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Ameren (AEE) Beats on Q2 Earnings, Raises 2016 Guidance
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Ameren Corporation (AEE - Free Report) posted second-quarter 2016 earnings from continuing operations of 61 cents per share, beating the Zacks Consensus Estimate of 53 cents by 15.1%. Earnings also increased 4.9% year over year.
Bottom-line growth was primarily due to higher retail electric sales as a result of warmer early summer temperatures in its service territories. Additionally, increased electric transmission and electric and natural gas distribution infrastructure investments made by Ameren Transmission Company of Illinois (ATXI) and Ameren Illinois under modern, constructive regulatory frameworks added to the company’s quarterly earnings.
Total revenue of $1,427 million in the second quarter of 2016 were up 1.9% year over year due to higher electric and gas sales volume.
Highlights of the Release
Ameren’s total electricity sales in the reported quarter decreased nearly 7.6% to 17,508 million kilowatt hours (kWh) from 18,947 million kWh in the prior-year quarter. Gas volumes were up 9% to 32,847 thousand dekatherms from 30,145 thousand dekatherms in the prior-year quarter.
Total operating expenses in the second quarter were $1,102 million, down 5.3% year over year.
Interest expenses were $95 million, up 6.7% from the year-ago figure.
Ameren reported cash and cash equivalents of $13 million as of Jun 30, 2016, compared with $292 million at 2015 end.
Long-term debt as of Jun 30, 2016, was $6,605 million, compared with $6,880 million as of Dec 31, 2015.
Cash from operating activities in the first half of 2016 was $763 million, compared with $781 million in the prior-year period.
Capital expenditure in the first half was $1,000 million, up from $846 million in the year-ago period.
Guidance
Ameren raised its 2016 diluted earnings per share guidance to $2.45–$2.65 from the earlier projection of $2.40–$2.60.
Peer Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2016 operating earnings per share of 98 cents, beating the Zacks Consensus Estimate of 90 cents by 8.9%. Reported earnings were also up 28.9% from the year-ago figure of 76 cents.
Public Service Enterprise Group Inc. (PEG - Free Report) reported second-quarter 2016 operating earnings of 57 cents per share, in line with both the Zacks Consensus Estimate and the year-ago figure. On a GAAP basis, quarterly earnings were 37 cents per share, down from 68 cents a year ago.
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 66 cents in the second quarter of 2016 lagged the Zacks Consensus Estimate of 94 cents by 29.8%. Earnings also tanked 27.5% from 91 cents reported in the year-ago quarter.
Zacks Rank
Ameren Corp. currently has a Zacks Rank #4 (Sell).
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Ameren (AEE) Beats on Q2 Earnings, Raises 2016 Guidance
Ameren Corporation (AEE - Free Report) posted second-quarter 2016 earnings from continuing operations of 61 cents per share, beating the Zacks Consensus Estimate of 53 cents by 15.1%. Earnings also increased 4.9% year over year.
Bottom-line growth was primarily due to higher retail electric sales as a result of warmer early summer temperatures in its service territories. Additionally, increased electric transmission and electric and natural gas distribution infrastructure investments made by Ameren Transmission Company of Illinois (ATXI) and Ameren Illinois under modern, constructive regulatory frameworks added to the company’s quarterly earnings.
Total Revenue
Total revenue of $1,427 million in the second quarter of 2016 were up 1.9% year over year due to higher electric and gas sales volume.
Highlights of the Release
Ameren’s total electricity sales in the reported quarter decreased nearly 7.6% to 17,508 million kilowatt hours (kWh) from 18,947 million kWh in the prior-year quarter. Gas volumes were up 9% to 32,847 thousand dekatherms from 30,145 thousand dekatherms in the prior-year quarter.
Total operating expenses in the second quarter were $1,102 million, down 5.3% year over year.
Interest expenses were $95 million, up 6.7% from the year-ago figure.
AMEREN CORP Price, Consensus and EPS Surprise
AMEREN CORP Price, Consensus and EPS Surprise | AMEREN CORP Quote
Financial Condition
Ameren reported cash and cash equivalents of $13 million as of Jun 30, 2016, compared with $292 million at 2015 end.
Long-term debt as of Jun 30, 2016, was $6,605 million, compared with $6,880 million as of Dec 31, 2015.
Cash from operating activities in the first half of 2016 was $763 million, compared with $781 million in the prior-year period.
Capital expenditure in the first half was $1,000 million, up from $846 million in the year-ago period.
Guidance
Ameren raised its 2016 diluted earnings per share guidance to $2.45–$2.65 from the earlier projection of $2.40–$2.60.
Peer Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2016 operating earnings per share of 98 cents, beating the Zacks Consensus Estimate of 90 cents by 8.9%. Reported earnings were also up 28.9% from the year-ago figure of 76 cents.
Public Service Enterprise Group Inc. (PEG - Free Report) reported second-quarter 2016 operating earnings of 57 cents per share, in line with both the Zacks Consensus Estimate and the year-ago figure. On a GAAP basis, quarterly earnings were 37 cents per share, down from 68 cents a year ago.
PG&E Corporation’s (PCG - Free Report) adjusted operating earnings per share of 66 cents in the second quarter of 2016 lagged the Zacks Consensus Estimate of 94 cents by 29.8%. Earnings also tanked 27.5% from 91 cents reported in the year-ago quarter.
Zacks Rank
Ameren Corp. currently has a Zacks Rank #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>