Ameren Announces First Quarter 2024 Results

Core Insights - Ameren Corporation reported a diluted earnings per share of $0.98 for Q1 2024, a slight decrease from $1.00 in Q1 2023, with net income attributable to common shareholders at $261 million compared to $264 million in the previous year [1][2][3] - The company affirmed its earnings guidance for 2024, projecting a range of $4.52 to $4.72 per diluted share, assuming normal temperatures for the remaining months of the year [4] Financial Performance - Q1 2024 results were influenced by increased infrastructure investments and new service rates in both Ameren Illinois and Ameren Missouri, although these were partially offset by higher operational expenses and milder winter temperatures [2][4] - Ameren Missouri's earnings decreased to $25 million in Q1 2024 from $28 million in Q1 2023, while Ameren Illinois Electric Distribution earnings fell from $61 million to $56 million in the same period [4][5] - Conversely, Ameren Illinois Natural Gas segment saw an increase in earnings from $87 million in Q1 2023 to $106 million in Q1 2024, attributed to new delivery service rates [5] Operational Highlights - The company emphasized strong operational performance and strategic investments in infrastructure and grid technology, aiming for reliable and cleaner energy delivery [3] - Ameren's total operating revenues for Q1 2024 were reported at $1.816 billion, down from $2.062 billion in Q1 2023, with electric revenues decreasing from $1.590 billion to $1.364 billion [13][19] - Operating expenses decreased to $1.445 billion in Q1 2024 from $1.711 billion in Q1 2023, primarily due to lower fuel and purchased power costs [13] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $492 million in Q1 2024, slightly down from $496 million in Q1 2023 [17] - Capital expenditures for Q1 2024 were $890 million, compared to $931 million in the same period last year, indicating a focus on managing investment costs [17] Shareholder Information - The weighted-average common shares outstanding increased to 266.4 million in Q1 2024 from 262.2 million in Q1 2023, impacting earnings per share calculations [12][18] - The company remains committed to disciplined cost management, expecting to achieve significant reductions in operations and maintenance expenses in the latter half of the year [3]