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Ameren (AEE) 3Q Earnings Jump 31.2 Pct, Yet Miss Estimates

 November 09, 2012 10:00 AM
 


(By Balaseshan) Ameren Corp. (NYSE: AEE) reported a 31.2% jump in quarterly earnings on lower expenses, despite a decline in revenue. However, results missed Street's expectations. The company narrowed its fiscal 2012 earnings guidance.

Earnings for the third quarter were $374 million or $1.54 per share, higher than last year's $285 million or $1.18 per share.

Core earnings per share (EPS) declined to $1.33 from $1.57, reflecting a decline in earnings of each of Ameren's three business segments -- Illinois, Missouri, and Merchant Generation.

Operating revenue fell to $2.0 billion from $2.27 billion.

[Related -13 Highest Dividend Paying Diversified Utilities]

Analysts, on average, polled by Thomson Reuters had expected a profit of $1.41 per share on revenue of $2.14 billion for the third quarter.

Ameren Missouri electric revenue rose to $1.05 billion from $1.10 billion, while Ameren Illinois electric revenue fell to $536 million from $631 million. Merchant Generation electric revenue declined to $382 million from $481 million.

Electric Generation decreased to 19.0 million megawatt hours from 21.7 million megawatt hours. Electric sales fell to 27.51 billion kilowatt hours from 31.61 billion kilowatt hours, while Gas sales rose to 7.13 million decatherms from 6.69 million decatherms.

Total expenses declined to $1.37 billion from $1.72 billion.

Looking ahead into the fiscal 2012, the company narrowed its core EPS to range of $2.35 to $2.45 from previous forecast of $2.25 to $2.55, while Street analysts predict $2.46. GAAP 2012 EPS are now expected to be $0.80 to $0.90 range, compared to the prior range of $0.70 to $1.00.

[Related -Dividend Roundup: AEE, VMC, TKR, CBSH, CBOE, APO]

AEE is trading down 2.22% at $30.80 on Friday. The stock has been trading between $30.89 and $35.30 for the past 52 weeks.

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