Ameren(AEE)2024-08-01 20:36Financial Performance - Second quarter 2024 diluted earnings per share were $0.97, an increase of 7.8% from $0.90 in the same period of 2023[1]. - Net income attributable to common shareholders for Q2 2024 was $258 million, compared to $237 million in Q2 2023, reflecting a year-over-year increase of 8.8%[1][2]. - The year-to-date net income for the first half of 2024 was $519 million, or $1.95 per diluted share, compared to $501 million, or $1.90 per diluted share, in the same period of 2023[3][4]. - Net income for the six months ended June 2024 increased to $522 million from $504 million in the same period of 2023, representing a growth of 3.6%[22]. - Operating income for Q2 2024 was $361 million, an increase of 9.7% from $329 million in Q2 2023[19]. Revenue and Sales - Total operating revenues for Q2 2024 were $1,693 million, a decrease of 3.8% from $1,760 million in Q2 2023[19]. - Ameren's total electric revenues for the six months ended June 2024 were $2,885 million, a decrease from $3,175 million in the same period of 2023, reflecting a decline of 9.1%[23]. - Total electric sales for Ameren Missouri in the six months ended June 2024 reached 17,782 million kilowatt-hours, up from 17,000 million kilowatt-hours in 2023, an increase of 4.6%[23]. - Gas revenues for Ameren Total in the six months ended June 2024 were $624 million, down from $647 million in 2023, a decrease of 3.6%[25]. Segment Performance - Ameren Missouri's Q2 2024 earnings were $128 million, up from $102 million in Q2 2023, driven by increased infrastructure investments and higher electric retail sales[7]. - Ameren Transmission segment earnings for Q2 2024 were $79 million, compared to $72 million in Q2 2023, reflecting growth from infrastructure investments[8]. - Ameren Illinois Electric Distribution segment earnings decreased to $61 million in Q2 2024 from $66 million in Q2 2023, attributed to a lower allowed return on equity[9]. - Ameren Illinois Natural Gas segment earnings fell to $6 million in Q2 2024 from $11 million in Q2 2023, impacted by new delivery service rates[10]. - Ameren Parent reported a loss of $16 million in Q2 2024, compared to a loss of $14 million in Q2 2023, primarily due to higher interest expenses[11]. Expenses and Costs - Total operating expenses decreased to $1,332 million in Q2 2024, down from $1,431 million in Q2 2023, a reduction of 6.9%[19]. - The company reported a decrease in fuel and purchased power expenses to $327 million in Q2 2024, down from $480 million in Q2 2023, a decline of 31.9%[19]. - Other income, net, increased to $103 million in Q2 2024, compared to $82 million in Q2 2023, marking a growth of 25.6%[19]. Guidance and Strategic Focus - Ameren reaffirmed its 2024 earnings guidance range of $4.52 to $4.72 per diluted share, assuming normal temperatures for the last six months of the year[6]. - The company continues to focus on strategic infrastructure investments and disciplined cost control to drive sustainable earnings growth[3]. Balance Sheet and Capital - Total assets increased to $42,334 million in 2024, up from $40,830 million in 2023, representing a growth of 3.7%[20]. - Long-term debt, net, rose to $16,280 million in 2024, compared to $15,121 million in 2023, indicating an increase of 7.7%[20]. - Capital expenditures for the six months ended June 2024 totaled $1,892 million, compared to $1,822 million in 2023, an increase of 3.8%[22]. - Net cash used in investing activities for the six months ended June 2024 was $1,932 million, compared to $1,889 million in 2023, an increase of 2.3%[22]. Shareholder Information - Dividends on common stock increased to $356 million for the three months ended June 2024, up from $330 million in the same period of 2023, a rise of 7.9%[22]. - The number of shares outstanding as of June 30, 2024, was 266.8 million, slightly up from 266.3 million in 2023[24]. - The book value per share increased to $43.25 as of June 30, 2024, compared to $42.62 in 2023, reflecting a growth of 1.5%[24]. Regulatory and Environmental Considerations - The impact of current environmental laws and changing requirements may affect operational costs and investment needs, potentially leading to financial implications[16].