DOW JONES NEWSWIRES
Ameren Corp.'s (AEE) second-quarter earnings fell 9.2% as milder
temperatures hurt sales to regulated native load customers.
Ameren narrowed its full-year earnings estimate to $2.30 to
$2.55 a share from its previous view of $2.20 to $2.60 a share.
The company, which operates electric and gas utilities in
Missouri and Illinois as well as a merchant power business, has
generally seen revenue improve after the industry suffered broadly
from weak demand during the economic downturn.
The company reported a profit of $138 million, or 57 cents a
share, down from $152 million, or 64 cents a share, a year earlier.
Excluding hedging impacts and a charge on changes in federal
healthcare laws, earnings fell to 59 cents from 73 cents. Revenue
was up 3% to $1.78 billion.
Analysts polled by Thomson Reuters had most recently forecast
earnings of 62 cents on revenue of $1.73 billion.
Operating margin narrowed to 17.7% from 19.2% as operating
expenses rose 5.1%.
The company's merchant generation business saw revenue rise 2.6%
and earnings rise 18% on reduced costs. Ameren's Missouri utility
saw revenue rise 7.3% and earnings fall 20% as milder temperatures
hurt sales to native load utility customers.
Illinois operations saw earnings fall 20% and revenue fall 2.8%
on milder temperatures and storm-related expenses.
Shares were up 0.2% to $28.60 in premarket trading. The stock is
up 9.1% in the past 12 months.
--By Nathalie Tadena, Dow Jones Newswires; 212-416-3287;
nathalie.tadena@dowjones.com