Ameren Q3 GAAP and core net income $364 millionChristian Fernsby ▼ | November 10, 2019
Ameren Corporation announced third quarter 2019 GAAP and core net income attributable to common shareholders of $364 million, or $1.47 per diluted share, compared to third quarter 2018 GAAP net income attributable to common shareholders of $357 million, or $1.45 per diluted share.
Ameren Third quarter 2018 core non-GAAP net income was $370 million
The decrease in year-over-year third quarter core earnings was primarily due to lower earnings at Ameren Illinois Electric Distribution partially offset by higher earnings at Ameren Transmission.
Ameren Illinois Electric Distribution results were lower due to a lower allowed return on equity under formula ratemaking.
Increased infrastructure investments drove higher earnings at Ameren Transmission.
Ameren Missouri and Ameren Illinois Natural Gas earnings were comparable.
Ameren recorded GAAP and core net income attributable to common shareholders for the nine months ended Sept.
30, 2019, of $734 million, or $2.97 per diluted share, compared to GAAP net income attributable to common shareholders for the nine months ended Sept.
30, 2018, of $747 million, or $3.04 per diluted share.
Excluding the prior year tax-related item reflected in the table below, Ameren recorded core net income for the first nine months ended Sept.
30, 2018, of $760 million, or $3.09 per diluted share.
The decrease in year-over-year nine-month earnings was due to lower earnings at Ameren Missouri partially offset by higher earnings at Ameren's other business segments.
Ameren Missouri's earnings reflected lower electric retail sales, which decreased earnings by an estimated $56 million, primarily due to near-normal temperatures in 2019 compared to colder winter and warmer summer temperatures in the year-ago period.
In addition, the Callaway Energy Center refueling and maintenance outage increased Ameren Missouri's operations and maintenance expenses, which reduced earnings by $22 million compared to 2018 when there was no such outage.
These factors were partially offset by higher energy efficiency performance incentives at Ameren Missouri, which increased earnings by $24 million.
Higher earnings at Ameren Transmission reflected increased infrastructure investments.
Ameren Illinois Electric Distribution earnings were higher reflecting increased infrastructure and energy efficiency investments that were mostly offset by a lower allowed return on equity.
Ameren Illinois Natural Gas earnings also rose reflecting higher delivery service rates and increased infrastructure investments.
Finally, the earnings comparison also benefited from a lower consolidated effective income tax rate in 2019. ■