Ameren Announces Second Quarter 2024 Results
Ameren (NYSE: AEE) reported second quarter 2024 net income of $258 million, or $0.97 per diluted share, compared to $237 million, or $0.90 per diluted share, in Q2 2023. The increase was driven by infrastructure investments, higher electric retail sales due to warmer temperatures, and new Ameren Missouri electric service rates. These gains were partially offset by higher interest expenses and operations costs.
For the first six months of 2024, Ameren's net income was $519 million, or $1.95 per diluted share, up from $501 million, or $1.90 per diluted share, in the same period of 2023. The company reaffirmed its 2024 earnings guidance range of $4.52 to $4.72 per diluted share, assuming normal temperatures for the remainder of the year.
Ameren (NYSE: AEE) ha riportato un utile netto del secondo trimestre 2024 di 258 milioni di dollari, ovvero 0,97 dollari per azione diluita, rispetto ai 237 milioni di dollari, o 0,90 dollari per azione diluita, registrati nel secondo trimestre 2023. L'aumento è stato alimentato da investimenti nelle infrastrutture, da un incremento delle vendite al dettaglio di elettricità grazie a temperature più calde e dalle nuove tariffe di servizio elettrico di Ameren Missouri. Questi guadagni sono stati parzialmente compensati da maggiori spese per interessi e costi operativi.
Per i primi sei mesi del 2024, l'utile netto di Ameren è stato di 519 milioni di dollari, ovvero 1,95 dollari per azione diluita, in aumento rispetto ai 501 milioni di dollari, o 1,90 dollari per azione diluita, nello stesso periodo del 2023. L'azienda ha confermato le previsioni di utili per il 2024 nella fascia di 4,52 - 4,72 dollari per azione diluita, presumendo temperature normali per il resto dell'anno.
Ameren (NYSE: AEE) reportó un ingreso neto del segundo trimestre de 2024 de 258 millones de dólares, o 0,97 dólares por acción diluida, en comparación con los 237 millones de dólares, o 0,90 dólares por acción diluida, en el segundo trimestre de 2023. El aumento fue impulsado por inversiones en infraestructura, mayores ventas minoristas de electricidad debido a temperaturas más cálidas y nuevas tarifas de servicios eléctricos de Ameren Missouri. Estas ganancias se vieron parcialmente compensadas por mayores gastos de intereses y costos operativos.
Para los primeros seis meses de 2024, el ingreso neto de Ameren fue de 519 millones de dólares, o 1,95 dólares por acción diluida, un aumento respecto a los 501 millones de dólares, o 1,90 dólares por acción diluida, en el mismo período de 2023. La empresa confirmó su guía de ganancias para 2024 en un rango de 4,52 a 4,72 dólares por acción diluida, asumiendo temperaturas normales para el resto del año.
Ameren (NYSE: AEE)는 2024년 2분기 순이익이 2억 5800만 달러, 즉 희석주당 0.97달러에 달했다고 보고했습니다. 이는 2023년 2분기의 2억 3700만 달러, 즉 0.90달러에 비해 증가한 수치입니다. 이 증가는 인프라 투자, 따뜻한 날씨로 인한 전기 소매 판매 증가, 그리고 Ameren Missouri의 새 전기 서비스 요금이 주효했습니다. 그러나 이러한 이익은 높은 이자 비용과 운영 비용의 증가로 부분적으로 상쇄되었습니다.
2024년 상반기 동안 Ameren의 순이익은 5억 1900만 달러, 즉 희석주당 1.95달러로, 2023년 같은 기간의 5억 100만 달러, 즉 1.90달러에서 증가했습니다. 이 회사는 2024년 수익 가이던스를 희석주당 4.52달러에서 4.72달러로 수정하지 않았다고 발표했습니다. 연중 정상적인 온도를 예상하고 있습니다.
Ameren (NYSE: AEE) a reporté un résultat net au deuxième trimestre 2024 de 258 millions de dollars, soit 0,97 dollar par action diluée, comparé à 237 millions de dollars, soit 0,90 dollar par action diluée, au deuxième trimestre 2023. Cette augmentation a été tirée par des investissements dans les infrastructures, des ventes de détail d'électricité plus élevées en raison de températures plus chaudes, et de nouveaux tarifs de service électrique d'Ameren Missouri. Ces gains ont été partiellement compensés par des charges d'intérêts plus élevées et des coûts opérationnels accrus.
Pour les six premiers mois de 2024, le résultat net d'Ameren s'élevait à 519 millions de dollars, soit 1,95 dollar par action diluée, en hausse par rapport à 501 millions de dollars, soit 1,90 dollar par action diluée, au même moment en 2023. La société a réaffirmé ses prévisions de bénéfices pour 2024 dans une fourchette de 4,52 à 4,72 dollars par action diluée, en supposant des températures normales pour le reste de l'année.
Ameren (NYSE: AEE) meldete einen Nettoertrag im zweiten Quartal 2024 von 258 Millionen Dollar, was 0,97 Dollar pro verwässerter Aktie entspricht, verglichen mit 237 Millionen Dollar, oder 0,90 Dollar pro verwässerter Aktie, im zweiten Quartal 2023. Der Anstieg wurde durch Investitionen in die Infrastruktur, höhere Stromverkäufe aufgrund wärmerer Temperaturen und neue Stromtarife von Ameren Missouri vorangetrieben. Diese Gewinne wurden teilweise durch höhere Zinsaufwendungen und Betriebskosten ausgeglichen.
Für die ersten sechs Monate des Jahres 2024 betrug der Nettoertrag von Ameren 519 Millionen Dollar, oder 1,95 Dollar pro verwässerter Aktie, ein Anstieg von 501 Millionen Dollar, oder 1,90 Dollar pro verwässerter Aktie, im gleichen Zeitraum 2023. Das Unternehmen bestätigte seine Gewinnerwartung für 2024 im Bereich von 4,52 bis 4,72 Dollar pro verwässerter Aktie, vorausgesetzt, dass die Temperaturen im Rest des Jahres normal sind.
- Q2 2024 earnings per share increased to $0.97 from $0.90 in Q2 2023
- Six-month earnings per share rose to $1.95 from $1.90 year-over-year
- Higher electric retail sales driven by warmer temperatures
- New Ameren Missouri electric service rates positively impacted earnings
- Strategic infrastructure investments contributed to earnings growth
- Higher interest expenses at Ameren Parent
- Increased operations and maintenance expenses, primarily at Ameren Missouri
- Lower return on equity at Ameren Illinois Electric Distribution under new multi-year rate plan
- Higher weighted-average basic common shares outstanding impacted earnings per share
Insights
Ameren's Q2 2024 results demonstrate solid financial performance, with diluted EPS increasing from
Key financial highlights include:
- Q2 2024 net income of
$258 million , up from$237 million in Q2 2023 - Six-month net income of
$519 million ($1.95 per diluted share), compared to$501 million ($1.90 per diluted share) in the same period of 2023 - Reaffirmed 2024 earnings guidance of
$4.52 to$4.72 per diluted share
The company's focus on infrastructure investments is paying off, driving earnings growth despite challenges such as higher interest expenses and increased operations and maintenance costs. The reaffirmation of the full-year guidance suggests management's confidence in the company's ability to navigate potential headwinds in the second half of the year.
Investors should note the positive impact of new electric service rates in Missouri and natural gas rates in Illinois, which contributed to the earnings growth. However, the lower return on equity under the new multi-year rate plan at Ameren Illinois Electric Distribution is a factor to watch, as it could impact future earnings potential in that segment.
Overall, Ameren's financial performance indicates a stable utility with growth potential, supported by its strategic investments and regulatory environment. The company's ability to maintain earnings growth while investing in infrastructure and managing costs bodes well for long-term shareholder value creation.
Ameren's Q2 2024 results highlight the company's successful execution of its utility strategy, focusing on infrastructure investments and regulatory alignment. The
Several industry-specific factors are worth noting:
- Weather impact: Warmer spring and early summer temperatures boosted electric retail sales, underscoring the importance of weather patterns in utility performance.
- Regulatory environment: New electric service rates in Missouri and the multi-year rate plan in Illinois Electric Distribution showcase the evolving regulatory landscape. While Missouri rates positively impacted earnings, the lower ROE in Illinois presents a challenge.
- Infrastructure investments: Continued focus on strategic infrastructure improvements is driving earnings growth, aligning with industry trends towards grid modernization and reliability enhancements.
- Cost management: Disciplined cost control has helped offset higher interest expenses and O&M costs, reflecting effective management in a rising interest rate environment.
Ameren's reaffirmed guidance suggests confidence in navigating potential challenges, including regulatory outcomes, energy market conditions and severe weather events. The company's strategy aligns well with industry trends towards cleaner energy and grid resilience, positioning it favorably for long-term growth.
However, investors should monitor the impact of rising interest rates on future capital investments and the potential for regulatory changes that could affect returns on invested capital. Ameren's ability to balance customer affordability with necessary infrastructure investments will be important for maintaining its growth trajectory in the evolving utility landscape.
- Second quarter Diluted Earnings Per Share were
$0.97 $0.90 - Guidance Range for 2024 Reaffirmed at
$4.52 $4.72
Second quarter 2024 results reflected earnings on increased infrastructure investments driven by strong execution of the company's strategy. Earnings were positively impacted by higher Ameren Missouri electric retail sales that were primarily driven by warmer spring and early summer temperatures as compared to the year-ago-period. In addition, earnings benefited from new Ameren Missouri electric service rates. These positive factors were partially offset by higher interest expense Ameren Parent, higher operations and maintenance expenses primarily at Ameren Missouri and a lower return on equity at Ameren Illinois Electric Distribution under the new multi-year rate plan. Finally, the earnings comparison also reflected higher weighted-average basic common shares outstanding.
"We delivered strong second quarter earnings resulting from strategic infrastructure investments and disciplined cost control. We continue to see significant opportunity for earnings growth as we focus on meeting our customers' growing needs for safe, reliable, affordable and cleaner service. Through consistent execution of our long-term strategy, we expect to drive sustainable earnings and dividend growth for our shareholders," said Martin J.
Ameren recorded net income attributable to common shareholders for the six months ended June 30, 2024, of
The increase in year-over-year six month earnings reflected increased strategic infrastructure investments and disciplined cost control. Earnings were positively impacted by new Ameren Missouri electric service rates and higher electric retail sales that were driven by warmer spring and early summer temperatures and higher retail sales across all customer classes. In addition, earnings benefited from new Ameren Illinois Natural Gas service rates and rate design. These positive factors were partially offset by higher operations and maintenance expenses at Ameren Missouri driven largely by non-recurring items. Finally, the earnings comparison reflected increased interest expense at Ameren Missouri and Ameren Parent, a lower return on equity under the new multi-year rate plan at Ameren Illinois Electric Distribution and lower tax benefits at Ameren Parent.
Earnings Guidance
Today, Ameren reaffirmed its 2024 earnings guidance range of
Ameren Missouri Segment Results
Ameren Missouri second quarter 2024 earnings were
Ameren Transmission Segment Results
Ameren Transmission second quarter 2024 earnings were
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution second quarter 2024 earnings were
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas second quarter 2024 earnings were
Ameren Parent Results (includes items not reported in a business segment)
Ameren Parent second quarter 2024 reflected a loss of
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, August 2, 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
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 any additional mitigation relief related to the operation of the Rush Island Energy Center that may be ordered by the United States District Court for the Eastern District of
Missouri , theMissouri Office of Public Counsel's request for rehearing of the Missouri Public Service Commission's (MoPSC) June 2024 financing order to authorize the issuance of securitized utility tariff bonds to finance the cost of the planned accelerated retirement of the Rush Island Energy Center, Ameren Missouri's electric service regulatory rate review filed with the MoPSC in June 2024, Ameren Missouri's proposed customer energy-efficiency plan under the Missouri Energy Efficiency Investment Act (MEEIA) filed with the MoPSC in January 2024, Ameren Illinois' December 2023 Illinois Commerce Commission (ICC) order for the Multi-Year Rate Plan (MYRP) electric distribution service regulatory rate review that directed Ameren Illinois to file a revised Grid Plan and a request to update the associated MYRP revenue requirements for 2024 through 2027, both subsequently filed in March 2024, and appeal of the December 2023 order to the Illinois Appellate Court for the Fifth Judicial District, Ameren Illinois' electric distribution service revenue requirement reconciliation adjustment request filed with the ICC in April 2024, Ameren Illinois' appeal of the November 2023 ICC natural gas delivery service rate order to the Illinois Appellate Court for the Fifth Judicial District, and the August 2022 United States Court of Appeals for the District of Columbia Circuit ruling that vacated the Federal Energy Regulatory Commission's (FERC) Midcontinent Independent System Operator, Inc. (MISO) return on equity (ROE)-determining orders and remanded the proceedings to the FERC; - 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 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 regulatory mechanism (
PISA ); - 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, integrated 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 (CCNs) from the MoPSC or any other required approvals for the addition of renewable resources and natural gas-fired energy centers;
- Ameren Missouri's ability to use or transfer federal production and investment tax credits related to renewable energy projects; 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 governmental actions, including monetary, fiscal, foreign trade, and energy policies;
- the effects of changes in federal, state, or local tax laws or rates, including the effects of the Inflation Reduction Act of 2022 (IRA) and the
15% minimum tax on adjusted financial statement income, as well as additional regulations, interpretations, amendments, or technical corrections to or in connection with the IRA, 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 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 more 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 for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's 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, and capital market conditions, including the impact of such conditions on interest rates, inflation, and investments;
- the impact of inflation or a recession on our customers 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 the transition to clean energy generation by Ameren Missouri and the electric utility industry, as well as our 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 and new, more stringent, or changing requirements, including those related to 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 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, 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 environmental, social, and governance 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; and
- the impacts of the Russian invasion of
Ukraine and conflicts in theMiddle East , related sanctions imposed by theU.S. 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, the inability of our counterparties to perform their obligations, disruptions in the capital and credit markets, acts of sabotage or terrorism, including cyberattacks, and other impacts on business, economic, and geopolitical conditions, including inflation.
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 June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating Revenues: | |||||||
Electric | $ 1,521 | $ 1,585 | $ 2,885 | $ 3,175 | |||
Natural gas | 172 | 175 | 624 | 647 | |||
Total operating revenues | 1,693 | 1,760 | 3,509 | 3,822 | |||
Operating Expenses: | |||||||
Fuel and purchased power | 327 | 480 | 655 | 1,088 | |||
Natural gas purchased for resale | 33 | 42 | 184 | 250 | |||
Other operations and maintenance | 465 | 450 | 935 | 898 | |||
Depreciation and amortization | 376 | 335 | 737 | 655 | |||
Taxes other than income taxes | 131 | 124 | 266 | 251 | |||
Total operating expenses | 1,332 | 1,431 | 2,777 | 3,142 | |||
Operating Income | 361 | 329 | 732 | 680 | |||
Other Income, Net | 103 | 82 | 192 | 160 | |||
Interest Charges | 165 | 134 | 319 | 261 | |||
Income Before Income Taxes | 299 | 277 | 605 | 579 | |||
Income Taxes | 39 | 38 | 83 | 75 | |||
Net Income | 260 | 239 | 522 | 504 | |||
Less: Net Income Attributable to Noncontrolling Interests | 2 | 2 | 3 | 3 | |||
Net Income Attributable to Ameren Common Shareholders | $ 258 | $ 237 | $ 519 | $ 501 | |||
Earnings per Common Share – Basic | $ 0.97 | $ 0.90 | $ 1.95 | $ 1.91 | |||
Earnings per Common Share – Diluted | $ 0.97 | $ 0.90 | $ 1.95 | $ 1.90 | |||
Weighted-average Common Shares Outstanding – Basic | 266.7 | 262.6 | 266.5 | 262.4 | |||
Weighted-average Common Shares Outstanding – Diluted | 266.8 | 263.2 | 266.8 | 263.2 | |||
AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions) | |||
June 30, 2024 | December 31, 2023 | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 19 | $ 25 | |
Accounts receivable - trade (less allowance for doubtful accounts) | 514 | 494 | |
Unbilled revenue | 407 | 319 | |
Miscellaneous accounts receivable | 62 | 106 | |
Inventories | 740 | 733 | |
Current regulatory assets | 345 | 365 | |
Other current assets | 130 | 139 | |
Total current assets | 2,217 | 2,181 | |
Property, Plant, and Equipment, Net | 34,873 | 33,776 | |
Investments and Other Assets: | |||
Nuclear decommissioning trust fund | 1,266 | 1,150 | |
Goodwill | 411 | 411 | |
Regulatory assets | 1,952 | 1,810 | |
Pension and other postretirement benefits | 566 | 581 | |
Other assets | 1,049 | 921 | |
Total investments and other assets | 5,244 | 4,873 | |
TOTAL ASSETS | $ 42,334 | $ 40,830 | |
LIABILITIES AND EQUITY | |||
Current Liabilities: | |||
Current maturities of long-term debt | $ 799 | $ 849 | |
Short-term debt | 691 | 536 | |
Accounts and wages payable | 774 | 1,136 | |
Interest accrued | 177 | 147 | |
Customer deposits | 197 | 176 | |
Other current liabilities | 655 | 501 | |
Total current liabilities | 3,293 | 3,345 | |
Long-term Debt, Net | 16,280 | 15,121 | |
Deferred Credits and Other Liabilities: | |||
Accumulated deferred income taxes and tax credits, net | 4,325 | 4,176 | |
Regulatory liabilities | 5,531 | 5,512 | |
Asset retirement obligations | 791 | 772 | |
Other deferred credits and liabilities | 446 | 426 | |
Total deferred credits and other liabilities | 11,093 | 10,886 | |
Shareholders' Equity: | |||
Common stock | 3 | 3 | |
Other paid-in capital, principally premium on common stock | 7,246 | 7,216 | |
Retained earnings | 4,299 | 4,136 | |
Accumulated other comprehensive loss | (9) | (6) | |
Total shareholders' equity | 11,539 | 11,349 | |
Noncontrolling Interests | 129 | 129 | |
Total equity | 11,668 | 11,478 | |
TOTAL LIABILITIES AND EQUITY | $ 42,334 | $ 40,830 | |
AMEREN CORPORATION (AEE) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
Cash Flows From Operating Activities: | |||
Net income | $ 522 | $ 504 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 760 | 703 | |
Amortization of nuclear fuel | 38 | 36 | |
Amortization of debt issuance costs and premium/discounts | 9 | 8 | |
Deferred income taxes and investment tax credits, net | 76 | 66 | |
Allowance for equity funds used during construction | (25) | (23) | |
Stock-based compensation costs | 14 | 14 | |
Other | 13 | (19) | |
Changes in assets and liabilities | (358) | (178) | |
Net cash provided by operating activities | 1,049 | 1,111 | |
Cash Flows From Investing Activities: | |||
Capital expenditures | (1,892) | (1,822) | |
Nuclear fuel expenditures | (37) | (50) | |
Purchases of securities – nuclear decommissioning trust fund | (323) | (81) | |
Sales and maturities of securities – nuclear decommissioning trust fund | 309 | 65 | |
Other | 11 | (1) | |
Net cash used in investing activities | (1,932) | (1,889) | |
Cash Flows From Financing Activities: | |||
Dividends on common stock | (356) | (330) | |
Dividends paid to noncontrolling interest holders | (3) | (3) | |
Short-term debt, net | 156 | 260 | |
Maturities of long-term debt | (350) | (100) | |
Issuances of long-term debt | 1,470 | 997 | |
Issuances of common stock | 21 | 16 | |
Employee payroll taxes related to stock-based compensation | (8) | (20) | |
Debt issuance costs | (18) | (9) | |
Other | — | (3) | |
Net cash provided by financing activities | 912 | 808 | |
Net change in cash, cash equivalents, and restricted cash | 29 | 30 | |
Cash, cash equivalents, and restricted cash at beginning of year(a) | 272 | 216 | |
Cash, cash equivalents, and restricted cash at end of period(b) | $ 301 | $ 246 | |
(a) | Includes |
(b) | Includes |
AMEREN CORPORATION (AEE) OPERATING STATISTICS | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Electric Sales - kilowatthours (in millions): | |||||||
Ameren Missouri | |||||||
Residential | 2,995 | 2,838 | 6,472 | 6,251 | |||
Commercial | 3,386 | 3,302 | 6,657 | 6,504 | |||
Industrial | 1,046 | 1,003 | 2,005 | 1,939 | |||
Street lighting and public authority | 14 | 15 | 33 | 35 | |||
Ameren Missouri retail load subtotal | 7,441 | 7,158 | 15,167 | 14,729 | |||
Off-system | 1,484 | 1,217 | 2,615 | 2,271 | |||
Ameren Missouri total | 8,925 | 8,375 | 17,782 | 17,000 | |||
Ameren Illinois Electric Distribution | |||||||
Residential | 2,582 | 2,367 | 5,333 | 5,063 | |||
Commercial | 2,791 | 2,744 | 5,547 | 5,570 | |||
Industrial | 2,712 | 2,668 | 5,390 | 5,279 | |||
Street lighting and public authority | 100 | 92 | 198 | 199 | |||
Ameren Illinois Electric Distribution total | 8,185 | 7,871 | 16,468 | 16,111 | |||
Ameren Total | 17,110 | 16,246 | 34,250 | 33,111 | |||
Electric Revenues (in millions): | |||||||
Ameren Missouri | |||||||
Residential | $ 395 | $ 360 | $ 736 | $ 684 | |||
Commercial | 324 | 311 | 583 | 558 | |||
Industrial | 77 | 75 | 138 | 136 | |||
Other, including street lighting and public authority | 21 | 27 | 45 | 57 | |||
Ameren Missouri retail load subtotal | $ 817 | $ 773 | $ 1,502 | $ 1,435 | |||
Off-system sales and capacity | 47 | 145 | 76 | 324 | |||
Ameren Missouri total | $ 864 | $ 918 | $ 1,578 | $ 1,759 | |||
Ameren Illinois Electric Distribution | |||||||
Residential | $ 311 | $ 337 | $ 608 | $ 719 | |||
Commercial | 163 | 193 | 328 | 393 | |||
Industrial | 47 | 48 | 92 | 96 | |||
Other, including street lighting and public authority | (12) | (38) | (13) | (44) | |||
Ameren Illinois Electric Distribution total | $ 509 | $ 540 | $ 1,015 | $ 1,164 | |||
Ameren Transmission | |||||||
Ameren Illinois Transmission(a) | $ 136 | $ 113 | $ 267 | $ 227 | |||
ATXI | 55 | 48 | 110 | 97 | |||
Eliminate affiliate revenues | — | — | (1) | — | |||
Ameren Transmission total | $ 191 | $ 161 | $ 376 | $ 324 | |||
Other and intersegment eliminations(a) | (43) | (34) | (84) | (72) | |||
Ameren Total | $ 1,521 | $ 1,585 | $ 2,885 | $ 3,175 | |||
(a) | Includes |
AMEREN CORPORATION (AEE) OPERATING STATISTICS | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Gas Sales - dekatherms (in millions): | |||||||
Ameren Missouri | 3 | 3 | 11 | 11 | |||
Ameren Illinois Natural Gas | 28 | 30 | 88 | 90 | |||
Ameren Total | 31 | 33 | 99 | 101 | |||
Gas Revenues (in millions): | |||||||
Ameren Missouri | $ 24 | $ 23 | $ 85 | $ 105 | |||
Ameren Illinois Natural Gas | 148 | 152 | 539 | 543 | |||
Eliminate affiliate revenues | — | — | — | (1) | |||
Ameren Total | $ 172 | $ 175 | $ 624 | $ 647 | |||
June 30, | December 31, | ||||||
2024 | 2023 | ||||||
Common Stock: | |||||||
Shares outstanding (in millions) | 266.8 | 266.3 | |||||
Book value per share | $ 43.25 | $ 42.62 | |||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/ameren-announces-second-quarter-2024-results-302212862.html
SOURCE Ameren Corporation
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