Ameren(AEE) - 2024 Q3 - Quarterly Results

Earnings Performance - Third Quarter GAAP Diluted Earnings Per Share (EPS) were $1.70 in 2024, down from $1.87 in 2023, while Adjusted (Non-GAAP) EPS remained unchanged at $1.87[2] - Third Quarter 2024 net income attributable to common shareholders was $456 million, compared to $493 million in the same period of 2023[2] - Net income attributable to Ameren common shareholders for the three months ended September 30, 2024, was $456 million, a decrease of 7.5% from $493 million in the same period of 2023[23] - Earnings per common share (basic) for the three months ended September 30, 2024, were $1.71, down from $1.88 in the same period last year, representing a decline of 9.1%[23] - Ameren Parent reported a loss of $61 million in the third quarter of 2024, an improvement from a loss of $65 million in 2023, primarily due to lower tax expenses[16] Revenue and Income - Total operating revenues for the three months ended September 30, 2024, were $2,173 million, an increase of 5.5% compared to $2,060 million for the same period in 2023[23] - Electric revenue for the three months ended September 30, 2024, was $2,035 million, up 5.9% from $1,921 million in the same period last year[23] - Total electric revenues increased to $2.035 billion from $1.921 billion, marking an increase of 5.9% year-over-year[28] - Gas revenues for Ameren Total were $138 million, slightly down from $139 million, indicating a decrease of 0.7%[29] Guidance and Projections - 2024 GAAP Diluted EPS Guidance Range is now $4.34 to $4.48, and Adjusted EPS Guidance Range is established at $4.55 to $4.69[10] - For 2025, Diluted EPS Guidance Range is established at $4.85 to $5.05, representing a 7.1% increase over the midpoint of the 2024 adjusted guidance range[4] Operating Expenses and Costs - Total operating expenses for the three months ended September 30, 2024, increased to $1,587 million, up 9.7% from $1,446 million in the same period last year[23] - Fuel and purchased power expenses for the three months ended September 30, 2024, were $499 million, an increase of 15.9% compared to $430 million in the same period of 2023[23] - Interest charges for the three months ended September 30, 2024, rose to $173 million, up 13.8% from $152 million in the same period last year[23] Segment Performance - Ameren Missouri's third quarter 2024 adjusted earnings were $415 million, reflecting an increase from $411 million in 2023, driven by infrastructure investments[12] - Ameren Transmission's third quarter 2024 adjusted earnings were $100 million, up from $86 million in 2023, also attributed to increased infrastructure investments[13] - Ameren Illinois Electric Distribution reported third quarter 2024 earnings of $56 million, down from $66 million in 2023, due to a lower allowed return on equity[14] - Ameren Illinois Natural Gas segment reported a loss of $10 million in the third quarter of 2024, compared to a loss of $5 million in 2023, impacted by new delivery service rates[15] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $1.946 billion, down from $2.031 billion, reflecting a decrease of 4.2%[25] - Capital expenditures for the period were $3.029 billion, an increase of 17.8% compared to $2.571 billion in the prior year[25] Assets and Liabilities - Total assets increased to $43.298 billion from $40.830 billion, representing a growth of 3.4% year-over-year[24] - Long-term debt increased to $16.422 billion from $15.121 billion, representing an increase of 8.6%[24] - Total current liabilities rose to $3.567 billion, up from $3.345 billion, indicating an increase of 6.6% year-over-year[24] Other Financial Information - The company reported other income of $101 million for the three months ended September 30, 2024, unchanged from the same period in 2023[23] - The increase in nine-month adjusted earnings for 2024 was attributed to infrastructure investments and disciplined cost control, despite higher interest expenses[6] - The company anticipates regulatory reviews and potential changes in recovery mechanisms that could impact future financial performance[20]