Ameren Announces 2024 Results, Affirms Guidance for 2025 Earnings and Issues Long-Term Growth Guidance
Ameren (NYSE: AEE) reported strong financial results for 2024, with GAAP diluted EPS of $4.42 compared to $4.38 in 2023, and adjusted diluted EPS of $4.63. The company's net income reached $1,182 million, driven by increased infrastructure investments and disciplined cost management.
Key financial highlights include new electric service rates at Ameren Missouri, higher electric retail sales across all customer classes, and new natural gas service rates at Ameren Illinois. These positive factors were partially offset by increased interest expenses and a lower return on equity at Ameren Illinois Electric Distribution.
Looking forward, Ameren affirmed its 2025 earnings guidance range of $4.85 to $5.05 per diluted share and projected a 6% to 8% compound annual growth rate from 2025 through 2029. The company expects rate base growth of approximately 9.2% compounded annually during this period.
Ameren (NYSE: AEE) ha riportato risultati finanziari solidi per il 2024, con un utile per azione diluito GAAP di $4.42 rispetto a $4.38 nel 2023, e un utile per azione diluito rettificato di $4.63. Il reddito netto dell'azienda ha raggiunto $1.182 milioni, sostenuto da investimenti infrastrutturali aumentati e una gestione dei costi disciplinata.
I principali punti salienti finanziari includono nuove tariffe per il servizio elettrico ad Ameren Missouri, un aumento delle vendite al dettaglio di elettricità in tutte le categorie di clienti e nuove tariffe per il servizio di gas naturale ad Ameren Illinois. Questi fattori positivi sono stati parzialmente compensati da spese per interessi aumentate e un rendimento del capitale proprio più basso per la distribuzione elettrica di Ameren Illinois.
Guardando al futuro, Ameren ha confermato la sua guida sugli utili per il 2025, con un intervallo di $4.85 a $5.05 per azione diluita e ha previsto un tasso di crescita annuale composto dal 6% all'8% dal 2025 al 2029. L'azienda prevede una crescita della base tariffaria di circa il 9.2% composto annualmente durante questo periodo.
Ameren (NYSE: AEE) reportó resultados financieros sólidos para 2024, con un BPA diluido GAAP de $4.42 en comparación con $4.38 en 2023, y un BPA diluido ajustado de $4.63. El ingreso neto de la compañía alcanzó $1,182 millones, impulsado por mayores inversiones en infraestructura y una gestión de costos disciplinada.
Los aspectos financieros clave incluyen nuevas tarifas de servicio eléctrico en Ameren Missouri, mayores ventas minoristas de electricidad en todas las clases de clientes y nuevas tarifas de servicio de gas natural en Ameren Illinois. Estos factores positivos fueron parcialmente compensados por mayores gastos por intereses y un menor retorno sobre el capital en la distribución eléctrica de Ameren Illinois.
De cara al futuro, Ameren afirmó su rango de orientación de ganancias para 2025 de $4.85 a $5.05 por acción diluida y proyectó una tasa de crecimiento anual compuesto del 6% al 8% desde 2025 hasta 2029. La compañía espera un crecimiento de la base tarifaria de aproximadamente el 9.2% compuesto anualmente durante este período.
Ameren (NYSE: AEE)는 2024년 강력한 재무 결과를 보고했으며, GAAP 희석 주당순이익(EPS)은 2023년의 $4.38에 비해 $4.42로 증가했으며, 조정된 희석 EPS는 $4.63입니다. 회사의 순이익은 $1,182백만에 도달했으며, 이는 인프라 투자 증가와 비용 관리의 엄격함에 의해 촉진되었습니다.
주요 재무 하이라이트에는 Ameren Missouri의 새로운 전기 서비스 요금, 모든 고객 클래스에서의 전기 소매 판매 증가, Ameren Illinois의 새로운 천연 가스 서비스 요금이 포함됩니다. 이러한 긍정적인 요소는 Ameren Illinois 전기 배급의 증가된 이자 비용과 낮은 자기자본 수익률에 의해 부분적으로 상쇄되었습니다.
앞으로 Ameren은 2025년 희석 주당순이익 가이드라인 범위를 $4.85에서 $5.05로 확인하고, 2025년부터 2029년까지 연평균 성장률을 6%에서 8%로 예상했습니다. 회사는 이 기간 동안 약 9.2%의 연평균 요금 기반 성장을 예상하고 있습니다.
Ameren (NYSE: AEE) a annoncé de solides résultats financiers pour 2024, avec un BPA dilué GAAP de 4,42 $ par rapport à 4,38 $ en 2023, et un BPA dilué ajusté de 4,63 $. Le revenu net de l'entreprise a atteint 1,182 millions de dollars, soutenu par des investissements accrus dans les infrastructures et une gestion rigoureuse des coûts.
Les faits saillants financiers clés incluent de nouveaux tarifs de service électrique à Ameren Missouri, des ventes de détail d'électricité en hausse dans toutes les catégories de clients, et de nouveaux tarifs de service de gaz naturel à Ameren Illinois. Ces facteurs positifs ont été partiellement compensés par des charges d'intérêts accrues et un rendement des capitaux propres plus faible dans la distribution électrique d'Ameren Illinois.
En regardant vers l'avenir, Ameren a confirmé sa prévision de bénéfices pour 2025, avec une fourchette de 4,85 $ à 5,05 $ par action diluée et a projeté un taux de croissance annuel composé de 6 % à 8 % de 2025 à 2029. L'entreprise s'attend à une croissance de la base tarifaire d'environ 9,2 % composée annuellement durant cette période.
Ameren (NYSE: AEE) hat für 2024 starke finanzielle Ergebnisse gemeldet, mit einem GAAP verwässerten EPS von $4.42 im Vergleich zu $4.38 im Jahr 2023 und einem angepassten verwässerten EPS von $4.63. Der Nettogewinn des Unternehmens erreichte $1.182 Millionen, angetrieben durch erhöhte Infrastrukturinvestitionen und diszipliniertes Kostenmanagement.
Zu den wichtigsten finanziellen Höhepunkten gehören neue Stromtarife in Ameren Missouri, höhere Einzelhandelsverkäufe von Strom in allen Kundenklassen und neue Erdgasdiensttarife in Ameren Illinois. Diese positiven Faktoren wurden teilweise durch gestiegene Zinsaufwendungen und eine niedrigere Eigenkapitalrendite bei der Stromverteilung von Ameren Illinois ausgeglichen.
Blick in die Zukunft bestätigte Ameren seine Gewinnprognose für 2025 in einer Spanne von $4.85 bis $5.05 pro verwässerter Aktie und prognostizierte eine jährliche Wachstumsrate von 6% bis 8% von 2025 bis 2029. Das Unternehmen erwartet in diesem Zeitraum ein jährliches Wachstum der Tarifbasis von etwa 9.2%.
- GAAP EPS increased to $4.42 in 2024 from $4.38 in 2023
- Adjusted EPS grew to $4.63 in 2024 from $4.38 in 2023
- Net income rose to $1,182 million in 2024 from $1,152 million in 2023
- Projected 9.2% compound annual rate base growth through 2029
- 6-8% projected compound annual EPS growth rate for 2025-2029
- Increased interest expenses at Ameren Missouri and Parent
- Lower return on equity at Ameren Illinois Electric Distribution
- $45 million charge for Rush Island Energy Center settlement
- $10 million charge for FERC-ordered customer refunds
Insights
The 2024 financial results demonstrate Ameren's successful execution of its regulated utility strategy, with adjusted EPS of $4.63 representing a
Segment analysis reveals particularly strong performance in the transmission business, where earnings grew to
The projected
Three key factors make this earnings report particularly compelling for long-term investors:
- The company's ability to maintain strong regulatory relationships across multiple jurisdictions, evidenced by successful rate case outcomes
- A clear path to
6-8% EPS growth supported by identifiable investment opportunities in infrastructure modernization - The company's balanced approach to funding its growth plans while maintaining credit metrics, important for sustainable long-term growth
However, investors should monitor potential headwinds, including interest rate impacts on financing costs and regulatory outcomes in Illinois, where a lower ROE in the electric distribution segment affected 2024 results. The company's ability to manage these challenges while executing its growth strategy will be important for achieving its long-term objectives.
- 2024 GAAP Diluted Earnings Per Share (EPS) were
$4.42 $4.38 - 2024 Adjusted (Non-GAAP) Diluted Earnings Per Share were
$4.63 $4.38 - Earnings Guidance Range for 2025 Affirmed at
$4.85 $5.05 - Diluted EPS Compound Annual Growth Rate Guidance of
6% to8% issued for 2025 through 2029, using 2025 Guidance Midpoint as a Base
Adjusted earnings results for 2024 were driven by strong operating performance and execution of the company's strategy. Higher earnings were primarily the result of increased infrastructure investments and disciplined cost management. Earnings also benefited from new electric service rates at Ameren Missouri, higher electric retail sales at Ameren Missouri across all customer classes and new natural gas service rates at Ameren Illinois. These favorable factors were partially offset by increased interest expense at Ameren Missouri and Ameren Parent and a lower return on equity (ROE) at Ameren Illinois Electric Distribution. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding.
"We made significant strides in executing our strategy during 2024 for the benefit of our customers, communities, shareholders and the environment," said Martin J. Lyons Jr., chairman, president and chief executive officer of Ameren Corporation. "This included completing substantial energy infrastructure investments, securing important regulatory project approvals and maintaining a strong balance sheet to efficiently fund investment in the future. We are confident our achievements this year will provide a solid foundation to capitalize on growth opportunities in the years ahead."
"Today, Ameren Missouri filed a change to its preferred Integrated Resource Plan, which outlines the least-cost approach to ensuring we have the generation resources needed to reliably meet customers' rising energy needs and support economic development," continued
Ameren recorded GAAP and adjusted net income attributable to common shareholders for the three months ended December 31, 2024, of
As reflected in the table below, the following items, relating to matters that had been outstanding for over a decade, were excluded from 2024 adjusted earnings:
- A charge for additional mitigation relief related to settlement of the New Source Review and Clean Air Act proceeding associated with the Rush Island Energy Center, which decreased 2024 earnings by
$45 million - 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 October 2024, which decreased 2024 earnings by
$10 million
A reconciliation of three-month and full-year GAAP to adjusted earnings is as follows:
(In millions, except per share amounts) | ||||||||
Three Months Ended Dec 31, | Year Ended Dec. 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
GAAP Earnings / Diluted EPS | $ 207 | $ 0.77 | $ 158 | $ 0.60 | $ 4.42 | $ 4.38 | ||
Charge for additional mitigation relief related to Rush Island Energy Center | $ — | $ — | $ — | $ — | $ 59 | $ 0.22 | $ — | $ — |
Less: Federal income tax benefit | — | — | — | — | (14) | (0.05) | — | — |
Charge, net of tax benefit | $ — | $ — | $ — | $ — | $ 45 | $ 0.17 | $ — | $ — |
Charge for customer refunds from FERC order on MISO's allowed base ROE | $ — | $ — | $ — | $ — | $ 12 | $ 0.05 | $ — | $ — |
Less: Federal income tax benefit | — | — | — | — | (2) | (0.01) | — | — |
Charge, net of tax benefit | $ — | $ — | $ — | $ — | $ 10 | $ 0.04 | $ — | $ — |
Adjusted Earnings / Diluted EPS | $ 207 | $ 0.77 | $ 158 | $ 0.60 | $ 4.63 | $ 4.38 | ||
Earnings and Rate Base Guidance
Today, Ameren affirmed its 2025 earnings guidance range of
"We remain focused on execution of our strategy, which includes making investments to modernize the energy grid and power growth with a mix of reliable and cleaner energy resources. This, along with our relentless focus on disciplined cost management, will continue to deliver superior value for our customers, the communities we serve, our shareholders and the environment,"
Ameren's earnings guidance for 2025 and multi-year growth expectations assume normal temperatures and are 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 release.
Ameren Missouri Segment Results
Ameren Missouri 2024 GAAP and adjusted earnings were
Ameren Transmission Segment Results
Ameren Transmission 2024 GAAP and adjusted earnings were
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution 2024 earnings were
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas 2024 earnings were
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent's 2024 loss was
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, Feb. 14 to discuss 2024 earnings, 2025 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 "Q4 2024 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investors" section of the website under "Quarterly Earnings."
About 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:
- regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms, such as those that may result from Ameren Missouri's electric service regulatory rate review filed with the Missouri Public Service Commission (MoPSC) in June 2024, Ameren Missouri's natural gas delivery service regulatory rate review filed with the MoPSC in September 2024, Ameren Illinois' appeal of both the December 2023 Illinois Commerce Commission (ICC) order for the Multi-Year Rate Plan (MYRP) electric distribution service regulatory rate review and June 2024 rehearing order to the Illinois Appellate Court for the Fifth Judicial District, Ameren Illinois' natural gas delivery service regulatory rate review filed with the ICC in January 2025, and the Federal Energy Regulatory Commission's (FERC) December 2024 notice indicating a future order will be issued related to rehearing requests on the October 2024 FERC order regarding the allowed base ROE under the Midcontinent Independent System Operator, Inc. (MISO) tariff along with the January 2025 appeal of FERC's October 2024 order by the MISO transmission owners, including Ameren Missouri, Ameren Illinois, and Ameren Transmission Company of
Illinois ; - our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed returns on equity (ROEs), within frameworks established by our regulators, while maintaining affordability of services for our customers;
- the effect and duration of Ameren Illinois' election to utilize MYRPs for electric distribution service ratemaking effective for rates beginning in 2024, including the effect of the reconciliation cap on the electric distribution revenue requirement;
- the effect of Ameren Illinois' use of the performance-based formula ratemaking framework for its participation in electric energy-efficiency programs, and the related impact of the direct relationship between Ameren Illinois' ROE and the 30-year United States Treasury bond yields;
- the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri's election to use the plant-in-service accounting;
- Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired energy centers, extend the operating license for the Callaway Energy Center, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, preferred resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to obtain all necessary regulatory and project approvals, including certificates of convenience and necessity (CCN) from the MoPSC or any other required approvals;
- Ameren Missouri's ability to use or transfer federal production and investment tax credits related to renewable energy projects and nuclear energy production; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility;
- the outcome of competitive bids related to requests for proposals and project approvals, including CCNs from the MoPSC and the ICC or any other required approvals, associated with the MISO's long-range transmission planning;
- the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of necessary materials and equipment, including those obligations that are affected by supply chain disruptions;
- advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery energy storage, and the impact of federal and state energy and economic policies with respect to those technologies;
- the effects of changes in federal, state, or local laws and other domestic or international governmental actions, including monetary, fiscal, foreign trade, and energy policies, tariffs, or extended federal government shutdowns or defunding;
- the effects of changes in federal, state, or local tax laws or rates; additional regulations, interpretations, amendments, or technical corrections to, or in connection with the Inflation Reduction Act of 2022 (IRA), including the effects of the IRA as it relates to income tax payments or the transferability of production and investment tax credits and the
15% minimum tax on adjusted financial statement income; and challenges to the tax positions we have taken, if any, as well as resulting effects on customer rates and the recoverability of the minimum tax imposed under the IRA; - the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming increasingly cost-competitive;
- the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of natural gas for distribution and the cost and availability of purchased power, including capacity, zero emission credits, renewable energy credits, and emission allowances; and the level and volatility of future market prices for such commodities and credits;
- disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies primarily from the one Nuclear Regulatory Commission-licensed supplier of assemblies for Ameren Missouri's Callaway Energy Center;
- the cost and availability of transmission capacity required for the energy generated by Ameren Missouri's energy centers or required to satisfy our energy sales;
- the effectiveness of our risk management strategies and our use of financial and derivative instruments;
- the ability to obtain sufficient insurance or, in the absence of insurance, the ability to timely recover uninsured losses from our customers;
- the impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
- acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts;
- business, economic, geopolitical, and capital market conditions, including tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, and investments;
- the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity;
- disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed;
- the actions of credit rating agencies and the effects of such actions;
- the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources;
- the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
- the ability to maintain system reliability during and after the transition to clean energy generation by Ameren Missouri and the electric utility industry as well as Ameren Missouri's ability to meet generation capacity obligations;
- the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
- the operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things;
- Ameren Missouri's ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
- the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements, including those related to the New Source Review provisions of the Clean Air Act, carbon dioxide, nitrogen oxides and other emissions and discharges,
Illinois emission standards, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; - the impact of complying with renewable energy standards in
Missouri andIllinois and with the zero emission standard inIllinois ; - the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its MEEIA programs;
- Ameren Illinois' ability to achieve the performance standards applicable to its electric distribution business and electric customer energy-efficiency goals and the resulting impact on its allowed ROE;
- labor disputes, work force reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
- the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage, or concerns about company policies or practices;
- the impact of adopting new accounting and reporting guidance;
- the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
- legal and administrative proceedings;
- pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; the impacts of the Russian invasion of
Ukraine and conflicts in theMiddle East , related sanctions imposed bythe United States and other governments, and any broadening of these or other global conflicts, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services; and - the inability of our counterparties to perform their obligations, disruptions in the capital and credit markets, prolonged government shutdowns or defunding, acts of sabotage or terrorism, including cyberattacks and physical attacks, and other impacts on business, economic, and geopolitical conditions, including inflation, tariffs, trade wars, or recession.
New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it 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 | Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating Revenues: | |||||||
Electric | $ 1,620 | $ 1,343 | $ 6,540 | $ 6,439 | |||
Natural gas | 321 | 275 | 1,083 | 1,061 | |||
Total operating revenues | 1,941 | 1,618 | 7,623 | 7,500 | |||
Operating Expenses: | |||||||
Fuel and purchased power | 527 | 294 | 1,681 | 1,812 | |||
Natural gas purchased for resale | 106 | 75 | 320 | 355 | |||
Other operations and maintenance | 514 | 498 | 1,969 | 1,866 | |||
Depreciation and amortization | 465 | 363 | 1,590 | 1,387 | |||
Taxes other than income taxes | 131 | 124 | 547 | 522 | |||
Total operating expenses | 1,743 | 1,354 | 6,107 | 5,942 | |||
Operating Income | 198 | 264 | 1,516 | 1,558 | |||
Other Income, Net | 124 | 87 | 417 | 348 | |||
Interest Charges | 171 | 153 | 663 | 566 | |||
Income Before Income Taxes | 151 | 198 | 1,270 | 1,340 | |||
Income Taxes (Benefit) | (57) | 39 | 83 | 183 | |||
Net Income | 208 | 159 | 1,187 | 1,157 | |||
Less: Net Income Attributable to Noncontrolling Interests | 1 | 1 | 5 | 5 | |||
Net Income Attributable to Ameren Common Shareholders | $ 207 | $ 158 | $ 1,182 | $ 1,152 | |||
Earnings per Common Share – Basic | $ 0.77 | $ 0.60 | $ 4.43 | $ 4.39 | |||
Earnings per Common Share – Diluted | $ 0.77 | $ 0.60 | $ 4.42 | $ 4.38 | |||
Weighted-average Common Shares Outstanding – Basic | 267.4 | 263.5 | 266.8 | 262.8 | |||
Weighted-average Common Shares Outstanding – Diluted | 268.9 | 264.0 | 267.4 | 263.4 | |||
AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions) | |||
December 31, | December 31, | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 7 | $ 25 | |
Accounts receivable - trade (less allowance for doubtful accounts) | 525 | 494 | |
Unbilled revenue | 346 | 319 | |
Miscellaneous accounts receivable | 96 | 106 | |
Inventories | 762 | 733 | |
Current regulatory assets | 366 | 365 | |
Other current assets | 162 | 139 | |
Total current assets | 2,264 | 2,181 | |
Property, Plant, and Equipment, Net | 36,304 | 33,776 | |
Investments and Other Assets: | |||
Nuclear decommissioning trust fund | 1,342 | 1,150 | |
Goodwill | 411 | 411 | |
Regulatory assets | 2,397 | 1,810 | |
Pension and other postretirement benefits | 757 | 581 | |
Other assets | 1,123 | 921 | |
Total investments and other assets | 6,030 | 4,873 | |
TOTAL ASSETS | $ 44,598 | $ 40,830 | |
LIABILITIES AND EQUITY | |||
Current Liabilities: | |||
Current maturities of long-term debt | $ 317 | $ 849 | |
Short-term debt | 1,143 | 536 | |
Accounts and wages payable | 1,059 | 1,136 | |
Interest accrued | 196 | 147 | |
Customer deposits | 223 | 176 | |
Other current liabilities | 475 | 501 | |
Total current liabilities | 3,413 | 3,345 | |
Long-term Debt, Net | 17,262 | 15,121 | |
Deferred Credits and Other Liabilities: | |||
Accumulated deferred income taxes and production and investment tax credits, net | 4,474 | 4,176 | |
Regulatory liabilities | 5,897 | 5,512 | |
Asset retirement obligations | 822 | 772 | |
Other deferred credits and liabilities | 487 | 426 | |
Total deferred credits and other liabilities | 11,680 | 10,886 | |
Shareholders' Equity: | |||
Common stock | 3 | 3 | |
Other paid-in capital, principally premium on common stock | 7,513 | 7,216 | |
Retained earnings | 4,604 | 4,136 | |
Accumulated other comprehensive loss | (6) | (6) | |
Total shareholders' equity | 12,114 | 11,349 | |
Noncontrolling Interests | 129 | 129 | |
Total equity | 12,243 | 11,478 | |
TOTAL LIABILITIES AND EQUITY | $ 44,598 | $ 40,830 | |
AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) | |||
Year Ended December 31, | |||
2024 | 2023 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 1,187 | $ 1,157 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,524 | 1,432 | |
Amortization of nuclear fuel | 81 | 68 | |
Amortization of debt issuance costs and premium/discounts | 19 | 16 | |
Deferred income taxes and production and investment tax credits, net | 127 | 229 | |
Allowance for equity funds used during construction | (76) | (54) | |
Stock-based compensation costs | 28 | 26 | |
Other | 87 | 16 | |
Changes in assets and liabilities | (214) | (326) | |
Net cash provided by operating activities | 2,763 | 2,564 | |
Cash Flows From Investing Activities: | |||
Capital expenditures | (4,319) | (3,597) | |
Nuclear fuel expenditures | (91) | (174) | |
Purchases of securities – nuclear decommissioning trust fund | (584) | (266) | |
Sales and maturities of securities – nuclear decommissioning trust fund | 564 | 240 | |
Other | (26) | (1) | |
Net cash used in investing activities | (4,456) | (3,798) | |
Cash Flows From Financing Activities: | |||
Dividends on common stock | (714) | (662) | |
Dividends paid to noncontrolling interest holders | (5) | (5) | |
Short-term debt, net | 607 | (533) | |
Maturities and extinguishment of long-term debt | (893) | (100) | |
Issuances of long-term debt | 2,535 | 2,295 | |
Issuances of common stock | 273 | 346 | |
Employee payroll taxes related to stock-based compensation | (8) | (20) | |
Debt issuance costs | (31) | (21) | |
Other | (15) | (10) | |
Net cash provided by financing activities | 1,749 | 1,290 | |
Net change in cash, cash equivalents, and restricted cash | 56 | 56 | |
Cash, cash equivalents, and restricted cash at beginning of year(a) | 272 | 216 | |
Cash, cash equivalents, and restricted cash at end of year(b) | $ 328 | $ 272 | |
(a) | Includes |
(b) | Includes |
AMEREN CORPORATION (AEE) OPERATING STATISTICS | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Electric Sales - kilowatthours (in millions): | |||||||
Ameren Missouri | |||||||
Residential | 2,933 | 2,897 | 13,041 | 12,839 | |||
Commercial | 3,210 | 3,166 | 13,620 | 13,466 | |||
Industrial | 997 | 967 | 4,096 | 3,977 | |||
Street lighting and public authority | 18 | 20 | 65 | 71 | |||
Ameren Missouri retail load subtotal | 7,158 | 7,050 | 30,822 | 30,353 | |||
Off-system sales | 648 | 766 | 4,011 | 4,145 | |||
Ameren Missouri total | 7,806 | 7,816 | 34,833 | 34,498 | |||
Ameren Illinois Electric Distribution | |||||||
Residential | 2,492 | 2,504 | 10,945 | 10,774 | |||
Commercial | 2,859 | 2,766 | 11,631 | 11,602 | |||
Industrial | 2,679 | 2,614 | 10,949 | 10,740 | |||
Street lighting and public authority | 93 | 90 | 386 | 385 | |||
Ameren Illinois Electric Distribution total | 8,123 | 7,974 | 33,911 | 33,501 | |||
Eliminate affiliate sales | — | (30) | — | (30) | |||
Ameren total | 15,929 | 15,760 | 68,744 | 67,969 | |||
Electric Revenues (in millions): | |||||||
Ameren Missouri | |||||||
Residential | $ 312 | $ 303 | $ 1,638 | $ 1,577 | |||
Commercial | 265 | 254 | 1,313 | 1,280 | |||
Industrial | 65 | 63 | 311 | 306 | |||
Other, including street lighting and public authority | 49 | 64 | 100 | 124 | |||
Ameren Missouri retail load subtotal | $ 691 | $ 684 | $ 3,362 | $ 3,287 | |||
Off-system sales and capacity | 254 | 32 | 485 | 407 | |||
Ameren Missouri total | $ 945 | $ 716 | $ 3,847 | $ 3,694 | |||
Ameren Illinois Electric Distribution | |||||||
Residential | $ 307 | $ 295 | $ 1,254 | $ 1,344 | |||
Commercial | 168 | 165 | 680 | 747 | |||
Industrial | 48 | 50 | 178 | 186 | |||
Other, including street lighting and public authority | (1) | (14) | (23) | (59) | |||
Ameren Illinois Electric Distribution total | $ 522 | $ 496 | $ 2,089 | $ 2,218 | |||
Ameren Transmission | |||||||
Ameren Illinois Transmission(a) | $ 142 | $ 117 | $ 564 | $ 480 | |||
ATXI | 53 | 48 | 218 | 198 | |||
Eliminate affiliate revenues | — | — | (1) | (1) | |||
Ameren Transmission total | $ 195 | $ 165 | $ 781 | $ 677 | |||
Other and intersegment eliminations | (42) | (34) | (177) | (150) | |||
Ameren total | $ 1,620 | $ 1,343 | $ 6,540 | $ 6,439 | |||
(a) | Includes |
AMEREN CORPORATION (AEE) OPERATING STATISTICS | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Gas Sales - dekatherms (in millions): | |||||||
Ameren Missouri | 5 | 6 | 18 | 19 | |||
Ameren Illinois Natural Gas | 48 | 48 | 163 | 163 | |||
Ameren total | 53 | 54 | 181 | 182 | |||
Gas Revenues (in millions): | |||||||
Ameren Missouri | $ 43 | $ 43 | $ 146 | $ 165 | |||
Ameren Illinois Natural Gas | 278 | 232 | 938 | 897 | |||
Eliminate affiliate revenues | — | — | (1) | (1) | |||
Ameren total | $ 321 | $ 275 | $ 1,083 | $ 1,061 | |||
December 31, | December 31, | ||||||
Common Stock: | |||||||
Shares outstanding (in millions) | 269.9 | 266.3 | |||||
Book value per share | $ 44.88 | $ 42.62 | |||||
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SOURCE Ameren Corporation
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