Ameren Corporation (AEE - Free Report) reported first-quarter 2024 earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.09 per share by 10.1%. The reported figure also decreased 2% year over year.
The year-over-year decline in the bottom line was owing to higher operations and maintenance expenses at Ameren Missouri, which included a charge related to the Rush Island Energy Center litigation, higher interest expenses at Ameren Missouri, lower tax benefits at Ameren Parent and a lower return on equity at Ameren Illinois Electric Distribution.
Total Revenues
Total revenues came in at $1.82 billion in the reported quarter, down 11.9% year over year. Revenues also missed the Zacks Consensus Estimate of $2.20 billion by 17.5%.
Highlights of the Release
Ameren’s total electricity sales volumes increased 1.6% to 17,140 million kilowatt-hours (kWh) in the first quarter compared with 16,865 million kWh in the year-ago period. Gas volumes remained flat at 68 million dekatherms compared with the prior-year period.
Total operating expenses were $1.45 billion, down 15.5% year over year. The company’s interest expenses in the fourth quarter totaled $154 million compared with the prior-year quarter’s $127 million.
Segmental Results
The Ameren Missouri segment reported earnings of $25 million in the first quarter of 2024 compared with $28 million a year ago. The year-over-year decline was due to milder winter temperatures compared to the year-ago period and higher operations and maintenance expenses.
The Ameren Illinois Electric Distribution segment reported earnings of $56 million in the first quarter of 2024 compared with $61 million a year ago. The decline was driven by a lower allowed return on equity for 2024 under the new multi-year rate plan.
The Ameren Illinois Natural Gas segment reported earnings of $106 million in the first quarter of 2024 compared with $87 million in the prior year. The year-over-year increase can be attributed to new delivery service rates and rate design effective Nov 28, 2023.
The Ameren Transmission segment reported earnings of $72 million in the first quarter of 2024 compared with $71 million in the prior year, driven by increased earnings on infrastructure investments.
Financial Condition
Ameren reported cash and cash equivalents of $85 million as of Mar 31, 2024 compared with $25 million at the end of 2023.
As of Mar 31, 2024, the long-term debt totaled $15.17 billion compared with $15.12 billion as of Dec 31, 2023.
As of Mar 31, 2024, the cash flow from operating activities amounted to $492 million compared with $496 million in the previous year.
Guidance
Ameren reiterated its 2024 guidance. It still expects to generate earnings per share (EPS) in the range of $4.52-$4.72. Currently, the Zacks Consensus Estimate for 2024 earnings is pegged at $4.59 per share, which is below the midpoint of the company’s guided range.
Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
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Ameren Corporation (AEE - Free Report) reported first-quarter 2024 earnings of 98 cents per share, which missed the Zacks Consensus Estimate of $1.09 per share by 10.1%. The reported figure also decreased 2% year over year.
The year-over-year decline in the bottom line was owing to higher operations and maintenance expenses at Ameren Missouri, which included a charge related to the Rush Island Energy Center litigation, higher interest expenses at Ameren Missouri, lower tax benefits at Ameren Parent and a lower return on equity at Ameren Illinois Electric Distribution.
Total Revenues
Total revenues came in at $1.82 billion in the reported quarter, down 11.9% year over year. Revenues also missed the Zacks Consensus Estimate of $2.20 billion by 17.5%.
Highlights of the Release
Ameren’s total electricity sales volumes increased 1.6% to 17,140 million kilowatt-hours (kWh) in the first quarter compared with 16,865 million kWh in the year-ago period. Gas volumes remained flat at 68 million dekatherms compared with the prior-year period.
Total operating expenses were $1.45 billion, down 15.5% year over year. The company’s interest expenses in the fourth quarter totaled $154 million compared with the prior-year quarter’s $127 million.
Segmental Results
The Ameren Missouri segment reported earnings of $25 million in the first quarter of 2024 compared with $28 million a year ago. The year-over-year decline was due to milder winter temperatures compared to the year-ago period and higher operations and maintenance expenses.
The Ameren Illinois Electric Distribution segment reported earnings of $56 million in the first quarter of 2024 compared with $61 million a year ago. The decline was driven by a lower allowed return on equity for 2024 under the new multi-year rate plan.
The Ameren Illinois Natural Gas segment reported earnings of $106 million in the first quarter of 2024 compared with $87 million in the prior year. The year-over-year increase can be attributed to new delivery service rates and rate design effective Nov 28, 2023.
The Ameren Transmission segment reported earnings of $72 million in the first quarter of 2024 compared with $71 million in the prior year, driven by increased earnings on infrastructure investments.
Financial Condition
Ameren reported cash and cash equivalents of $85 million as of Mar 31, 2024 compared with $25 million at the end of 2023.
As of Mar 31, 2024, the long-term debt totaled $15.17 billion compared with $15.12 billion as of Dec 31, 2023.
As of Mar 31, 2024, the cash flow from operating activities amounted to $492 million compared with $496 million in the previous year.
Guidance
Ameren reiterated its 2024 guidance. It still expects to generate earnings per share (EPS) in the range of $4.52-$4.72. Currently, the Zacks Consensus Estimate for 2024 earnings is pegged at $4.59 per share, which is below the midpoint of the company’s guided range.
Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2024 adjusted EPS of $1.27, which missed the Zacks Consensus Estimate of $1.30 by 2.3%. However, the bottom line improved 14.4% from $1.11 recorded in the year-ago quarter.
AEP’s first-quarter operating revenues of $5.03 billion lagged the Zacks Consensus Estimate of $5.29 billion by 5.4%. However, the reported figure rose 7.1% from the year-ago quarter’s level of $4.69 billion.
CenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2024 adjusted earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The bottom line improved 10% from the year-ago quarter’s figure of 50 cents per share.
CNP generated revenues of $2.62 billion, which missed the Zacks Consensus Estimate of $2.82 billion by 7%. The top line also came in 5.7% lower than the year-ago quarter’s reported figure of $2.78 billion.
Edison International (EIX - Free Report) reported first-quarter 2024 adjusted earnings of $1.13 per share, which surpassed the Zacks Consensus Estimate of $1.12 by 0.9%. The bottom line also increased 3.7% from $1.09 in the year-ago quarter.
EIX’s first-quarter operating revenues totaled $4.08 billion, which missed the Zacks Consensus Estimate of $4.14 billion by 1.6%. However, the top line increased 2.8% from the year-ago quarter’s figure of $3.97 billion.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%. Zacks predicts another significant surge in months to come.
Hurry, Download Special Report – It’s FREE >>
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