Abdn.Emrg.Econ. (LSE:AEE)
Historical Stock Chart

From May 2019 to May 2024

Utility holding company Ameren Corp. (AEE) Friday reported fourth-quarter 2008 earnings of $57 million, or 27 cents a share, compared with $108 million, or 52 cents a share, for the fourth quarter of 2007.

For the year, Ameren took in net income of $605 million, or $2.88 a share, compared with 2007 income of $618 million, or $2.98 a share.

Analysts surveyed by FactSet were expecting fourth-quarter earnings of 36 cents a share and 2008 earnings of $3.09 a share.

Excluding items, Ameren's fourth-quarter earnings were $97 million, or 45 cents a share, compared with core income in the year-earlier quarter of $125 million, or 60 cents a share, the company said.

The earnings decline was due to higher fuel and transportation prices, higher plant operation and maintenance costs, increased spending on the utility's distribution system and milder weather, which reduced energy sales, the company said.

Ameren offered earnings guidance for 2009 of $2.75 to $3.15 a share. Excluded from that estimate are costs associated with winter storms in January that caused lower power use by a large customer, as well as a costs worth about 7 cents a share associated with an agreement with Illinois officials to provide rate relief and assistance to customers, said the company, which operates electric and natural gas utilities in Illinois and Missouri.

Ameren's board declared a 38.5-cent-a-share quarterly dividend, payable March 31 to shareholders as of March 11. The payment is part of an annualized dividend of $1.54 a share, a 39% reduction from the previous annual dividend level of $2.54 a share, Ameren said.

Shares of Ameren were trading after-hours Friday 25 cents lower at $31.75.

-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; cassandra.sweet@dowjones.com