earnings were $381 million and $415 million, respectively, compared to third quarter 2023 earnings of $411 million. Adjusted earnings in 2024 excluded the above-described charge related to an agreement in principle to settle the Rush Island Energy Center New Source Review and Clean Air Act proceeding. The year-over-year adjusted earnings increase reflected earnings on increased infrastructure investments and lower operations and maintenance expenses. These positive factors were partially offset by lower electric retail sales driven by milder summer temperatures compared to the year-ago-period and higher tax expense, primarily due to timing differences.
Ameren Transmission Segment Results
Ameren Transmission third quarter 2024 GAAP and adjusted earnings were $90 million and $100 million, respectively, compared to third quarter 2023 earnings of $86 million. Adjusted earnings in 2024 excluded the above-described charge for customer refunds related to the FERC's October 2024 order on MISO's allowed base ROE. The year-over-year earnings increase reflected earnings on increased infrastructure investments.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution third quarter 2024 earnings were $56 million, compared to third quarter 2023 earnings of $66 million. The year-over-year comparison reflected a lower allowed ROE for 2024 under the new multi-year rate plan.
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