WASHINGTON (dpa-AFX) - Ameren Corp. (AEE) reported first-quarter GAAP net loss of $403 million, or $1.66 per share, compared with an income of $71 million, or $0.29 per share last year. The recent quarter's GAAP net loss included a noncash pretax asset impairment charge of $628 million.
Excluding this charge and certain other items, quarterly core net income dropped to $53 million, or $0.22 per share from $60 million, or $0.25 per share a year ago, mainly reflecting lower regulated utility electric and natural gas sales and decreased margins at the merchant generation segment. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.23 for the quarter. Analysts' estimates typically exclude one-time items.
Total operating revenues were $1.66 billion, lower than $1.90 billion in the prior-year quarter, whereas 2 analysts estimated revenue of $1.70 billion for the quarter.
President and CEO of Ameren Corp. noted, 'While first quarter results were negatively affected by unusually warm winter weather, we continue to expect that core earnings will be in the range of $2.20 to $2.50 per share for the year.' Full-year 2012 GAAP earnings are now expected to be in the range of $0.65 - $0.95 per share, versus the prior range of $2.20 - $2.50 per share, as a result of the first quarter 2012 asset impairment charge. Analysts project earnings of $2.33 on $7.52 billion for the full year.
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