Ameren Announces First Quarter 2023 Results.

ST. LOUIS: Ameren Corporation (NYSE: AEE) today announced first quarter 2023 net income attributable to common shareholders of $264 million, or $1.00 per diluted share, compared to first quarter 2022 net income attributable to common shareholders of $252 million, or $0.97 per diluted share.

First quarter 2023 results reflected earnings on increased infrastructure investments made across all business segments driven by strong execution of the company's strategy. Earnings were positively impacted by lower Ameren Missouri and Ameren Illinois Natural Gas operations and maintenance expenses, which included the effect of market returns on company-owned life insurance (COLI) investments. Ameren Illinois Electric Distribution earnings increased as a result of a higher allowed return on equity (ROE) due to a higher projected average annual 30-year U.S. Treasury bond yield in 2023. These factors were partially offset by lower Ameren Missouri earnings due to lower electric retail sales, driven primarily by milder-than-normal winter temperatures in the first quarter of 2023 compared to colder-than-normal temperatures in the year-ago period. Finally, earnings reflected increased interest expense at Ameren Missouri and Ameren Parent.

"Execution on all elements of our strategy, including significant investments in infrastructure in each of our business segments, continues to drive value for our customers," said Martin J. Lyons, Jr., president and chief executive officer of Ameren Corporation. "We remain on track to deliver within our 2023 earnings per share guidance range of $4.25 to $4.45."

"We are focused on our long-term sustainability value proposition for the benefit of all stakeholders. This includes delivering safe, reliable, resilient and affordable electric and natural gas services to our customers while driving a growth strategy tied to a responsible clean energy transition," added Lyons.

Earnings Guidance

Today, Ameren affirmed its 2023 earnings guidance range of $4.25 to $4.45 per diluted share. Earnings guidance for 2023 assumes normal temperatures for the last nine months of the year and is 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 and capital market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the...

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