Friday, public utility holding company Ameren Corp. (AEE) reported a rise in second-quarter profit, primarily boosted by a gain from hedging, compared to same period last year. The company also raised its GAAP outlook for the full year and reaffirmed non-GAAP earnings.
The St. Louis, Missouri-based Ameren's second-quarter net income increased to $206 million or $0.98 per share from $143 million or $0.69 per share in the same period a year ago. Net income for the quarter included a net unrealized gain of $48 million from non-qualifying hedges.
On a non-GAAP basis, net income was $142 million or $0.67 per share, compared to $138 million or $0.67 per share in the year-ago period.
On average, four analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.73 per share.
Quarterly total operating revenues increased to $1.79 billion from $1.73 billion in the prior-year period.
For the first six months of fiscal 2008, net income increased to $344 million or $1.64 per share, from $266 million or $1.29 per share in the comparable six-month period last year.
On a non-GAAP basis, first-half net income was $276 million or $1.31 per share, compared to $283 million, or $1.38 per share in the year-ago period.
Half-yearly total operating revenues increased to $3.87 billion from $3.75 billion previous year.
Looking forward, the company raised its full year GAAP earnings guidance to be in the range of $2.80 to $3.20 per share, up from the previous estimate of $2.68 to $3.08 per share. Ameren also reaffirmed its guidance for core non-GAAP earnings to be in the range of $2.80 to $3.20 per share.
Analysts, on average, expect earnings of $3.09 per share for the full year.
AEE is currently trading at $39.49, down $1.60, or 3.89% on NYSE.
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