Demo
AEE NYSE· Ameren Corp
FundamentalsNews digest Peer analysis
Login
AEE NYSE· Ameren Corp
Earnings report Q3 2023

Ameren Corporation Reports Decrease in Electric Revenues for Q3 2023

Segments of revenue

In the third quarter of 2023, Ameren Corporation reported operating revenues of $2.06 billion, compared to $2.31 billion in the same period last year. The breakdown of revenue by segment includes $1.92 billion from the electric segment and $139 million from the natural gas segment.

Strengths

Ameren Corporation's electric revenues decreased by an estimated $7 million in Q3 2023, primarily due to a decrease in retail sales volumes caused by customer outages resulting from major storms experienced throughout the service territory in July and August 2023. However, this decrease was partially offset by an increase in the average retail price per kilowatthour related to changes in customer usage patterns and an increase in customer demand charge revenues. The company's management also highlighted the positive impact of base rates, recognized ROE, and increased capital investment on Ameren Illinois Electric Distribution's margins.

Challenges

Ameren Corporation faced challenges in its electric segment, with a decrease in retail sales volumes impacting revenues. Additionally, the MEEIA 2019 performance incentives decreased revenues by $12 million for the quarter, as the recognition of performance incentives for program year 2021 occurred in 2022.

Noteworthy

Ameren Corporation experienced a decrease in electric revenues, primarily driven by customer outages resulting from major storms. However, the company managed to partially offset this decrease through an increase in the average retail price per kilowatthour and customer demand charge revenues. The recovery of and return on increased energy-efficiency program investments under performance-based formula ratemaking also contributed to increased revenues.

Summary

Ameren Corporation reported a decrease in electric revenues for the third quarter of 2023, primarily due to a decrease in retail sales volumes caused by customer outages resulting from major storms. However, the company managed to partially offset this decrease through an increase in the average retail price per kilowatthour and customer demand charge revenues. The recovery of and return on increased energy-efficiency program investments also contributed to increased revenues. Despite these challenges, Ameren Corporation remains focused on its capital investment and base rate strategies to drive future growth.

Source documents

Form 10-Q  filed on Nov 09, 2023
78 pages scanned

Reference data

Company financials Q3 revenue 1.62B
Analyst estimates Q3 EPS missed by -1.10%
Sign up to Fey

Get in-depth analysis on thousands of stocks for just $30/month. Cancel anytime.