Ameren Announces Second Quarter 2024 Results

Core Points - Ameren Corporation reported a second quarter 2024 net income of $258 million, or $0.97 per diluted share, an increase from $237 million, or $0.90 per diluted share in the same period of 2023 [1][3] - The company reaffirmed its 2024 earnings guidance range of $4.52 to $4.72 per diluted share [5] Financial Performance - The second quarter 2024 results were driven by increased infrastructure investments and higher electric retail sales due to warmer weather compared to the previous year [2][4] - For the six months ended June 30, 2024, net income attributable to common shareholders was $519 million, or $1.95 per diluted share, compared to $501 million, or $1.90 per diluted share for the same period in 2023 [3][4] Segment Results - Ameren Missouri's second quarter 2024 earnings were $128 million, up from $102 million in the second quarter of 2023, attributed to higher electric retail sales and new service rates [6] - Ameren Transmission reported earnings of $79 million for the second quarter 2024, an increase from $72 million in the same quarter of 2023 [6] - Ameren Illinois Electric Distribution earnings decreased to $61 million in the second quarter 2024 from $66 million in the same period of 2023, primarily due to a lower allowed return on equity [7] - Ameren Illinois Natural Gas segment earnings fell to $6 million in the second quarter 2024 from $11 million in the same quarter of 2023, impacted by new delivery service rates [8] Revenue and Expenses - Total operating revenues for the second quarter 2024 were $1.693 billion, compared to $1.760 billion in the second quarter of 2023 [15] - Operating expenses for the second quarter 2024 were $1.332 billion, down from $1.431 billion in the same period of 2023 [15] - The company experienced higher interest expenses and operations and maintenance costs, which partially offset the positive impacts on earnings [2][4] Cash Flow and Investments - Net cash provided by operating activities for the first half of 2024 was $1.049 billion, compared to $1.111 billion in the same period of 2023 [18] - Capital expenditures for the second quarter 2024 were $1.892 billion, slightly higher than $1.822 billion in the same quarter of 2023 [18] Customer Statistics - Ameren's total electric sales for the second quarter 2024 were 17,110 million kilowatt-hours, an increase from 16,246 million kilowatt-hours in the same quarter of 2023 [20] - The company served 2.4 million electric customers and over 900,000 natural gas customers across its service areas [9]