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Ameren (NYSE: AEE) Announces Third Quarter 2018 Results

10/31/2018
- Third Quarter GAAP Diluted Earnings Per Share were $1.45 in 2018 vs. $1.18 in 2017
- Third Quarter Core (Non-GAAP) Diluted Earnings Per Share were $1.50 in 2018 vs. $1.24 in 2017, Reflecting Exclusion of Third Quarter Non-Cash, Tax-Related Charges
- 2018 GAAP Diluted EPS Earnings Guidance Range Raised to $3.30 to $3.40 from $3.15 to $3.35
- 2018 Core (Non-GAAP) Diluted EPS Earnings Guidance Range Established at $3.35 to $3.45

ST. LOUIS, Oct. 31, 2018 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced third quarter 2018 net income attributable to common shareholders in accordance with Generally Accepted Accounting Principles (GAAP) of $357 million, or $1.45 per diluted share, compared to third quarter 2017 GAAP net income attributable to common shareholders of $288 million, or $1.18 per diluted share. Excluding certain tax-related items discussed and outlined in the table below, Ameren recorded third quarter 2018 core net income of $370 million, or $1.50 per diluted share, compared to third quarter 2017 core net income of $302 million, or $1.24 per diluted share.

Ameren Logo (PRNewsfoto/Ameren Corporation)

The increase in year-over-year third quarter earnings reflected higher Ameren Missouri electric retail sales primarily due to warmer summer temperatures compared to near-normal temperatures in the year-ago period, as well as earnings on increased infrastructure investments made at Ameren Transmission and Ameren Illinois Electric Distribution. The comparison also benefited from a timing difference between income tax expense and revenue reductions at Ameren Missouri related to the federal Tax Cuts and Jobs Act of 2017 (TCJA). This timing difference is not expected to impact full-year results. These favorable factors were partially offset by increased Ameren Missouri other operations and maintenance expenses.

"Our team continues to successfully execute all elements of our strategy," said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. "As a result of this solid execution and higher Ameren Missouri electric retail sales, we expect to deliver 2018 core earnings within a range of $3.35 to $3.45 per share, up from our prior GAAP and core range of $3.15 to $3.35 per share."

"On September 1, Ameren Missouri elected to utilize the electric grid modernization legislation passed earlier this year, enabling much needed investments for the benefit of our customers and the state," Baxter said. "We are excited to ramp up grid modernization projects in Missouri as similar investments are already delivering significant customer benefits and have created meaningful jobs in our Ameren Illinois business. Finally, we are pleased with the progress made on the proposed ownership of at least 700 megawatts of wind generation by Ameren Missouri to better serve our customers and comply with the Missouri Renewable Energy Standard."

Ameren recorded GAAP net income attributable to common shareholders for the nine months ended Sept. 30, 2018, of $747 million, or $3.04 per diluted share, compared to GAAP net income attributable to common shareholders for the nine months ended Sept. 30, 2017, of $583 million, or $2.39 per diluted share. Excluding certain tax-related items discussed and outlined in the table below, Ameren recorded core net income for the nine months ended Sept. 30, 2018, of $760 million, or $3.09 per diluted share, compared to core net income of $597 million, or $2.45 per diluted share, for the nine months ended Sept. 30, 2017.

The increase in the year-over-year nine month earnings reflected higher Ameren Missouri electric retail sales, primarily due to colder winter and warmer summer temperatures, higher Ameren Missouri electric service rates, effective April 1, 2017, as well as earnings on increased infrastructure investments made at Ameren Transmission, Ameren Illinois Electric Distribution and Ameren Illinois Natural Gas. The comparison also benefited from a timing difference between income tax expense and revenue reductions at Ameren Missouri related to the TCJA. This timing difference is not expected to impact full-year results. These favorable factors were partially offset by increased Ameren Missouri other operations and higher maintenance expenses.

As reflected in the table below, the following items were excluded from core earnings:

  • A non-cash charge for a true-up to the revaluation of deferred taxes associated with the TCJA resulting primarily from recently issued regulations related to bonus depreciation, which decreased earnings for the third quarter and first nine months of 2018 by $13 million.
  • A non-cash charge, at the parent company, for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate, which decreased earnings for the third quarter and first nine months of 2017 by $14 million.

A reconciliation of three-month and nine-month GAAP to core earnings is as follows:


(In millions, except per share amounts)


Three Months Ended 
Sept. 30,

Nine Months Ended 
Sept. 30,


2018

2017

2018

2017

GAAP Earnings / Diluted EPS

$

357


$

1.45


$

288


$

1.18


$

747


$

3.04


$

583


$

2.39


Charge for revaluation of deferred taxes from increased Illinois state income tax rate



22


0.09




22


0.09


Less: Federal income tax benefit



(8)


(0.03)




(8)


(0.03)


Charge, net of tax benefit

$


$


$

14


$

0.06


$


$


$

14


$

0.06











Charge for revaluation of deferred taxes from decreased federal income tax rate

13


0.05




13


0.05




Less: State income tax benefit









Charge, net of tax benefit

13


0.05




13


0.05




Core Earnings / Diluted EPS

$

370


$

1.50


$

302


$

1.24


$

760


$

3.09


$

597


$

2.45


Earnings Guidance

Ameren raised its 2018 GAAP earnings guidance range to $3.30 to $3.40 per diluted share, compared to the prior range of $3.15 to $3.35 per diluted share, and established its 2018 core earnings guidance range at $3.35 to $3.45 per diluted share. Core earnings guidance excludes the third quarter charge for the true-up to the revaluation of deferred taxes associated with the TCJA.

GAAP and core earnings guidance for 2018 assume normal temperatures for the last three months of this year and are subject to the effects of, among other things: 30-year U.S. Treasury bond yields; regulatory, judicial and legislative actions; energy center and energy distribution operations; energy, economic, capital and credit market conditions; severe storms; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri third quarter 2018 GAAP and core earnings were $294 million and $298 million, respectively, compared to third quarter 2017 earnings of $234 million. Core earnings in 2018 excluded a $4 million non-cash charge for the true-up to the revaluation of deferred taxes. The increase in year-over-year earnings reflected an approximately $40 million timing difference between income tax expense and revenue reductions related to the TCJA. This timing difference is not expected to impact full-year results. The comparison also benefited from higher electric retail sales primarily due to warmer summer temperatures compared to near-normal temperatures in the year-ago period. These favorable factors were partially offset by increased other operations and maintenance expenses.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution third quarter 2018 GAAP and core earnings were $35 million and $38 million, respectively, compared to third quarter 2017 earnings of $31 million. Core earnings in 2018 excluded a $3 million non-cash charge for the true-up to the revaluation of deferred taxes. The year-over-year improvement reflected increased earnings on infrastructure investments, as well as a higher allowed return on equity due to a higher average 30-year U.S. Treasury bond yield in 2018 compared to 2017.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas reported no third quarter 2018 GAAP earnings and third quarter 2018 core earnings of $1 million, compared to third quarter 2017 earnings of $2 million. Core earnings in 2018 excluded a $1 million non-cash charge for the true-up to the revaluation of deferred taxes.

Ameren Transmission Segment Results

Ameren Transmission third quarter 2018 earnings were $48 million, compared to third quarter 2017 earnings of $38 million. The year-over-year improvement reflected increased earnings on infrastructure investments.

Other Results

Other results, which includes items not reported in a business segment, were a GAAP and core loss of $20 million and $15 million, respectively, for the third quarter 2018, compared to a GAAP and core loss of $17 million and $3 million, respectively, for the third quarter 2017. Core results for 2018 and 2017 excluded non-cash charges that decreased earnings by $5 million and $14 million, respectively, reflecting the revaluation of deferred taxes. The decrease in year-over-year core results primarily reflected lower net state and federal income tax benefits.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Wednesday, Oct. 31, to discuss 2018 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Q3 2018 Earnings Conference Call," where an accompanying slide presentation will also be available. The conference call and presentation will be archived for one year in the "Investor News & Events" section of the website under "Events and Presentations."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects. For more information, visit Ameren.com, or follow us on Twitter at  @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.

Forward-looking Statements

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed under Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2017, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

  • regulatory, judicial, or legislative actions, including the effects of the TCJA, and any changes in regulatory policies and ratemaking determinations, such as those that may result from the complaint case filed in February 2015 with the Federal Energy Regulatory Commission seeking a reduction in the allowed base return on common equity under the Midcontinent Independent System Operator tariff, Ameren Missouri's proposed renewable energy standard-rate adjustment mechanism (RESRAM) filed with the Missouri Public Service Commission (MoPSC) in May 2018, Ameren Missouri's requested certificate of convenience and necessity for a wind generation facility filed with the MoPSC in October 2018, Ameren Missouri's proposed customer energy-efficiency plan under the Missouri Energy Efficiency Investment Act (MEEIA) filed with the MoPSC in June 2018 and revised in October 2018, Ameren Illinois' natural gas regulatory rate review filed with the Illinois Commerce Commission in January 2018, Ameren Illinois' April 2018 annual electric distribution formula rate update filing, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms;
  • the effect of Ameren Illinois' participation in performance-based formula ratemaking frameworks under the Illinois Energy Infrastructure Modernization Act and the Illinois Future Energy Jobs Act (FEJA), including the direct relationship between Ameren Illinois' return on common equity and 30-year United States Treasury bond yields, and the related financial commitments;
  • the effect of the implementation of Missouri Senate Bill 564 on Ameren Missouri, including Ameren Missouri's election to use plant-in-service accounting and the resulting customer rates caps;
  • the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
  • the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, amendments or technical corrections to the TCJA, and any challenges to the tax positions we have taken;
  • the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
  • the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its MEEIA programs, including Ameren Missouri's proposed customer energy-efficiency plan filed with the MoPSC in June 2018 and revised in October 2018;
  • Ameren Illinois' ability to achieve the FEJA electric customer energy-efficiency goals and the resulting impact on its allowed return on program investments;
  • our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed returns on equity;
  • the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers' tolerance for any related price increases;
  • disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from one Nuclear Regulatory Commission-licensed supplier of Callaway Energy Center's assemblies;
  • the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales;
  • the effectiveness of our risk management strategies and our use of financial and derivative instruments;
  • the ability to obtain sufficient insurance, including insurance for Ameren Missouri's Callaway Energy Center, or, in the absence of insurance, the ability to recover uninsured losses from our customers;
  • business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products;
  • disruptions of the capital markets, deterioration in our credit metrics, including as a result of the implementation of the TCJA, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
  • the actions of credit rating agencies and the effects of such actions;
  • the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
  • the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
  • the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
  • the effects of breakdowns or failures of equipment in the operation of natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with natural gas safety regulations;
  • operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, and decommissioning costs;
  • the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to carbon dioxide and the proposed repeal and replacement of the Clean Power Plan and potential adoption and implementation of the Affordable Clean Energy Rule, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect;
  • the impact of complying with renewable energy portfolio requirements in Missouri and Illinois and with the zero emission standard in Illinois;
  • Ameren Missouri's ability to acquire wind and other renewable generation facilities and recover its cost of investment and related return in a timely manner, which is affected by the ability to obtain all necessary project approvals; the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri's ability to use such credits; the cost of wind generation technologies; Ameren Missouri's ability to obtain timely interconnection agreements with MISO or other Regional Transmission Organizations, including the costs of such interconnections; and the implementation of a proposed RESRAM;
  • labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
  • the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, or negative media coverage;
  • the impact of adopting new accounting guidance;
  • the effects of strategic initiatives, including mergers, acquisitions and divestitures;
  • legal and administrative proceedings;
  • the impact of cyberattacks, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; and
  • acts of sabotage, war, terrorism, or other intentionally disruptive acts.

New factors emerge from time to time, and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)



Three Months Ended
September 30,


Nine Months Ended
September 30,


2018


2017


2018


2017

Operating Revenues:








Electric

$

1,590



$

1,594



$

4,209



$

4,183


Natural gas

134



129



663



592


Total operating revenues

1,724



1,723



4,872



4,775


Operating Expenses:








Fuel

216



199



590



594


Purchased power

148



163



453



493


Natural gas purchased for resale

30



25



252



196


Other operations and maintenance

429



413



1,299



1,262


Depreciation and amortization

241



225



713



668


Taxes other than income taxes

127



129



374



364


Total operating expenses

1,191



1,154



3,681



3,577


Operating Income

533



569



1,191



1,198


Other Income, Net

32



23



84



61


Interest Charges

101



97



302



295


Income Before Income Taxes

464



495



973



964


Income Taxes

105



205



221



376


Net Income

359



290



752



588


Less: Net Income Attributable to Noncontrolling Interests

2



2



5



5


Net Income Attributable to Ameren Common Shareholders

$

357



$

288



$

747



$

583










Earnings per Common Share – Basic

$

1.46



$

1.19



$

3.06



$

2.40










Earnings per Common Share – Diluted

$

1.45



$

1.18



$

3.04



$

2.39










Weighted-average Common Shares Outstanding – Basic

244.1



242.6



243.6



242.6


Weighted-average Common Shares Outstanding – Diluted

246.3



244.7



245.5



244.0


 

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)



September 30,
2018


December 31,
2017

ASSETS




Current Assets:




Cash and cash equivalents

$

11



$

10


Accounts receivable - trade (less allowance for doubtful accounts)

605



445


Unbilled revenue

260



323


Miscellaneous accounts receivable

84



70


Inventories

525



522


Current regulatory assets

72



144


Other current assets

83



98


Total current assets

1,640



1,612


Property, Plant, and Equipment, Net

22,379



21,466


Investments and Other Assets:




Nuclear decommissioning trust fund

752



704


Goodwill

411



411


Regulatory assets

1,130



1,230


Other assets

647



522


Total investments and other assets

2,940



2,867


TOTAL ASSETS

$

26,959



$

25,945


LIABILITIES AND EQUITY




Current Liabilities:




Current maturities of long-term debt

$

649



$

841


Short-term debt

521



484


Accounts and wages payable

591



902


Taxes accrued

154



52


Interest accrued

108



99


Customer deposits

126



108


Current regulatory liabilities

114



128


Other current liabilities

317



326


Total current liabilities

2,580



2,940


Long-term Debt, Net

7,614



7,094


Deferred Credits and Other Liabilities:




Accumulated deferred income taxes, net

2,692



2,506


Accumulated deferred investment tax credits

45



49


Regulatory liabilities

4,652



4,387


Asset retirement obligations

640



638


Pension and other postretirement benefits

529



545


Other deferred credits and liabilities

409



460


Total deferred credits and other liabilities

8,967



8,585


Ameren Corporation Shareholders' Equity:




Common stock

2



2


Other paid-in capital, principally premium on common stock

5,598



5,540


Retained earnings

2,073



1,660


Accumulated other comprehensive loss

(17)



(18)


Total Ameren Corporation shareholders' equity

7,656



7,184


Noncontrolling Interests

142



142


Total equity

7,798



7,326


TOTAL LIABILITIES AND EQUITY

$

26,959



$

25,945


 

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)



Nine Months Ended September 30,


2018


2017

Cash Flows From Operating Activities:




Net income

$

752



$

588


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

699



653


Amortization of nuclear fuel

71



71


Amortization of debt issuance costs and premium/discounts

16



16


Deferred income taxes and investment tax credits, net

212



366


Allowance for equity funds used during construction

(25)



(16)


Stock-based compensation costs

15



12


Other

21



(7)


Changes in assets and liabilities

(75)



(36)


Net cash provided by operating activities

1,686



1,647


Cash Flows From Investing Activities:




Capital expenditures

(1,689)



(1,523)


Nuclear fuel expenditures

(30)



(52)


Purchases of securities – nuclear decommissioning trust fund

(172)



(187)


Sales and maturities of securities – nuclear decommissioning trust fund

159



175


Other

13



3


Net cash used in investing activities

(1,719)



(1,584)


Cash Flows From Financing Activities:




Dividends on common stock

(334)



(320)


Dividends paid to noncontrolling interest holders

(5)



(5)


Short-term debt, net

36



(112)


Maturities of long-term debt

(522)



(425)


Issuances of long-term debt

853



849


Issuances of common stock

56




Repurchases of common stock for stock-based compensation



(24)


Employee payroll taxes related to stock-based compensation

(19)



(15)


Debt issuance costs

(9)



(5)


Other

1



(1)


Net cash provided by (used in) financing activities

57



(58)


Net change in cash, cash equivalents, and restricted cash

24



5


Cash, cash equivalents, and restricted cash at beginning of year

68



52


Cash, cash equivalents, and restricted cash at end of period

$

92



$

57


 

AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2017


2018


2017

Electric Sales - kilowatthours (in millions):








Ameren Missouri








Residential

3,875



3,667



11,001



9,589


Commercial

4,100



4,065



11,352



10,953


Industrial

1,211



1,197



3,401



3,368


Street lighting and public authority

24



28



78



85


Ameren Missouri retail load subtotal

9,210



8,957



25,832



23,995


Off-system

2,413



2,463



7,278



9,122


Ameren Missouri total

11,623



11,420



33,110



33,117


Ameren Illinois Electric Distribution








Residential

3,453



3,172



9,383



8,305


Commercial

3,454



3,420



9,568



9,271


Industrial

3,035



3,003



8,770



8,569


Street lighting and public authority

129



131



388



388


Ameren Illinois Electric Distribution total

10,071



9,726



28,109



26,533


Eliminate affiliate sales

(126)



(117)



(288)



(382)


Ameren Total

21,568



21,029



60,931



59,268


Electric Revenues (in millions):








Ameren Missouri








Residential

$

508



$

491



$

1,272



$

1,135


Commercial

417



409



1,033



971


Industrial

101



100



249



242


Other, including street lighting and public authority

13



34



25



80


Ameren Missouri retail load subtotal

$

1,039



$

1,034



$

2,579



$

2,428


Off-system

72



65



203



330


Ameren Missouri total

$

1,111



$

1,099



$

2,782



$

2,758


Ameren Illinois Electric Distribution








Residential

$

223



$

224



$

663



$

651


Commercial

131



133



381



395


Industrial

28



27



96



83


Other, including street lighting and public authority

10



20



39



49


Ameren Illinois Electric Distribution total

$

392



$

404



$

1,179



$

1,178


Ameren Transmission








Ameren Illinois Transmission(a)

$

71



$

72



$

195



$

197


       ATXI

42



47



125



129


Ameren Transmission total

$

113



$

119



$

320



$

326


Other and intersegment eliminations(a)

(26)



(28)



(72)



(79)


Ameren Total

$

1,590



$

1,594



$

4,209



$

4,183




(a)   

Includes $15 million, $14 million, $41 million and $32 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

 

AMEREN CORPORATION (AEE)

OPERATING STATISTICS



Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2017


2018


2017

Gas Sales - dekatherms (in millions):








Ameren Missouri

3



3



15



12


Ameren Illinois Natural Gas

25



26



127



113


Ameren Total

28



29



142



125


Gas Revenues (in millions):







Ameren Missouri

$

18



$

17



$

94



$

83


Ameren Illinois Natural Gas

116



112



569



510


Eliminate affiliate revenues







(1)


Ameren Total

$

134



$

129



$

663



$

592





September 30,




December 31,




2018




2017

Common Stock:








Shares outstanding (in millions)



244.2





242.6


Book value per share



$

31.35





$

29.61


 

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SOURCE Ameren Corporation