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Ameren Corp. (AEE) Beats on Q4 Earnings, Misses Revenues - Analyst Blog

Zacks Equity Research
Updated

Ameren Corp. (AEE) posted fourth-quarter 2014 earnings from continuing operations of 19 cents per share, beating the Zacks Consensus Estimate of 14 cents by 35.7%. Quarterly earnings were however on par with the year-ago figure. Scheduled nuclear refueling and maintenance outage at the Callaway Energy Center along with increased depreciation and amortization expenses negatively impacted quarterly results.
 

Ameren Corporation - Quarterly EPS | FindTheBest

2014 earnings came in at $2.40 per share, above the Street expectation of $2.37 and higher than the year-ago number of $2.10.

Total Revenue

Ameren’s total operating revenue in the reported quarter was up 3.6% year over year to $1,370 million. The reported revenue, however, failed to surpass the Zacks Consensus Estimate of $1,553 million by 11.8%.
 
The year-over-year improvement resulted from better electric and natural gas revenues. Electric revenues increased 4% while gas revenues were up 2.6%.

2014 revenues were up 3.7% to $6,053 million. The reported figure was below the Zacks Consensus Estimate of $6,066 million.

Highlights of the Release
 
Ameren’s total electricity sales in the reported quarter decreased 2.9% to 19,138 million kilowatt hours from 19,716 million kilowatt hours in the prior-year quarter. Gas volumes decreased to 59,126 thousand decatherms from 62,402 thousand decatherms in the prior-year quarter.
 
Total operating expenses in the fourth quarter were $1,245 million, up 8.2% from the prior-year period. Operating expenses increased primarily due to higher purchased power expenses, operation and maintenance, and depreciation and amortization expenses. Operating income was down 26.9% to $125 million from the year-ago figure of $171 million.

Interest expenses were $75 million compared with $109 million in the prior-year quarter.
 
Segmental Performance
 
Ameren Missouri: Segmental loss was $5 million in the fourth quarter as against earnings of $33 million in the year-ago period. The quarterly results were impacted by higher operation and maintenance as well as depreciation and amortization expenses.
 
Ameren Illinois: Segmental earnings stood at $45 million, up from $21 million in the year-ago quarter.
 
Parent Company and Other: The segment turned around with earnings of $6 million as against a loss of $6 million in the year-ago period.
 
Financial Condition
 
Ameren reported cash and cash equivalents of $5 million at quarter end, compared with $30 million at end 2013.
 
Long-term debt (including current maturities) as of Dec 31, 2014 was $6,240 million compared with $6,038 million as of Dec 31, 2013.
 
Cash generated from operating activities in 2014 was $1,551 million compared with $1,693 million in 2013.
 
Capital expenditure in 2014 was $1,785 million, up from $1,379 million in 2013.

Guidance

Ameren issued 2015 earnings guidance in the range of $2.45 to $2.65 per share.

Ameren expects positive returns from its infrastructure investments in FERC-regulated transmission projects. Also, Illinois energy delivery services will help its earnings to grow at 7% to 10% compound annual rate through 2018 using 2013 as the base year.

Other Peer Releases
 
Public Service Enterprise Group Inc. (PEG) or PSEG reported fourth-quarter 2014 operating earnings of 49 cents per share, surpassing the Zacks Consensus Estimate by a penny. Quarterly earnings remained on par with the year-ago figure.
 
PG&E Corp.’s (PCG) adjusted operating earnings per share of 53 cents in the fourth quarter of 2014 missed the Zacks Consensus Estimate of 54 cents.

Edison International (EIX) reported solid fourth-quarter 2014 results wherein its adjusted earnings of $1.06 per share came in ahead of the Zacks Consensus Estimate of 84 cents by an impressive 26.2%. The quarterly number also rose 30.9% from the year-ago figure of 79 cents per share.

Zacks Rank

Ameren presently holds a Zacks Rank #3 (Hold).


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AMEREN CORP (AEE): Free Stock Analysis Report
 
EDISON INTL (EIX): Free Stock Analysis Report
 
PG&E CORP (PCG): Free Stock Analysis Report
 
PUBLIC SV ENTRP (PEG): Free Stock Analysis Report
 
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Zacks Investment Research