Ameren fourth-quarter profit up despite slumping sales
Written on February 20, 2010
Ameren Corp. fourth-quarter profit rose 39 percent from a year ago when the company recorded a loss on the value of diesel contracts.
Net income increased to $79 million, or 34 cents a share, from $57 million, 27 cents, in the same period a year earlier, the St. Louis-based utility owner said.
Ameren’s sales fell 12 percent to $1.68 billion, mostly on a decline in wholesale power prices related to the weak economy.
Excluding the loss on diesel contracts and other one-time items, profit fell 12 percent to $85 million, or 37 cents a share, from $97 million, or 45 cents a share.
Ameren said 2010 earnings will be $2.20 to $2.60 a share, down from $2.78 a share for 2009 because of lower margins at merchant power plants.
Filed in: money.