Ameren (NYSE: AEE) Announces Third Quarter 2017 Results
ST. LOUIS, Nov. 3, 2017 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced third quarter 2017 net income attributable to common shareholders in accordance with Generally Accepted Accounting Principles (GAAP) of $288 million, or $1.18 per diluted share, compared to third quarter 2016 net income attributable to common shareholders of $369 million, or $1.52 per diluted share. The third quarter 2017 GAAP earnings included a non-cash charge that decreased net income by $14 million, or 6 cents per diluted share, for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate. Excluding this item, Ameren recorded third quarter 2017 core earnings of $302 million, or $1.24 per diluted share.
The decrease in year-over-year third quarter earnings was largely due to a change in the timing of interim period revenue recognition at Ameren Illinois Electric Distribution that reduced results by 24 cents per diluted share but will have no effect on full year earnings. The earnings comparison was also negatively affected by lower electric retail sales, primarily driven by milder summer temperatures, as well as the absence of a 2016 performance incentive award related to Ameren Missouri's 2013 through 2015 energy efficiency plan. These unfavorable factors were partially offset by new Ameren Missouri electric service rates effective April 1, 2017, which were driven, in part, by increased infrastructure investments and removal of the negative effect of lower sales to the New Madrid aluminum smelter. In addition, the comparison benefited from earnings on increased infrastructure investments made at Ameren Transmission and Ameren Illinois Electric Distribution.
"As a result of continued solid execution of our strategy, including disciplined cost management, we remain on track to deliver strong earnings results this year," said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "Our team continues to allocate capital to jurisdictions with modern, constructive regulatory frameworks, including investments in key Illinois grid modernization and regional electric transmission projects that provide significant customer benefits. Further, in September, Ameren Missouri announced a forward-thinking plan under which it expects to accelerate the transition to a cleaner, more diversified energy portfolio with the addition of at least 700 megawatts of wind generation by 2020 and 100 megawatts of solar generation over the next 10 years."
Ameren recorded GAAP net income attributable to common shareholders for the nine months ended Sept. 30, 2017, of $583 million, or $2.39 per diluted share, compared to net income attributable to common shareholders for the nine months ended Sept. 30, 2016, of $621 million, or $2.56 per diluted share. Excluding the third quarter 2017 revaluation of deferred taxes resulting from an increase in Illinois' corporate income tax rate, Ameren recorded core net income for the nine months ended Sept. 30, 2017, of $597 million, or $2.45 per diluted share.
The decrease in year-over-year nine-month earnings reflected lower electric retail sales driven by milder temperatures and a change in the timing of interim period revenue recognition at Ameren Illinois Electric Distribution that reduced results by 12 cents per diluted share but will have no effect on full year earnings. The earnings comparison was also negatively affected by lower tax benefits associated with share-based compensation and, for Ameren Missouri, the absence of a 2016 performance incentive award for the 2013 through 2015 energy efficiency plan, and higher depreciation expense. These unfavorable factors were partially offset by new Ameren Missouri electric service rates, the absence of a nuclear refueling and maintenance outage at the Callaway Energy Center compared to the year-ago period when there was such an outage, as well as earnings on increased infrastructure investments made at Ameren Transmission and Ameren Illinois Electric Distribution. The 2017 Callaway refueling and maintenance outage began in October.
As reflected in the table below, core earnings for the third quarter and first nine months of 2017 excluded a non-cash charge at the parent company for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate, which decreased net income by $14 million in both periods. A reconciliation of GAAP to core earnings in millions of dollars and on a per share basis is as follows:
Three Months Nine Months
2017 2016 2017 2016
GAAP Earnings
/Diluted EPS $288 $1.18 $369 $1.52 $583 $2.39 $621 $2.56
Charge for
revaluation
of deferred
taxes 22 0.09 - - 22 0.09 - -
Less: Federal
income tax
benefit (8) (0.03) - - (8) (0.03) - -
--- ----- --- --- --- ----- --- ---
Charge, net of
tax benefit 14 0.06 - - 14 0.06 - -
--- ---- --- --- --- ---- --- ---
Core Earnings
/Diluted EPS $302 $1.24 $369 $1.52 $597 $2.45 $621 $2.56
------------- ---- ----- ---- ----- ---- ----- ---- -----
Earnings Guidance
Ameren narrowed its 2017 GAAP earnings guidance range to $2.67 to $2.81 per diluted share, compared to the prior range of $2.65 to $2.85 per diluted share, and narrowed its 2017 core earnings guidance range to $2.73 to $2.87 per diluted share, compared to the prior range of $2.70 to $2.90 per diluted share. Core earnings guidance excludes the previously discussed third quarter charge for the revaluation of deferred taxes.
GAAP and core earnings guidance for 2017 assume normal temperatures for the last three months of this year and are subject to the effects of, among other things: 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; severe weather; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Ameren Missouri Segment Results
Ameren Missouri third quarter 2017 earnings were $234 million, compared to third quarter 2016 earnings of $241 million. The decrease in year-over-year earnings reflected lower electric retail sales primarily driven by milder summer temperatures, the absence of a performance incentive award for energy efficiency, and higher depreciation expense. These unfavorable factors were mostly offset by new electric service rates.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution third quarter 2017 earnings were $31 million, compared to third quarter 2016 earnings of $93 million. The year-over-year earnings decline was primarily the result of a $57 million decrease due to a change in the timing of interim period revenue recognition reflecting the Illinois Future Energy Jobs Act enacted in late 2016, which decoupled revenues from sales volumes. This change increases first, second and fourth quarter revenue while decreasing third quarter revenue, compared to 2016, with no effect on full-year earnings. In addition, the earnings comparison was negatively affected by the absence of the 2016 benefit from warmer-than-normal temperatures before the decoupling of electric revenues began in 2017. These unfavorable factors were partially offset by earnings on increased infrastructure investments, as well as a higher allowed return on equity due to a higher average 30-year U.S. Treasury bond yield in 2017 compared to 2016.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas third quarter 2017 earnings were $2 million, equal to third quarter 2016 earnings of $2 million.
Ameren Transmission Segment Results
Ameren Transmission third quarter 2017 earnings were $38 million, compared to third quarter 2016 earnings of $39 million. The comparable year-over-year earnings reflected increased infrastructure investments offset by a lower allowed return on equity.
Other Results
Other results, which includes items not reported in a business segment, were a GAAP loss of $17 million for the third quarter of 2017, compared to a GAAP loss of $6 million for the third quarter of 2016. The larger year-over-year loss was due to the $14 million charge for revaluation of deferred taxes.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, Nov. 3, to discuss 2017 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q3 2017 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investor News and Events" section of the website under "Events and Presentations."
About Ameren
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric and natural gas transmission and distribution service while Ameren Missouri provides vertically integrated electric service, with generating capacity of over 10,200 megawatts, and natural gas distribution service. Ameren Transmission Company of Illinois develops regional electric transmission projects. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.
Use of Non-GAAP Financial Measures
In this release, Ameren has presented core earnings per share and core earnings per share guidance, which are non-GAAP measures and may not be comparable to those of other companies. A reconciliation of non-GAAP information to GAAP information has been included in this release. Generally, core earnings (or losses) include earnings or losses attributable to common shareholders and exclude income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as the third quarter 2017 non-cash charge for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate. Ameren uses core earnings internally for financial planning and for analysis of performance. Ameren also uses core earnings as the primary performance measurement when communicating with analysts and investors regarding our earnings results and outlook, as the company believes that core earnings allow the company to more accurately compare its ongoing performance across periods. In providing consolidated core earnings guidance, there could be differences between core earnings and earnings prepared in accordance with GAAP as a result of our treatment of certain items, such as that described above. Ameren is unable to estimate the impact, if any, on future GAAP earnings of such future items.
Forward-looking Statements
Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2016, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:
-- regulatory, judicial, or legislative actions, including any changes in
regulatory policies and ratemaking determinations, such as those that
may result from the complaint case filed in February 2015 with the
Federal Energy Regulatory Commission seeking a reduction in the allowed
base return on common equity under the Midcontinent Independent System
Operator tariff, Ameren Illinois' April 2017 annual electric
distribution formula rate update filing, and future regulatory,
judicial, or legislative actions that change regulatory recovery
mechanisms;
-- the effect of Ameren Illinois participating in a performance-based
formula ratemaking process under the Illinois Energy Infrastructure
Modernization Act, including the direct relationship between Ameren
Illinois' return on common equity and 30-year United States Treasury
bond yields, and the related financial commitments;
-- the effects of changes in federal, state, or local laws and other
governmental actions, including monetary, fiscal, and energy policies;
-- the effects of changes in federal, state, or local tax laws,
regulations, interpretations, or rates, such as the July 2017 change in
Illinois law that increased the state's corporate income tax rate, or
changes to federal tax laws as a result of tax reform legislation
currently being developed by Congress, and any challenges to the tax
positions we have taken;
-- the effects on demand for our services resulting from technological
advances, including advances in customer energy efficiency and private
generation sources, which generate electricity at the site of
consumption and are becoming more cost-competitive;
-- the effectiveness of Ameren Missouri's customer energy efficiency
programs and the related revenues and performance incentives earned
under its Missouri Energy Efficiency Investment Act plans;
-- Ameren Illinois' ability to achieve Future Energy Jobs Act electric
energy efficiency goals and the resulting impact on its allowed return
on program investments;
-- our ability to align overall spending, both operating and capital, with
frameworks established by our regulators and to recover these costs in a
timely manner in our attempt to earn our allowed returns on equity;
-- the cost and availability of fuel, such as ultra-low-sulfur coal,
natural gas, and enriched uranium used to produce electricity; the cost
and availability of purchased power, zero-emission credits, renewable
energy credits, and natural gas for distribution; and the level and
volatility of future market prices for such commodities, including our
ability to recover the costs for such commodities and our customers'
tolerance for the related rate increases;
-- disruptions in the delivery of fuel, failure of our fuel suppliers to
provide adequate quantities or quality of fuel, or lack of adequate
inventories of fuel, including nuclear fuel assemblies from Westinghouse
Electric Company, LLC, the Callaway Energy Center's only Nuclear
Regulatory Commission-licensed supplier of such assemblies, which is
currently in bankruptcy proceedings;
-- the effectiveness of our risk management strategies and our use of
financial and derivative instruments;
-- the ability to obtain sufficient insurance, including insurance for
Ameren Missouri's Callaway Energy Center, or in the absence of
insurance, the ability to recover uninsured losses from our customers;
-- business and economic conditions, including their impact on interest
rates, collection of our receivable balances, and demand for our
products;
-- disruptions of the capital markets, deterioration in our credit metrics,
or other events that may have an adverse effect on the cost or
availability of capital, including short-term credit and liquidity;
-- the actions of credit rating agencies and the effects of such actions;
-- the impact of adopting new accounting guidance and the application of
appropriate accounting rules and guidance;
-- the impact of weather conditions and other natural phenomena on us and
our customers, including the impact of system outages;
-- the construction, installation, performance, and cost recovery of
generation, transmission, and distribution assets;
-- the effects of breakdowns or failures of equipment in the operation of
natural gas transmission and distribution systems and storage
facilities, such as leaks, explosions, and mechanical problems, and
compliance with natural gas safety regulations;
-- the effects of our increasing investment in electric transmission
projects as well as potential wind and solar generation projects, our
ability to obtain all of the necessary approvals to complete the
projects, and the uncertainty as to whether we will achieve our expected
returns in a timely manner;
-- operation of Ameren Missouri's Callaway Energy Center, including planned
and unplanned outages, and decommissioning costs;
-- the effects of strategic initiatives, including mergers, acquisitions
and divestitures;
-- the impact of current environmental regulations and new, more stringent,
or changing requirements, including those related to carbon dioxide,
other emissions and discharges, cooling water intake structures, coal
combustion residuals, and energy efficiency, that are enacted over time
and that could limit or terminate the operation of certain of Ameren
Missouri's energy centers, increase our costs or investment
requirements, result in an impairment of our assets, cause us to sell
our assets, reduce our customers' demand for electricity or natural gas,
or otherwise have a negative financial effect;
-- the impact of complying with renewable energy portfolio requirements in
Missouri;
-- labor disputes, work force reductions, future wage and employee benefits
costs, including changes in discount rates, mortality tables, and
returns on benefit plan assets;
-- the inability of our counterparties to meet their obligations with
respect to contracts, credit agreements, and financial instruments;
-- the cost and availability of transmission capacity for the energy
generated by Ameren Missouri's energy centers or required to satisfy
Ameren Missouri's energy sales;
-- legal and administrative proceedings;
-- the impact of cyber-attacks, which could, among other things, result in
the loss of operational control of energy centers and electric and
natural gas transmission and distribution systems and/or the loss of
data, such as customer, employee, financial, and operating system
information; and
-- acts of sabotage, war, terrorism, or other intentionally disruptive
acts.
New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
---- ---- ---- ----
Operating Revenues:
Electric $1,594 $1,725 $4,183 $4,101
Natural gas 129 134 592 619
--- --- --- ---
Total operating revenues 1,723 1,859 4,775 4,720
----- ----- ----- -----
Operating Expenses:
Fuel 199 205 594 574
Purchased power 162 178 491 451
Natural gas purchased for resale 25 34 196 227
Other operations and maintenance 402 411 1,229 1,246
Depreciation and amortization 225 211 668 628
Taxes other than income taxes 129 129 364 358
--- --- --- ---
Total operating expenses 1,142 1,168 3,542 3,484
----- ----- ----- -----
Operating Income 581 691 1,233 1,236
Other Income and Expenses:
Miscellaneous income 13 18 42 54
Miscellaneous expense 2 8 16 21
--- --- --- ---
Total other income 11 10 26 33
Interest Charges 97 97 295 287
--- --- --- ---
Income Before Income Taxes 495 604 964 982
Income Taxes 205 233 376 356
--- --- --- ---
Net Income 290 371 588 626
Less: Net Income Attributable to
Noncontrolling Interests 2 2 5 5
--- --- --- ---
Net Income Attributable to
Ameren Common Shareholders $288 $369 $583 $621
--------------------------- ---- ---- ---- ----
Earnings per Common Share -
Basic $1.19 $1.52 $2.40 $2.56
Earnings per Common Share -
Diluted $1.18 $1.52 $2.39 $2.56
Average Common Shares
Outstanding - Basic 242.6 242.6 242.6 242.6
Average Common Shares
Outstanding - Diluted 244.7 242.9 244.0 243.0
---------------------- ----- ----- ----- -----
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
September 30, December 31,
2017 2016
---- ----
ASSETS
Current Assets:
Cash and cash equivalents $9 $9
Accounts receivable -trade (less
allowance for doubtful accounts) 507 437
Unbilled revenue 262 295
Miscellaneous accounts receivable 85 63
Inventories 547 527
Current regulatory assets 75 149
Other current assets 96 113
--- ---
Total current assets 1,581 1,593
----- -----
Property, Plant, and Equipment, Net 20,906 20,113
Investments and Other Assets:
Nuclear decommissioning trust fund 672 607
Goodwill 411 411
Regulatory assets 1,509 1,437
Other assets 538 538
--- ---
Total investments and other assets 3,130 2,993
---------------------------------- ----- -----
TOTAL ASSETS $25,617 $24,699
------------ ------- -------
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt $777 $681
Short-term debt 446 558
Accounts and wages payable 548 805
Taxes accrued 159 46
Interest accrued 106 93
Customer deposits 108 107
Current regulatory liabilities 119 110
Other current liabilities 318 274
--- ---
Total current liabilities 2,581 2,674
----- -----
Long-term Debt, Net 6,922 6,595
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes,
net 4,721 4,264
Accumulated deferred investment tax
credits 50 55
Regulatory liabilities 2,045 1,985
Asset retirement obligations 631 635
Pension and other postretirement
benefits 711 769
Other deferred credits and
liabilities 469 477
--- ---
Total deferred credits and other
liabilities 8,627 8,185
----- -----
Ameren Corporation Shareholders' Equity:
Common stock 2 2
Other paid-in capital, principally
premium on common stock 5,534 5,556
Retained earnings 1,830 1,568
Accumulated other comprehensive loss (21) (23)
--- ---
Total Ameren Corporation
shareholders' equity 7,345 7,103
Noncontrolling Interests 142 142
--- ---
Total equity 7,487 7,245
------------ ----- -----
TOTAL LIABILITIES AND EQUITY $25,617 $24,699
---------------------------- ------- -------
AMEREN CORPORATION (AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Nine Months Ended September 30,
2017 2016
---- ----
Cash Flows From Operating Activities:
Net income $588 $626
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 653 625
Amortization of nuclear fuel 71 63
Amortization of debt issuance costs and premium/
discounts 16 17
Deferred income taxes and investment tax
credits, net 366 364
Allowance for equity funds used during
construction (16) (20)
Share-based compensation costs 12 17
Other (7) (9)
Changes in assets and liabilities (40) (124)
--- ----
Net cash provided by operating activities 1,643 1,559
----------------------------------------- ----- -----
Cash Flows From Investing Activities:
Capital expenditures (1,523) (1,496)
Nuclear fuel expenditures (52) (41)
Purchases of securities - nuclear
decommissioning trust fund (248) (310)
Sales and maturities of securities - nuclear
decommissioning trust fund 235 297
Other 3 (1)
--- ---
Net cash used in investing activities (1,585) (1,551)
------------------------------------- ------ ------
Cash Flows From Financing Activities:
Dividends on common stock (320) (309)
Dividends paid to noncontrolling interest
holders (5) (5)
Short-term debt, net (112) 307
Maturities of long-term debt (425) (389)
Issuances of long-term debt 849 149
Share-based payments (39) (32)
Debt issuance costs (5) (1)
Other (1) (2)
--- ---
Net cash used in financing activities (58) (282)
Net change in cash and cash equivalents - (274)
Cash and cash equivalents at beginning of year 9 292
--- ---
Cash and cash equivalents at end of period $9 $18
------------------------------------------ --- ---
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
---- ---- ---- ----
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential 3,667 3,867 9,589 10,243
Commercial 4,065 4,190 10,953 11,269
Industrial 1,197 1,239 3,368 3,683
Off-system and other 2,491 1,823 9,207 5,149
----- ----- ----- -----
Ameren Missouri total 11,420 11,119 33,117 30,344
------ ------ ------ ------
Ameren Illinois Electric Distribution
Residential 3,172 3,457 8,305 8,901
Commercial 3,420 3,624 9,271 9,460
Industrial 2,983 3,188 8,511 8,895
Street Lighting/Public Authority 131 127 388 390
--- --- --- ---
Ameren Illinois Electric Distribution
total 9,706 10,396 26,475 27,646
----- ------ ------ ------
Eliminate affiliate sales (117) (117) (382) (394)
---- ---- ---- ----
Ameren Total 21,009 21,398 59,210 57,596
------------ ------ ------ ------ ------
Electric Revenues (in millions):
Ameren Missouri
Residential $491 $499 $1,134 $1,153
Commercial 408 416 971 982
Industrial 101 101 242 251
Off-system and other 98 128 410 296
--- --- --- ---
Ameren Missouri total $1,098 $1,144 $2,757 $2,682
------ ------ ------ ------
Ameren Illinois Electric Distribution
Residential
Delivery service $143 $204 $425 $455
Power supply and other cost recovery 81 94 226 253
Commercial
Delivery service 84 110 246 241
Power supply and other cost recovery 49 59 147 159
Industrial
Delivery service 10 14 42 40
Power supply and other cost recovery 15 11 38 29
Street Lighting/Public Authority
Delivery service 6 9 21 22
Power supply and other cost recovery 2 2 8 8
Other 15 - 25 6
--- --- ---
Ameren Illinois Electric Distribution
total $405 $503 $1,178 $1,213
---- ---- ------ ------
Ameren Transmission
Ameren Illinois Transmission(a) $72 $73 $197 $187
ATXI 47 35 129 96
Ameren Transmission total $119 $108 $326 $283
---- ---- ---- ----
Other and intersegment eliminations (28) (30) (78) (77)
--- --- --- ---
Ameren Total $1,594 $1,725 $4,183 $4,101
------------ ------ ------ ------ ------
(a) Includes $14 million, $14
million, $32 million and $35
million, respectively, of
electric operating revenues
from transmission services
provided to the Ameren Illinois
Electric Distribution segment.
AMEREN CORPORATION (AEE)
OPERATING STATISTICS
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
---- ---- ----
Gas Sales - dekatherms (in millions):
Ameren Missouri 3 3 12 13
Ameren Illinois Natural
Gas 26 26 113 118
--- --- --- ---
Ameren Total 29 29 125 131
------------ --- --- --- ---
Gas Revenues (in millions):
Ameren Missouri $17 $20 $83 $90
Ameren Illinois Natural
Gas 112 114 510 530
Eliminate affiliate
revenues - - (1) (1)
--- --- --- ---
Ameren Total $129 $134 $592 $619
------------ ---- ---- ---- ----
September 30, December 31,
2017 2016
---- ----
Common Stock:
Shares outstanding (in millions) 242.6 242.6
Book value per share $30.28 $29.28
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