On February 13, 2025, Ameren Corp (AEE, Financial) released its 8-K filing, showcasing a robust financial performance for the year 2024. Ameren, a company that owns rate-regulated generation, transmission, and distribution networks delivering electricity and natural gas in Missouri and Illinois, serves over 2.4 million electricity customers and more than 900,000 natural gas customers.
Ameren Corp reported a GAAP diluted earnings per share (EPS) of $4.42 for 2024, slightly above the previous year's $4.38. The adjusted (Non-GAAP) EPS was $4.63, aligning with the annual analyst estimate of $4.63. This performance was driven by increased infrastructure investments and disciplined cost management, despite challenges such as higher interest expenses and a lower return on equity (ROE) at Ameren Illinois Electric Distribution.
The company's financial achievements are significant in the regulated utilities industry, where infrastructure investments and regulatory approvals are crucial for growth. Ameren's strategic execution led to new electric service rates at Ameren Missouri and higher electric retail sales, contributing to its financial success. These achievements underscore the company's ability to navigate regulatory environments and invest in infrastructure to meet customer needs.
Ameren Corp's net income attributable to common shareholders was $1,182 million, or $4.42 per diluted share, compared to $1,152 million, or $4.38 per diluted share, in 2023. The adjusted net income was $1,237 million, or $4.63 per diluted share. These metrics highlight the company's strong operational performance and strategic investments.
We made significant strides in executing our strategy during 2024 for the benefit of our customers, communities, shareholders, and the environment," said Martin J. Lyons Jr., chairman, president, and chief executive officer of Ameren Corporation.
Ameren Missouri reported GAAP and adjusted earnings of $559 million and $604 million, respectively, reflecting increased infrastructure investments and new service rates. Ameren Transmission's earnings rose to $323 million (GAAP) and $333 million (adjusted), driven by infrastructure investments. However, Ameren Illinois Electric Distribution saw a decline in earnings to $234 million due to a lower ROE under its new rate plan.
Ameren Corp affirmed its 2025 earnings guidance range of $4.85 to $5.05 per diluted share and expects a compound annual growth rate of 6% to 8% from 2025 through 2029. This growth is anticipated to be driven by a projected rate base growth of approximately 9.2% annually from 2024 through 2029.
| Metric | 2024 | 2023 |
|---|---|---|
| GAAP Earnings / Diluted EPS | $1,182 million / $4.42 | $1,152 million / $4.38 |
| Adjusted Earnings / Diluted EPS | $1,237 million / $4.63 | $1,152 million / $4.38 |
Ameren Corp's 2024 performance demonstrates its ability to effectively manage costs and invest in infrastructure, positioning the company for continued growth in the regulated utilities sector. The company's strategic focus on modernizing the energy grid and integrating cleaner energy resources is expected to deliver value to customers and shareholders alike.
Explore the complete 8-K earnings release (here) from Ameren Corp for further details.
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