ST. LOUIS (AP) — Utility Ameren Corp. said Thursday that its net income climbed 53 percent in the second quarter, and it raised its earnings forecast for the full year.
Ameren reported a hefty tax benefit and greater earnings from its regulated utility business, although total revenue fell. The company raised its outlook for adjusted profit in 2012.
Net income rose to $211 million, or 87 cents per share, from $138 million, or 57 cents per share, a year ago. Excluding a tax benefit and other one-time items, Ameren earned 73 cents per share in the latest quarter. Revenue fell 7 percent, to $1.66 billion.
Analysts forecast net income of 63 cents per share without special items and $1.75 billion in revenue, according to FactSet.
Ameren's electricity revenue declined 6 percent to $1.51 billion and gas revenue fell 12 percent, to $147 million.
For the full year, the company now expects adjusted net income of $2.25 to $2.55 per share, up from a previous estimate of $2.20 to $2.50 per share. Analysts estimate $2.34 per share, on average.
Shares of Ameren fell 23 cents to $33.70 in afternoon trading.
