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Utility firm Ameren misses quarterly profit estimates on higher costs
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Utility firm Ameren misses quarterly profit estimates on higher costs
Nov 6, 2024 9:33 PM

Nov 6 (Reuters) - Utility firm Ameren Corp ( AEE )

posted a fall in third-quarter profit on Wednesday, hurt by

higher operating costs and lower sales due to a dip in heating

demand.

Utilities grappled with higher costs, propelled by interest

rates which were at elevated levels for much of the reported

quarter.

The company's interest expenses rose 13.8% to $173 million,

while operating expenses rose 8.9% to $1.59 billion.

The company also noted lower Ameren Missouri electric retail

sales driven by milder summer temperatures, compared to the

year-ago period, which weighed on earnings.

A 2.8% fall in electric retail sales in all its segments

offset a 5.5% gain in revenues, which came up to $2.17 billion,

nearly matching analysts' estimates as per LSEG data.

Ameren ( AEE ), which serves 2.4 million electric customers and more

than 900,000 natural gas customers, said it expects 2025

earnings per share between $4.85 and $5.05 per share, the

mid-point of which is slightly above estimates of $4.92 per

share.

The company said its adjusted profit came in $1.87 per

share, for the quarter ended Sept. 30, falling short of

estimates of $1.91 per share.

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