Ameren net income jumps in second quarter
ST. LOUIS — Ameren Corp. enjoyed a 51 percent jump in second-quarter net income, even though operating revenues from its electric and gas businesses were down from a year ago.
The St. Louis-based utility reported $210 million in net income for the quarter that ended June 30, up from $139 million for the same quarter in 2011.
Even though revenues were lower than a year ago, expenses were down in almost all major categories, allowing profits to expand.
For Ameren shareholders, the results yielded earnings of 87 cents per share, up from 57 cents per share for the year-earlier quarter.
Ameren CEO Thomas R. Voss said second-quarter earnings benefited from warmer-than-normal temperatures and "disciplined management" of costs.
"Given our second-quarter results, we are raising our guidance for 2012 core earnings to a range of $2.25 to $2.55 per share from our prior range of $2.20 to $2.50 per share," he said.
Although Ameren Missouri earnings were up sharply — $143 million versus $90 million a year earlier — Ameren Illinois earnings dropped to $32 million, down from $37 million a year ago.
Ameren Illinois earnings were hurt by "increased reliability spending" and higher taxes, but were helped by new natural gas delivery rates that took effect in January, lower financing rates and higher electricity sales due to warmer temperatures.