Financial Data and Key Metrics Changes - Ameren Corporation reported adjusted earnings of $4.63 per share for 2024, an increase from $4.38 per share in 2023, exceeding the 2024 adjusted earnings guidance midpoint [11][39] - The company strategically invested approximately $4.3 billion in energy infrastructure in 2024, which contributed to operational and financial success [10][11] - Weather-normalized retail sales grew approximately 2% across Ameren Missouri, with specific growth rates of 2% in residential, 1.5% in commercial, and 3% in industrial sectors [41][42] Business Line Data and Key Metrics Changes - The successful execution of the infrastructure investment strategy improved grid resilience, preventing over 3.5 million minutes of potential outage time during severe winter storms [12] - The company expects to invest approximately $4.2 billion in electric, natural gas, and transmission infrastructure in 2025 to enhance safety, reliability, and responsiveness of the energy grid [15][19] Market Data and Key Metrics Changes - Ameren's weather-normalized retail sales are projected to increase approximately 5.5% compounded annually from 2025 through 2029, a significant increase from previous expectations of flat to 0.5% growth [22] - The company anticipates a robust economic growth pipeline across multiple sectors, including aviation, biotechnology, and data centers, which will drive energy demand [21][22] Company Strategy and Development Direction - The company is guided by a Three Pillar strategy focusing on investing in rate-regulated infrastructure, enhancing regulatory frameworks, and optimizing operating performance [9] - Ameren's long-term growth outlook includes a compound annual earnings per share growth expectation of 6% to 8% from 2025 through 2029, with a focus on strategic infrastructure investments [16][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong long-term earnings growth driven by robust rate base growth and disciplined cost management [60] - The company plans to continue advocating for constructive energy policies to support economic growth and job creation within its communities [34][35] Other Important Information - Ameren's Board of Directors approved a quarterly dividend increase of approximately 6%, marking the 12th consecutive year of dividend growth [17][18] - The company has a robust 10-year investment pipeline of over $63 billion aimed at enhancing the reliability and efficiency of the energy grid [35] Q&A Session Summary Question: Can you elaborate on the growth profile and how close you are to the top end of the 6% to 8% range? - Management highlighted strong sales growth expectations and a robust capital plan, indicating that they expect to deliver near the upper end of the range in the mid to latter part of the five-year plan [66][71] Question: What is the capacity headroom in the resource mix if demand exceeds the current plan? - Management indicated that the current resource plan supports the ability to serve 2 gigawatts by 2032, with potential for additional capacity if demand increases [75][112] Question: Can you provide insights on the balance sheet and FFO to debt positioning? - Management expressed confidence in maintaining a strong balance sheet, indicating that they are positioned to support a Baa1 rating and are above the downgrade threshold [90][89] Question: How do you view the regulatory lag in the current investment cycle? - Management acknowledged the importance of managing regulatory lag and emphasized their proactive approach to ensure projects are in place to maximize returns [136][137]

Core Insights - Ameren Corporation (AEE) reported fourth-quarter 2024 earnings of 77 cents per share, missing the Zacks Consensus Estimate of 79 cents by 2.5%, but showing a 28.3% improvement from the previous year's figure of 60 cents [1] - For the full year 2024, adjusted earnings were reported at $4.63 per share, aligning with the Zacks Consensus Estimate [2] Revenue Performance - Total operating revenues for the fourth quarter reached $1.94 billion, a 20% increase year over year, surpassing the Zacks Consensus Estimate of $1.75 billion by 10.3% [3] - For the full year 2024, operating revenues amounted to $7.62 billion, up from $7.50 billion in the prior year, also exceeding the consensus estimate of $7.50 billion [3] Sales and Expenses - Total electricity sales volumes increased by 1.1% to 15,929 million kilowatt-hours (kWh) from 15,760 million kWh in the year-ago period, while gas volumes decreased by 1.9% to 53 million dekatherms [4] - Total operating expenses rose to $1.74 billion, reflecting a 28.7% year-over-year increase [4] - Interest expenses for the fourth quarter totaled $171 million, compared to $153 million in the prior-year quarter [4] Segment Performance - The Ameren Missouri segment reported adjusted earnings of $604 million in 2024, with GAAP earnings of $559 million compared to $545 million in 2023 [5] - The Ameren Illinois Electric Distribution segment reported earnings of $234 million in 2024, down from $258 million a year ago due to a lower allowed return on equity [5] - The Ameren Illinois Natural Gas segment saw earnings increase to $149 million in 2024 from $134 million, attributed to new delivery service rates and lower operational expenses [6] - The Ameren Transmission segment reported adjusted earnings of $333 million in 2024, with GAAP earnings of $323 million compared to $296 million in the prior year, driven by infrastructure investments [7] Financial Condition - As of December 31, 2024, cash and cash equivalents were reported at $7 million, down from $25 million at the end of 2023 [8] - Long-term debt increased to $17.26 billion from $15.12 billion as of December 31, 2023 [8] - Cash flow from operating activities amounted to $2.76 billion, compared to $2.56 billion a year ago [8] Guidance - Ameren reaffirmed its 2025 earnings guidance, expecting earnings per share (EPS) in the range of $4.85-$5.05, with the Zacks Consensus Estimate for 2025 earnings at $4.93 per share [9] Zacks Rank - Ameren currently holds a Zacks Rank 3 (Hold) [10]

Use of Non-GAAP Financial Measures In this presentation, Ameren has presented adjusted earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, s ...

Financial Data and Key Metrics Changes - Ameren reported adjusted earnings of $4.63 per share for 2024, an increase from $4.38 per share in 2023, exceeding the 2024 adjusted earnings guidance midpoint [5][24] - The company strategically invested approximately $4.3 billion in energy infrastructure in 2024 [5] - Weather normalized retail sales grew approximately 2% across Ameren Missouri, with specific growth of 2% in residential, 1.5% in commercial, and 3% in industrial sectors [26] Business Line Data and Key Metrics Changes - The company achieved a compound annual growth rate of approximately 7.6% in weather normalized adjusted earnings per share since 2013, with annual dividends increasing by approximately 68% [7] - The focus for 2025 includes investing approximately $4.2 billion in electric, natural gas, and transmission infrastructure to enhance grid safety and reliability [8][10] Market Data and Key Metrics Changes - Ameren expects weather normalized retail sales to increase approximately 5.5% compounded annually from 2025 through 2029, a significant increase from prior expectations of flat to 0.5% growth [12] - The company anticipates a total of 1.5 gigawatts of load growth by the end of 2029, with 1.8 gigawatts of new load construction agreements already signed [13][15] Company Strategy and Development Direction - Ameren's strategy is guided by three pillars: investing in rate-regulated infrastructure, enhancing regulatory frameworks, and optimizing operating performance [4] - The company plans to grow its rate base at a 9.2% compound annual rate from 2024 through 2029, reflecting a 20% increase in its five-year capital plan compared to the previous year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong results in 2025, driven by robust sales growth and energy infrastructure investment opportunities [9] - The company remains focused on maintaining competitive rates while pursuing economic development opportunities that will bring jobs and tax revenue to the states it serves [4][8] Other Important Information - Ameren's Board of Directors approved a quarterly dividend increase of approximately 6%, resulting in an annualized dividend rate of $2.84 per share, marking the twelfth consecutive year of dividend increases [10] - The company has a ten-year investment pipeline of over $63 billion aimed at enhancing the reliability and efficiency of its energy grid [22] Q&A Session Summary Question: Can you speak to how close you are to the top end of 6% to 8% growth? - Management indicated that they are excited about the sales growth and capital plan, expecting to deliver near the upper end of the range in the mid to latter part of the five-year plan [45][47] Question: How much capacity headroom is there in the resource mix? - Management stated that the updated resource plan reflects realistic short-term goals, with the ability to serve 2 gigawatts of demand by 2032 and potentially more thereafter [51][52] Question: What are you tracking on FFO to debt? - Management expressed confidence in maintaining a strong balance sheet, indicating that they are positioned to support a Baa1 rating and are above the downgrade threshold [60][61] Question: Can you help reconcile what is in the five-year plan versus upside opportunities? - Management clarified that there are significant upside opportunities in the transmission projects, with a total of $5 billion in the ten-year pipeline, and they are actively pursuing competitive projects [62][63] Question: How do you envision the new nuclear capacity? - Management noted that while new nuclear capacity is long-dated, they are exploring various technologies and will monitor developments closely without making immediate financial commitments [84][86]

Core Viewpoint - Ameren Missouri is revising its generation strategy to enhance economic growth, reliability, and job creation in Missouri, targeting 1.5 gigawatts of new energy demand by 2032 through a balanced mix of generation resources [1][4]. Group 1: Generation Strategy and Investments - The updated Preferred Resource Plan (PRP) aims for an overall increase of 1.8 gigawatts of capacity by 2030 and a total of 2.3 gigawatts by 2035, representing an additional investment opportunity of $5 billion by 2030 and $7 billion by 2035 [4]. - The Smart Energy Plan includes a $16.2 billion investment over five years to modernize infrastructure, enhancing grid reliability and resiliency [2][6]. - Ameren Missouri plans to build 1,600 megawatts of natural gas generation by 2030 and a total of 6,100 megawatts by 2045, alongside 2,700 megawatts of renewable energy by 2030 [7]. Group 2: Economic Development and Community Impact - In 2024, Ameren Missouri facilitated nearly two dozen new economic development projects and has construction agreements with potential large load customers [2]. - The company has spent approximately $2 billion with Missouri-based suppliers and contractors, benefiting over 1,200 businesses across 60 counties [9]. - Businesses announced more than $3.1 billion in planned capital investment to relocate or expand in Ameren Missouri's service territory in 2024 [8]. Group 3: Reliability and Infrastructure Improvements - The Smart Energy Plan has led to the installation of 134 new or upgraded substations, enhancing service across Missouri [6]. - Smart switch technology has significantly improved reliability, restoring power for over 50,000 customers during major storms in 2024, saving 8 million minutes of outages [8][12]. - The plan includes deploying 1,000 megawatts of battery storage by 2030 and planning for 1,500 megawatts of new nuclear energy generation by 2045 [7].

Core Viewpoint - Ameren reported quarterly earnings of $0.77 per share, missing the Zacks Consensus Estimate of $0.79 per share, but showing an increase from $0.60 per share a year ago, indicating a -2.53% earnings surprise [1] - The company posted revenues of $1.94 billion for the quarter, exceeding the Zacks Consensus Estimate by 10.32%, compared to $1.62 billion in the same quarter last year [2] Earnings Performance - Over the last four quarters, Ameren has surpassed consensus EPS estimates only once [2] - The company had an earnings surprise of -2.09% in the previous quarter, with actual earnings of $1.87 per share against an expectation of $1.91 per share [1] Stock Performance - Ameren shares have increased by approximately 9.1% since the beginning of the year, outperforming the S&P 500's gain of 2.9% [3] Future Outlook - The company's earnings outlook is crucial for investors, including current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.16 on revenues of $1.97 billion, and for the current fiscal year, it is $4.93 on revenues of $8.05 billion [7] Industry Context - The Utility - Electric Power industry, to which Ameren belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5][6]

Financial Performance - 2024 net income attributable to common shareholders was $1,182 million, or $4.42 per diluted share, compared to $1,152 million, or $4.38 per diluted share in 2023, reflecting a 2.6% increase in net income [2]. - Adjusted net income for 2024 was $1,237 million, or $4.63 per diluted share, with no differences from GAAP earnings in 2023 [2][3]. - The net income attributable to Ameren common shareholders for the year ended December 31, 2024, was $1,182 million, reflecting an increase of 2.6% from $1,152 million in 2023 [26]. - Net income for the year ended December 31, 2024, increased to $1,187 million from $1,157 million in 2023, representing a growth of 2.6% [30]. - The company recorded a loss of $83 million for Ameren Parent in 2024, slightly higher than the $81 million loss in 2023, primarily due to increased interest expenses [17]. Earnings Guidance - Earnings guidance for 2025 is affirmed at a range of $4.85 to $5.05 per diluted share, indicating a projected growth of 6% to 8% compound annual growth rate from 2025 through 2029 [4][10]. Segment Performance - Ameren Missouri's 2024 GAAP earnings were $559 million, up from $545 million in 2023, driven by increased infrastructure investments and new electric service rates [13]. - Ameren Transmission's 2024 GAAP earnings increased to $323 million from $296 million in 2023, reflecting growth from infrastructure investments [14]. - Ameren Illinois Electric Distribution reported 2024 earnings of $234 million, down from $258 million in 2023, due to a lower return on equity under the new multi-year rate plan [15]. - Ameren Illinois Natural Gas segment earnings improved to $149 million in 2024 from $134 million in 2023, attributed to new delivery service rates and lower expenses [16]. Revenue and Sales - Ameren Corporation reported total operating revenues of $1,941 million for the three months ended December 31, 2024, an increase of 19.9% compared to $1,618 million for the same period in 2023 [26]. - Total electric sales for Ameren increased to 15,929 million kilowatt-hours in Q4 2024, up from 15,760 million kilowatt-hours in Q4 2023, a growth of 1.1% [33]. - Ameren's total electric revenues for the year reached $6,540 million in 2024, compared to $6,439 million in 2023, reflecting a year-over-year increase of 1.6% [33]. - Gas revenues for Ameren totaled $1,083 million in 2024, up from $1,061 million in 2023, marking a growth of 2.1% [35]. Assets and Liabilities - Total current assets increased to $2,264 million as of December 31, 2024, compared to $2,181 million as of December 31, 2023, marking a growth of 3.8% [28]. - Property, Plant, and Equipment, Net rose to $36,304 million as of December 31, 2024, from $33,776 million in 2023, indicating an increase of 7.5% [28]. - Total assets reached $44,598 million as of December 31, 2024, compared to $40,830 million in 2023, reflecting a growth of 9.3% [28]. - Long-term debt increased to $17,262 million as of December 31, 2024, from $15,121 million in 2023, representing a rise of 14.2% [28]. - The total current liabilities increased to $3,413 million as of December 31, 2024, from $3,345 million in 2023, showing a rise of 2.0% [28]. Cash Flow and Expenditures - Net cash provided by operating activities rose to $2,763 million in 2024, compared to $2,564 million in 2023, an increase of 7.8% [30]. - Capital expenditures for the year were $4,319 million in 2024, compared to $3,597 million in 2023, indicating an increase of 20.0% [30]. - Dividends on common stock increased to $714 million in 2024 from $662 million in 2023, a rise of 7.9% [30]. - Cash, cash equivalents, and restricted cash at the end of 2024 were $328 million, up from $272 million at the end of 2023, an increase of 20.6% [30]. Other Income and Operating Performance - The company reported operating income of $198 million for the three months ended December 31, 2024, a decrease of 25% from $264 million in the same period of 2023 [26]. - Other income, net for the year ended December 31, 2024, was $417 million, an increase of 19.8% compared to $348 million in 2023 [26]. - The company reported a decrease in deferred income taxes and production and investment tax credits, net, from $229 million in 2023 to $127 million in 2024, a decline of 44.5% [30]. Strategic Initiatives - Ameren's strategy includes investments to modernize the energy grid and enhance cleaner energy resources, focusing on disciplined cost management [11]. - The projected rate base growth is approximately 9.2% compounded annually from 2024 through 2029, supporting future earnings growth [10]. Shareholder Information - The number of shares outstanding increased to 269.9 million in 2024 from 266.3 million in 2023, a growth of 1.4% [35].

2024 GAAP Diluted Earnings Per Share (EPS) were $4.42 vs. $4.38 in 2023 2024 Adjusted (Non-GAAP) Diluted Earnings Per Share were $4.63 vs. $4.38 in 2023 Earnings Guidance Range for 2025 Affirmed at $4.85 to $5.05 per Diluted Share Diluted EPS Compound Annual Growth Rate Guidance of 6% to 8% issued for 2025 through 2029, using 2025 Guidance Midpoint as a Base ST. LOUIS, Feb. 13, 2025 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced 2024 net income attributable to common shareholders in accord ...

Ameren Corporation (AEE) announced that the board of directors has approved a 6% increase in the quarterly dividend rate. Following the board's approval, the company’s share price rose 0.2% to reach $97.26 on Feb. 13, 2025.AEE’s revised quarterly dividend will now be 71 cents, payable on March 31, 2025, to shareholders of record at the close of the business on March 11, 2025. This is the 12th consecutive year that the company has increased dividends on its common shares.AEE’s new annualized dividend rate is ...

Core Points - Ameren Corporation declared a quarterly cash dividend of 71 cents per share, marking a 6% increase from the previous dividend of 67 cents per share, resulting in an annualized dividend rate of $2.84 per share, up from $2.68 per share [1][2] - This increase represents the twelfth consecutive year of dividend growth, reflecting the board's confidence in the company's sustainable long-term growth strategy, which includes investments in energy infrastructure projects [2] - The company anticipates future dividend growth to align with long-term earnings-per-share growth expectations, maintaining a payout ratio between 55% to 65% [2] Dividend Payment Details - The common share dividend is payable on March 31, 2025, to shareholders of record as of March 11, 2025 [3] - Union Electric Company, a subsidiary of Ameren, declared regular quarterly cash dividends on preferred stock, payable on May 15, 2025, to shareholders of record by April 17, 2025 [3] - Ameren Illinois Company also declared regular quarterly cash dividends on preferred stock, payable on May 1, 2025, to shareholders of record by April 11, 2025 [4] Company Overview - Ameren Corporation serves 2.4 million electric customers and over 900,000 natural gas customers across a 64,000-square-mile area through its subsidiaries, Ameren Missouri and Ameren Illinois [5] - Ameren Illinois provides electric transmission and distribution services as well as natural gas distribution services, while Ameren Missouri offers electric generation, transmission, and distribution services along with natural gas distribution [5] - Ameren Transmission Company of Illinois focuses on developing, owning, and operating rate-regulated regional electric transmission projects [5]