Public utility holding company Ameren Corp. (AEE) reported higher profit for the third quarter, as lower operating expenses offset the weak demand. The company also revised its earnings outlook for the full year.
The St. Louis, Missouri-based company's GAAP net income attributable to Ameren was $227 million or $1.04 per share, compared to $204 million or $0.97 per share in the year-ago quarter. Net income was $229 million, versus $215 million a year ago.
Core net income grew to $255 million from $246 million, while core earnings per share edged down to $1.16 from $1.17 last year.
On average, 3 analysts polled by Thomson Reuters expected the company to report $0.99 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenue declined to $1.81 billion from $2.06 billion in the prior year quarter. Electric revenues for the quarter plunged to $1.68 billion from $1.93 billion, while revenues for gas totaled $136 million, up from $132 million in the equivalent quarter of 2008.
Missouri regulated's electric revenues totaled $738 million, lower than $739 million in the prior-year quarter. The segment reported core earnings grew to $145 million from $141 million in the year-ago quarter.
Electric revenues for Illinois regulated declined to $528 million from $620 million in the corressponding quarter of last year. Core earnings for the segment rose to $60 million from $17 million in the prior-year quarter.
During the quarter, Merchant Generatio's electric revenues totaled $434 million, a sharp decline from $590 million in the comparable quarter a year ago. Owing to weaker power prices and higher fuel and related transportation and financing costs, segment core earnings fell to $62 million from $98 million in the year-ago quarter.
The company noted that much cooler summer weather and the economic slowdown led to a 10% decline in kilowatthour sales to residential customers and a 3% sales decline to commercial customers.
Further, industrial electric sales declined 13% from the year-ago quarter, due to the weak economy, excluding the impact of reduced demand from AmerenUE's largest customer, the Noranda Aluminum, Inc., smelter plant in New Madrid.
Total operating expenses declined to $1.33 billion from $1.63 billion in the year-ago quarter. Operating income for the quarter rose to $485 million from $428 million in the third quarter of 2008.
For the nine-month period, the company posted GAAP net income attributable to Ameren of $533 million or $2.48 per share, lower than $548 million or $2.61 per share in the same period of 2008. Core net income for the period was $530 million or $2.46 per share, compared with $525 million or $2.50 per share a year ago.
Year-to-date, total operating revenues fell to $5.41 billion from $5.93 billion in the comparable period.
Looking ahead to fiscal 2009, Ameren lowered its GAAP earnings guidance to a range of $2.57 - $2.77 per share from prior range of $2.63 - $2.98 per share. Core earnings for the year are now projected between $2.70 and $2.90 per share, versus earlier expected range of $2.70 - $3.05 per share. Six wall Street analysts estimate earnings of $2.71 per share for 2009.
In Friday's regular trading session, AEE is currently trading at $25.16, down $0.17 or 0.67%. In the past 52-week period, the stock has been trading in a range of $19.51 to $35.58.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.