ST. LOUIS, May 7, 2015 /PRNewswire/ -- Ameren
Corporation (NYSE: AEE) today announced first quarter 2015 net
income from continuing operations of $108
million, or 45 cents per
share, compared with first quarter 2014 net income from continuing
operations of $97 million, or
40 cents per share.
The year-over-year increase in first quarter 2015 earnings from
continuing operations reflected the positive effect of increased
electric transmission and delivery infrastructure investments made
by Ameren Transmission Company of Illinois (ATXI) and Ameren Illinois under
formula ratemaking. The earnings contribution from these
investments was reduced by lower recognized allowed returns on
equity (ROE). Earnings also improved as a result of reduced parent
company interest charges. Lower electric and natural gas sale
volumes, due primarily to milder winter temperatures and energy
efficiency, partially offset these positives.
"Our first quarter results reflect the benefits of our strategic
allocation of capital to jurisdictions with modern, constructive
regulatory frameworks," said Warner L.
Baxter, chairman, president and chief executive officer of
Ameren Corporation. "We remain focused on executing all elements of
our strategy, including exercising disciplined cost management and
aligning spending with regulatory outcomes, and expect this focus
to deliver superior value to both our customers and our
shareholders."
Earnings Guidance
Ameren continues to expect 2015 diluted earnings per share to be
in a range of $2.45 to $2.65. This
earnings guidance assumes normal temperatures for the last nine
months of this year and is subject to the effects of, among other
things, 30-year U.S. Treasury bond yields; regulatory decisions and
legislative actions; energy center and energy delivery operations;
energy, economic, capital and credit market conditions; severe
storms; 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 segment first quarter 2015 earnings were
$41 million, compared with first
quarter 2014 earnings of $47 million.
This earnings decline reflected lower electric and natural gas
sales volumes due primarily to milder winter temperatures, compared
with much colder-than-normal temperatures in the year-ago quarter,
and energy efficiency. In addition, the earnings comparison was
negatively affected by higher depreciation and financing costs
associated with significant capital projects placed in service over
the last 12 months. These negative factors were partially offset by
reduced operations and maintenance expenses.
Ameren Illinois Segment Results
Ameren Illinois segment first quarter 2015 earnings were
$53 million, unchanged from first
quarter 2014 results. The earnings comparison benefited from
increased electric delivery and transmission infrastructure
investments made under formula ratemaking and an Illinois Commerce
Commission order approving recovery of Ameren Illinois' cumulative
power usage costs. Factors negatively affecting the earnings
comparison included lower recognized allowed ROEs for electric
delivery and transmission services, decreased electric and natural
gas sales volumes due primarily to milder winter temperatures,
compared with much colder-than-normal temperatures in the year-ago
quarter, as well as higher depreciation and amortization expenses
related to natural gas delivery service.
Other, including Parent and ATXI
Other earnings, including those of the parent company and ATXI,
for the first quarter of 2015 were $14
million, compared with a loss from continuing operations of
$3 million for the first quarter of
2014. This earnings improvement reflected decreased interest
charges resulting from the May 2014
maturity of $425 million of parent
company 8.875% senior notes that were replaced with lower-cost,
short-term debt. The comparison also benefited from an increase in
earnings at ATXI to $10 million from
$4 million as a result of
infrastructure investments made under formula ratemaking, which
were partially offset by a lower recognized allowed ROE.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Thursday, May 7, to discuss first quarter 2015
earnings, earnings guidance, and regulatory and other matters.
Investors, the news media and the public may listen to a live
Internet broadcast of the call at Ameren.com by clicking on "Q1
2015 Ameren Corporation Earnings Conference Call," followed by the
appropriate audio link. An accompanying slide presentation will be
available on Ameren's website. The conference call and this
presentation will be accessible in the "Investors" section of the
website under "Webcasts & Presentations." The analyst call will
be available for replay on Ameren's website for one year. In
addition, a telephone replay of the conference call will be
available beginning at approximately noon
Central Time from May 7 through May
14 by dialing U.S. and Canada 877.660.6853 or international
201.612.7415, and entering ID number 13608486.
About Ameren
St. Louis-based Ameren
Corporation powers the quality of life for 2.4 million electric
customers and more than 900,000 natural gas customers in a
64,000-square-mile area through its Ameren Missouri and Ameren
Illinois rate-regulated utility subsidiaries. Ameren Illinois
provides electric delivery and transmission service as well as
natural gas delivery service while Ameren Missouri provides
vertically integrated electric service, with generating capacity of
over 10,200 megawatts, and natural gas delivery service. Ameren
Transmission Company of Illinois
develops regional electric transmission projects. Follow the
company on Twitter @AmerenCorp. For more information, visit
Ameren.com.
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, strategies, 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 Form
10-K for the year ended December 31,
2014, 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, including changes
in regulatory policies and ratemaking determinations, such as the
Missouri Public Service Commission's April
2015 electric rate order; Ameren Missouri's December 2014 Missouri Energy Efficiency
Investment Act (MEEIA) filing; Ameren Illinois' April 2015 annual electric delivery service
formula update filing; Ameren Illinois' January 2015 natural gas delivery service rate
case filing; a settlement agreement requiring Federal Energy
Regulatory Commission (FERC) approval for an Ameren Illinois
electric transmission rate refund and a prospective reduction to
common equity for ratemaking purposes; the complaint cases filed
with the FERC seeking a reduction in the allowed base return on
common equity under the Midcontinent Independent System Operator
tariff; and future regulatory, judicial, or legislative actions
that seek to change regulatory recovery mechanisms;
- the effect of Ameren Illinois participating in a
performance-based formula ratemaking process under the Illinois
Energy Infrastructure Modernization Act (IEIMA), including the
direct relationship between Ameren Illinois' return on common
equity and 30-year United States Treasury bond yields, the related
financial commitments required by the IEIMA, and the resulting
uncertain impact on the financial condition, results of operations,
and liquidity of Ameren Illinois;
- our ability to align our overall spending, both operating and
capital, with regulatory frameworks established by our regulators
in an attempt to earn our allowed return on equity;
- the effects of increased competition in the future due to,
among other factors, deregulation of certain aspects of our
business at either the state or federal level;
- changes in laws and other governmental actions, including
monetary, fiscal, tax, and energy policies;
- the effects on demand for our services resulting from
technological advances, including advances in customer energy
efficiency and distributed generation sources, which generate
electricity at the site of consumption;
- the effectiveness of Ameren Missouri's customer energy
efficiency programs and the ability to earn incentive awards under
the MEEIA;
- the timing of increasing capital expenditure and operating
expense requirements and our ability to recover these costs in a
timely manner;
- the cost and availability of fuel such as coal, natural gas,
and enriched uranium used to produce electricity; the cost and
availability of purchased power and natural gas for distribution;
and the level and volatility of future market prices for such
commodities, including our ability to recover the costs for such
commodities and our customers' tolerance for the related rate
increases;
- the effectiveness of our risk management strategies and our use
of financial and derivative instruments;
- business and economic conditions, including their impact on key
customers, interest rates, collection of our receivable balances,
and demand for our products;
- disruptions of the capital 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;
- the impact of the adoption of new accounting guidance and the
application of appropriate technical accounting rules and
guidance;
- actions of credit rating agencies and the effects of such
actions;
- the impact of weather conditions and other natural phenomena on
us and our customers, including the impact of system outages;
- the construction, installation, performance, and cost recovery
of generation, transmission, and distribution assets;
- the effects of our increasing investment in electric
transmission projects and uncertainty as to whether we will achieve
our expected returns in a timely fashion, if at all;
- the extent to which Ameren Missouri prevails in its claim
against an insurer in connection with the December 2005 breach of the upper reservoir at
the Taum Sauk pumped-storage hydroelectric energy center;
- the extent to which Ameren Missouri is permitted by its
regulators to recover in rates the investments it made in
connection with additional nuclear generation at its Callaway
Energy Center;
- operation of Ameren Missouri's Callaway Energy Center,
including planned and unplanned outages, and decommissioning
costs;
- the effects of strategic initiatives, including mergers,
acquisitions and divestitures, and any related tax
implications;
- the resolution of tax positions for years under examination by
the Internal Revenue Service;
- the impact of current environmental regulations and new, more
stringent, or changing requirements, including those related to
greenhouse gases, other emissions and discharges, cooling water
intake structures, coal combustion residuals, and energy
efficiency, that are enacted over time and that could limit or
terminate the operation of certain of our energy centers, increase
our 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 portfolio
requirements in Missouri;
- labor disputes, work force reductions, future wage and employee
benefits costs, including changes in discount rates, mortality
tables, and returns on benefit plan assets;
- the inability of our counterparties to meet their obligations
with respect to contracts, credit agreements, and financial
instruments;
- 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 inability of Dynegy Inc. and Illinois Power Holdings, LLC
(IPH) to satisfy their indemnity and other obligations to Ameren in
connection with the divestiture of New Ameren Energy Resources
Generating Company, LLC to IPH;
- legal and administrative proceedings; and
- acts of sabotage, war, terrorism, cyber attacks, or other
intentionally disruptive acts.
Given these uncertainties, undue reliance should not be placed
on these forward-looking statements. Except to the extent required
by the federal securities laws, we undertake no obligation to
update or revise publicly any forward-looking statements to reflect
new information or future
events.
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
STATEMENT OF INCOME
|
(Unaudited, in
millions, except per share amounts)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2015
|
|
2014
|
|
|
|
|
Operating
Revenues:
|
|
|
|
Electric
|
$ 1,143
|
|
$ 1,106
|
Gas
|
413
|
|
488
|
Total operating
revenues
|
1,556
|
|
1,594
|
|
|
|
|
Operating
Expenses:
|
|
|
|
Fuel
|
206
|
|
204
|
Purchased
power
|
139
|
|
114
|
Gas purchased for
resale
|
236
|
|
304
|
Other operations and
maintenance
|
401
|
|
418
|
Depreciation and
amortization
|
193
|
|
181
|
Taxes other than
income taxes
|
125
|
|
127
|
Total operating
expenses
|
1,300
|
|
1,348
|
Operating
Income
|
256
|
|
246
|
|
|
|
|
Other Income and
Expenses:
|
|
|
|
Miscellaneous
income
|
19
|
|
18
|
Miscellaneous
expense
|
11
|
|
9
|
Total other
income
|
8
|
|
9
|
|
|
|
|
Interest
Charges
|
88
|
|
92
|
|
|
|
|
Income Before
Income Taxes
|
176
|
|
163
|
|
|
|
|
Income
Taxes
|
66
|
|
64
|
|
|
|
|
Income from
Continuing Operations
|
110
|
|
99
|
|
|
|
|
Loss from
Discontinued Operations, Net of Taxes
|
-
|
|
(1)
|
|
|
|
|
Net
Income
|
110
|
|
98
|
|
|
|
|
Less: Net
Income from Continuing Operations Attributable to Noncontrolling
Interests
|
2
|
|
2
|
|
|
|
|
Net Income (Loss)
Attributable to Ameren Corporation:
|
|
|
|
Continuing
Operations
|
108
|
|
97
|
Discontinued
Operations
|
-
|
|
(1)
|
|
|
|
|
Net Income
Attributable to Ameren Corporation
|
$ 108
|
|
$ 96
|
|
|
|
|
Earnings per
Common Share – Basic:
|
|
|
|
Continuing
Operations
|
$ 0.45
|
|
$ 0.40
|
Discontinued
Operations
|
-
|
|
-
|
Earnings per
Common Share – Basic
|
$ 0.45
|
|
$ 0.40
|
|
|
|
|
Average Common
Shares Outstanding – Basic
|
242.6
|
|
242.6
|
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
BALANCE SHEET
|
(Unaudited, in
millions)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
6
|
|
$
5
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
524
|
|
423
|
Unbilled
revenue
|
212
|
|
265
|
Miscellaneous
accounts and notes receivable
|
100
|
|
81
|
Materials and
supplies
|
449
|
|
524
|
Current regulatory
assets
|
265
|
|
295
|
Current accumulated
deferred income taxes, net
|
331
|
|
352
|
Other current
assets
|
91
|
|
86
|
Assets of
discontinued operations
|
15
|
|
15
|
Total current
assets
|
1,993
|
|
2,046
|
Property and
Plant, Net
|
17,700
|
|
17,424
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
558
|
|
549
|
Goodwill
|
411
|
|
411
|
Regulatory
assets
|
1,577
|
|
1,582
|
Other
assets
|
645
|
|
664
|
Total investments and
other assets
|
3,191
|
|
3,206
|
TOTAL
ASSETS
|
$
22,884
|
|
$ 22,676
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
380
|
|
$
120
|
Short-term
debt
|
955
|
|
714
|
Accounts and wages
payable
|
434
|
|
711
|
Taxes
accrued
|
79
|
|
46
|
Interest
accrued
|
94
|
|
85
|
Current regulatory
liabilities
|
107
|
|
106
|
Other current
liabilities
|
437
|
|
434
|
Liabilities of
discontinued operations
|
34
|
|
33
|
Total current
liabilities
|
2,520
|
|
2,249
|
Long-term Debt,
Net
|
5,860
|
|
6,120
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes, net
|
3,964
|
|
3,923
|
Accumulated deferred
investment tax credits
|
65
|
|
64
|
Regulatory
liabilities
|
1,897
|
|
1,850
|
Asset retirement
obligations
|
500
|
|
396
|
Pension and other
postretirement benefits
|
708
|
|
705
|
Other deferred
credits and liabilities
|
524
|
|
514
|
Total deferred
credits and other liabilities
|
7,658
|
|
7,452
|
Ameren Corporation
Stockholders' Equity:
|
|
|
|
Common
stock
|
2
|
|
2
|
Other paid-in
capital, principally premium on common stock
|
5,600
|
|
5,617
|
Retained
earnings
|
1,111
|
|
1,103
|
Accumulated other
comprehensive loss
|
(9)
|
|
(9)
|
Total Ameren
Corporation stockholders' equity
|
6,704
|
|
6,713
|
Noncontrolling
Interests
|
142
|
|
142
|
Total
equity
|
6,846
|
|
6,855
|
TOTAL LIABILITIES
AND EQUITY
|
$
22,884
|
|
$ 22,676
|
AMEREN CORPORATION
(AEE)
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(Unaudited, in
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2015
|
|
2014
|
Cash Flows From
Operating Activities:
|
|
|
|
Net
income
|
$ 110
|
|
$ 98
|
Loss from
discontinued operations, net of taxes
|
-
|
|
1
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
195
|
|
176
|
Amortization of
nuclear fuel
|
23
|
|
24
|
Amortization of debt
issuance costs and premium/discounts
|
5
|
|
5
|
Deferred income taxes
and investment tax credits, net
|
59
|
|
84
|
Allowance for equity
funds used during construction
|
(5)
|
|
(7)
|
Stock-based
compensation costs
|
8
|
|
9
|
Other
|
(11)
|
|
(1)
|
Changes in assets and liabilities
|
(87)
|
|
(150)
|
Net cash provided by
operating activities - continuing operations
|
297
|
|
239
|
Net cash provided by
operating activities - discontinued operations
|
1
|
|
-
|
Net cash provided
by operating activities
|
298
|
|
239
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(417)
|
|
(442)
|
Nuclear fuel
expenditures
|
(17)
|
|
(10)
|
Purchases of
securities - nuclear decommissioning trust fund
|
(84)
|
|
(186)
|
Sales and
maturities of securities - nuclear decommissioning trust
fund
|
79
|
|
182
|
Proceeds from
note receivable - Illinois Power Marketing Company
|
5
|
|
56
|
Contributions
to note receivable - Illinois Power Marketing Company
|
(5)
|
|
(65)
|
Net cash used in
investing activities - continuing operations
|
(439)
|
|
(465)
|
Net cash provided by
investing activities - discontinued operations
|
-
|
|
152
|
Net cash used in
investing activities
|
(439)
|
|
(313)
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends
on common stock
|
(99)
|
|
(97)
|
Dividends paid
to noncontrolling interest holders
|
(2)
|
|
(2)
|
Short-term
debt, net
|
241
|
|
332
|
Redemptions of
long-term debt
|
-
|
|
(163)
|
Other
|
2
|
|
-
|
Net cash provided by
financing activities - continuing operations
|
142
|
|
70
|
Net cash used in
financing activities - discontinued operations
|
-
|
|
-
|
Net cash provided
by financing activities
|
142
|
|
70
|
|
|
|
|
Net change in cash
and cash equivalents
|
1
|
|
(4)
|
Cash and cash
equivalents at beginning of year
|
5
|
|
30
|
Cash and cash
equivalents at end of period
|
$
6
|
|
$ 26
|
AMEREN CORPORATION
(AEE)
|
OPERATING
STATISTICS FROM CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
Ameren
Missouri
|
|
|
|
|
Residential
|
3,905
|
|
4,182
|
|
Commercial
|
3,589
|
|
3,662
|
|
Industrial
|
2,004
|
|
2,087
|
|
Off-system
|
1,724
|
|
1,453
|
|
Other
|
35
|
|
33
|
|
Ameren
Missouri total
|
11,257
|
|
11,417
|
|
|
|
|
|
Ameren
Illinois
|
|
|
|
|
Residential
|
|
|
|
|
Power supply
and delivery service
|
1,419
|
|
1,306
|
|
Delivery
service only
|
1,837
|
|
2,198
|
|
Commercial
|
|
|
|
|
Power supply
and delivery service
|
745
|
|
693
|
|
Delivery
service only
|
2,181
|
|
2,293
|
|
Industrial
|
|
|
|
|
Power supply
and delivery service
|
493
|
|
447
|
|
Delivery
service only
|
2,599
|
|
2,588
|
|
Other
|
146
|
|
144
|
|
Ameren
Illinois total
|
9,420
|
|
9,669
|
|
|
|
|
|
Eliminate affiliate
sales
|
(8)
|
|
-
|
|
Ameren Total from
Continuing Operations
|
20,669
|
|
21,086
|
|
|
|
|
|
Electric Revenues
(in millions):
|
|
|
|
Ameren
Missouri
|
|
|
|
|
Residential
|
$
337
|
|
$
343
|
|
Commercial
|
248
|
|
246
|
|
Industrial
|
96
|
|
97
|
|
Off-system
|
44
|
|
36
|
|
Other
|
17
|
|
27
|
|
Ameren
Missouri total
|
$
742
|
|
$
749
|
|
|
|
|
|
Ameren
Illinois
|
|
|
|
|
Residential
|
|
|
|
|
Power supply
and delivery service
|
$
111
|
|
$
122
|
|
Delivery
service only
|
78
|
|
77
|
|
Commercial
|
|
|
|
|
Power supply
and delivery service
|
54
|
|
61
|
|
Delivery
service only
|
46
|
|
40
|
|
Industrial
|
|
|
|
|
Power supply
and delivery service
|
21
|
|
27
|
|
Delivery
service only
|
15
|
|
10
|
|
Other
|
65
|
|
16
|
|
Ameren
Illinois total
|
$
390
|
|
$
353
|
ATXI
|
|
|
|
|
Transmission
services
|
$
20
|
|
$
10
|
|
|
|
|
|
Eliminate affiliate
revenues
|
(9)
|
|
(6)
|
|
Ameren Total from
Continuing Operations
|
$
1,143
|
|
$ 1,106
|
Electric
Generation - kilowatthours (in millions):
|
|
|
|
|
Ameren
Missouri
|
10,943
|
|
11,695
|
|
|
|
|
|
Fuel Cost per
kilowatthour (in cents):
|
|
|
|
|
Ameren
Missouri
|
1.891
|
|
1.943
|
|
|
|
|
|
Gas Sales -
dekatherms (in thousands):
|
|
|
|
|
Ameren
Missouri
|
7,944
|
|
8,523
|
|
Ameren
Illinois
|
71,789
|
|
77,947
|
|
Ameren
Total
|
79,733
|
|
86,470
|
|
|
|
|
|
Net Income (Loss)
by Segment (in millions):
|
|
|
|
|
Ameren
Missouri
|
$
41
|
|
$
47
|
|
Ameren
Illinois
|
53
|
|
53
|
|
Other
|
14
|
|
(3)
|
|
Ameren
Total
|
$
108
|
|
$
97
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
Common
Stock:
|
|
|
|
|
Shares outstanding
(in millions)
|
242.6
|
|
242.6
|
|
Book value per
share
|
$
27.63
|
|
$ 27.67
|
|
|
|
|
|
Capitalization
Ratios:
|
|
|
|
|
Common
equity
|
47.8%
|
|
48.7%
|
|
Preferred
stock
|
1.0%
|
|
1.0%
|
|
Debt, net of
cash
|
51.2%
|
|
50.3%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameren-nyse-aee-announces-first-quarter-2015-results-and-affirms-2015-earnings-guidance-300079478.html
SOURCE Ameren Corporation