Ameren Announces Strong Financial Results

Ameren Corporation (NYSE: AEE) has released its 2023 results and provided guidance for 2024 earnings and long-term growth. Here are the key highlights from the announcement:

  • In 2023, diluted earnings per share (EPS) were $4.38, compared to $4.14 in 2022, reflecting solid operating performance and execution of the company's strategy.
  • Ameren has established a 2024 diluted EPS guidance range of $4.52 to $4.72.
  • The company has also provided a 2024 through 2028 diluted EPS compound annual growth rate guidance of 6% to 8%, using the 2024 guidance midpoint as a base.

Financial Performance: In 2023, net income attributable to common shareholders was $1,152 million, or $4.38 per diluted share, compared to $1,074 million, or $4.14 per diluted share in 2022. Higher earnings in 2023 were attributed to increased infrastructure investments across all business segments. Ameren Missouri earnings were positively impacted by new electric service rates effective July 9, 2023. * Earnings were also favorably impacted by lower Ameren Missouri and Ameren Illinois natural gas operations and maintenance expenses.

CEO's Comments: Martin J. Lyons Jr., Chairman, President, and CEO of Ameren Corporation, stated, "We made significant strides in executing our strategy during 2023 for the benefit of our customers, communities, and shareholders. This included completing substantial energy infrastructure investments, updating Ameren Missouri's integrated resource plan, and receiving approval to build additional renewable generation and transmission resources."

Guidance for 2024 and Beyond: Ameren expects 2024 diluted earnings per share to be in a range of $4.52 to $4.72, with a projected compound annual growth rate of 6% to 8% from 2024 through 2028. The company's multi-year earnings growth is expected to be driven by projected rate base growth of approximately 8.2% compounded annually from 2023 through 2028.

The market has reacted to these announcements by moving the company's shares 1.1% to a price of $71.6. For more information, read the company's full 8-K submission here.

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