Ameren (AEE) Q3 2024 earnings summary

Executive summary

• Q3 2024 adjusted EPS was $1.87, flat year-over-year, while GAAP EPS declined to $1.70 due to legal and regulatory charges.

• Nine-month adjusted EPS rose to $3.86 from $3.78, driven by infrastructure investments and cost control, despite higher interest and O&M expenses.

• 2024 adjusted EPS guidance is $4.55–$4.69; 2025 guidance is $4.85–$5.05, reflecting 7.1% growth at the midpoint.

• Strong long-term outlook with 6–8% EPS CAGR and 8.2% rate base CAGR through 2028, supported by a $55B+ investment pipeline.

• Dividend increased 6.3% in Feb. 2024, marking the 11th consecutive annual increase; payout ratio targeted at 55–65%.

Financial highlights

• Q3 2024 operating revenues were $2.17 billion, up from $2.06 billion in Q3 2023; operating income was $586 million, down from $614 million.

• Q3 2024 net income attributable to shareholders was $456 million, down from $493 million; nine-month net income was $975 million, down from $994 million.

• Dividend yield stands at 3.1% annualized.

• Year-to-date weather-normalized retail sales in Missouri up 1.5% overall, with industrial sales up 3%.

• Weighted-average diluted shares outstanding increased to 267.3 million in Q3 2024.

Outlook and guidance

• 2024 adjusted EPS guidance reaffirmed at $4.55–$4.69; GAAP EPS guidance lowered to $4.34–$4.48.

• 2025 EPS guidance set at $4.85–$5.05, with midpoint representing 7.1% growth over 2024 midpoint.

• Long-term EPS CAGR target of 6–8% from 2024–2028, driven by 8.2% compound annual rate base growth.

• February 2025 update will include revised IRP and long-term capital plans reflecting potential new load growth.