Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - 2015 Q3 - EARNINGS RELEASE FLS - VECTREN CORP | a930158k-exhibit993xforwar.htm |
| EX-99.1 - EXHIBIT 99.1 - 2015 Q3 - EARNINGS RELEASE - VECTREN CORP | a930158k-exhibit991xpressr.htm |
| 8-K - 8-K - 2015 Q3 - EARNINGS RELEASE - VECTREN CORP | a8k-2015q3xearningsrelease.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 108.5 | $ | 105.1 | $ | 590.1 | $ | 681.1 | ||||||||
Electric utility | 164.4 | 165.9 | 466.0 | 480.9 | ||||||||||||
Nonutility | 300.6 | 324.6 | 774.6 | 772.9 | ||||||||||||
Total operating revenues | 573.5 | 595.6 | 1,830.7 | 1,934.9 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 27.3 | 28.8 | 235.8 | 343.4 | ||||||||||||
Cost of fuel and purchased power | 47.9 | 50.3 | 144.9 | 155.4 | ||||||||||||
Cost of nonutility revenues | 106.8 | 112.4 | 264.5 | 259.7 | ||||||||||||
Other operating | 234.3 | 245.6 | 690.5 | 701.1 | ||||||||||||
Depreciation and amortization | 65.0 | 61.4 | 191.6 | 211.0 | ||||||||||||
Taxes other than income taxes | 12.3 | 12.6 | 44.6 | 46.9 | ||||||||||||
Total operating expenses | 493.6 | 511.1 | 1,571.9 | 1,717.5 | ||||||||||||
OPERATING INCOME | 79.9 | 84.5 | 258.8 | 217.4 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | (0.6 | ) | 0.3 | (0.6 | ) | 0.4 | ||||||||||
Other income - net | 4.0 | 7.3 | 14.7 | 15.8 | ||||||||||||
Total other income | 3.4 | 7.6 | 14.1 | 16.2 | ||||||||||||
INTEREST EXPENSE | 21.2 | 21.7 | 63.1 | 65.7 | ||||||||||||
INCOME BEFORE INCOME TAXES | 62.1 | 70.4 | 209.8 | 167.9 | ||||||||||||
INCOME TAXES | 22.8 | 23.1 | 77.7 | 57.5 | ||||||||||||
NET INCOME | $ | 39.3 | $ | 47.3 | $ | 132.1 | $ | 110.4 | ||||||||
AVERAGE COMMON SHARES OUTSTANDING | 82.7 | 82.5 | 82.7 | 82.5 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.7 | 82.5 | 82.7 | 82.5 | ||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||||||||||
BASIC | $ | 0.48 | $ | 0.57 | $ | 1.60 | $ | 1.34 | ||||||||
DILUTED | $ | 0.48 | $ | 0.57 | $ | 1.60 | $ | 1.34 | ||||||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 108.5 | $ | 105.1 | $ | 590.1 | $ | 681.1 | ||||||||
Electric utility | 164.4 | 165.9 | 466.0 | 480.9 | ||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Total operating revenues | 273.0 | 271.1 | 1,056.3 | 1,162.2 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 27.3 | 28.8 | 235.8 | 343.4 | ||||||||||||
Cost of fuel and purchased power | 47.9 | 50.3 | 144.9 | 155.4 | ||||||||||||
Other operating | 79.5 | 79.9 | 260.8 | 259.7 | ||||||||||||
Depreciation and amortization | 52.4 | 51.0 | 156.6 | 151.5 | ||||||||||||
Taxes other than income taxes | 11.8 | 11.7 | 43.0 | 44.3 | ||||||||||||
Total operating expenses | 218.9 | 221.7 | 841.1 | 954.3 | ||||||||||||
OPERATING INCOME | 54.1 | 49.4 | 215.2 | 207.9 | ||||||||||||
OTHER INCOME - NET | 4.0 | 4.8 | 13.3 | 12.4 | ||||||||||||
INTEREST EXPENSE | 16.6 | 16.6 | 49.5 | 50.0 | ||||||||||||
INCOME BEFORE INCOME TAXES | 41.5 | 37.6 | 179.0 | 170.3 | ||||||||||||
INCOME TAXES | 14.6 | 13.3 | 64.7 | 61.8 | ||||||||||||
NET INCOME | $ | 26.9 | $ | 24.3 | $ | 114.3 | $ | 108.5 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
September 30, | December 31, | |||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 4.8 | $ | 86.4 | ||||
Accounts receivable - less reserves of $5.3 & | ||||||||
$6.0, respectively | 219.1 | 196.0 | ||||||
Accrued unbilled revenues | 119.5 | 164.8 | ||||||
Inventories | 130.3 | 118.5 | ||||||
Recoverable fuel & natural gas costs | — | 9.8 | ||||||
Prepayments & other current assets | 65.2 | 110.9 | ||||||
Total current assets | 538.9 | 686.4 | ||||||
Utility Plant | ||||||||
Original cost | 6,001.4 | 5,718.7 | ||||||
Less: accumulated depreciation & amortization | 2,385.3 | 2,279.7 | ||||||
Net utility plant | 3,616.1 | 3,439.0 | ||||||
Investments in unconsolidated affiliates | 21.9 | 23.4 | ||||||
Other utility & corporate investments | 32.7 | 37.2 | ||||||
Other nonutility investments | 32.2 | 33.6 | ||||||
Nonutility plant - net | 415.5 | 378.0 | ||||||
Goodwill - net | 293.6 | 289.9 | ||||||
Regulatory assets | 256.7 | 233.6 | ||||||
Other assets | 42.5 | 41.2 | ||||||
TOTAL ASSETS | $ | 5,250.1 | $ | 5,162.3 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 218.4 | $ | 248.9 | ||||
Refundable fuel & natural gas costs | 19.8 | 2.5 | ||||||
Accrued liabilities | 182.1 | 184.9 | ||||||
Short-term borrowings | 111.0 | 156.4 | ||||||
Current maturities of long-term debt | 88.0 | 170.0 | ||||||
Total current liabilities | 619.3 | 762.7 | ||||||
Long-term Debt - Net of Current Maturities | 1,522.7 | 1,407.3 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 777.4 | 741.2 | ||||||
Regulatory liabilities | 430.5 | 410.3 | ||||||
Deferred credits & other liabilities | 250.7 | 234.2 | ||||||
Total deferred credits & other liabilities | 1,458.6 | 1,385.7 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.7 & 82.6, respectively | 720.8 | 715.7 | ||||||
Retained earnings | 930.0 | 892.2 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.3 | ) | ||||
Total common shareholders' equity | 1,649.5 | 1,606.6 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,250.1 | $ | 5,162.3 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2015 | 2014 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 132.1 | $ | 110.4 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 191.6 | 211.0 | ||||||
Deferred income taxes & investment tax credits | 44.6 | (9.4 | ) | |||||
Equity in (earnings)/losses of unconsolidated affiliates | 0.6 | (0.4 | ) | |||||
Provision for uncollectible accounts | 5.9 | 5.3 | ||||||
Expense portion of pension & postretirement benefit cost | 4.7 | 5.1 | ||||||
Other non-cash items - net | 6.3 | 4.0 | ||||||
Loss on sale of business (pretax) | — | 41.8 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 17.8 | 101.9 | ||||||
Inventories | (11.8 | ) | (18.8 | ) | ||||
Recoverable/refundable fuel & natural gas costs | 27.1 | (22.6 | ) | |||||
Prepayments & other current assets | 46.9 | (8.3 | ) | |||||
Accounts payable, including to affiliated companies | (36.5 | ) | (62.5 | ) | ||||
Accrued liabilities | (1.9 | ) | (1.7 | ) | ||||
Unconsolidated affiliate dividends | 0.8 | — | ||||||
Employer contributions to pension & postretirement plans | (23.3 | ) | (3.5 | ) | ||||
Changes in noncurrent assets | (15.8 | ) | (7.0 | ) | ||||
Changes in noncurrent liabilities | (2.5 | ) | (1.6 | ) | ||||
Net cash provided by operating activities | 386.6 | 343.7 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | 37.5 | 63.0 | ||||||
Dividend reinvestment plan & other common stock issuances | 4.7 | 4.7 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (94.3 | ) | (89.1 | ) | ||||
Retirement of long-term debt | (5.0 | ) | (293.6 | ) | ||||
Other financing activities | — | 0.1 | ||||||
Net change in short-term borrowings | (45.4 | ) | (6.2 | ) | ||||
Net cash used in financing activities | (102.5 | ) | (321.1 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Sale of business | — | 319.8 | ||||||
Sale of assets and other collections | 7.4 | 3.6 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (349.4 | ) | (321.6 | ) | ||||
Business acquisitions and other costs | (14.0 | ) | (37.5 | ) | ||||
Changes in restricted cash | (9.7 | ) | — | |||||
Net cash used in investing activities | (365.7 | ) | (35.7 | ) | ||||
Net change in cash & cash equivalents | (81.6 | ) | (13.1 | ) | ||||
Cash & cash equivalents at beginning of period | 86.4 | 21.5 | ||||||
Cash & cash equivalents at end of period | $ | 4.8 | $ | 8.4 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | (3.3 | ) | $ | (5.1 | ) | $ | 40.4 | $ | 33.9 | ||||||
Electric Utility Services | 28.2 | 26.7 | 67.1 | 65.9 | ||||||||||||
Other Operations | 2.0 | 2.7 | 6.8 | 8.7 | ||||||||||||
Total Utility Group | 26.9 | 24.3 | 114.3 | 108.5 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 9.9 | 23.5 | 19.6 | 27.6 | ||||||||||||
Energy Services | 3.1 | 0.1 | (0.4 | ) | (4.7 | ) | ||||||||||
Other Businesses | (0.5 | ) | 0.1 | (1.0 | ) | (0.4 | ) | |||||||||
Nonutility Group * | 12.5 | 23.7 | 18.2 | 22.5 | ||||||||||||
Corporate and Other | (0.1 | ) | 1.4 | (0.4 | ) | 0.8 | ||||||||||
Vectren Consolidated * | $ | 39.3 | $ | 49.4 | $ | 132.1 | $ | 131.8 | ||||||||
Coal Mining | — | (2.1 | ) | — | (21.4 | ) | ||||||||||
Vectren Consolidated | $ | 39.3 | $ | 47.3 | $ | 132.1 | $ | 110.4 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.33 | $ | 0.30 | $ | 1.38 | $ | 1.32 | ||||||||
Nonutility Group* | 0.15 | 0.29 | 0.22 | 0.27 | ||||||||||||
Corporate and Other | — | 0.01 | — | 0.01 | ||||||||||||
EPS * | $ | 0.48 | $ | 0.60 | $ | 1.60 | $ | 1.60 | ||||||||
Coal Mining | — | (0.03 | ) | — | (0.26 | ) | ||||||||||
Reported EPS | $ | 0.48 | $ | 0.57 | $ | 1.60 | $ | 1.34 | ||||||||
(*) Excludes Coal Mining Results in 2014 - Year of Disposition | ||||||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 49.7 | $ | 46.5 | $ | 201.5 | $ | 193.5 | ||||||||
Commercial Margin | 11.6 | 11.1 | 55.8 | 54.8 | ||||||||||||
Industrial Margin | 13.0 | 11.8 | 45.3 | 42.7 | ||||||||||||
Other Margin | 1.5 | 2.3 | 7.4 | 8.7 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 5.4 | 4.6 | 44.3 | 38.0 | ||||||||||||
Total Gas Utility Margin | 81.2 | 76.3 | 354.3 | 337.7 | ||||||||||||
Cost of Gas Sold | 27.3 | 28.8 | 235.8 | 343.4 | ||||||||||||
Total Gas Utility Revenue | $ | 108.5 | $ | 105.1 | $ | 590.1 | $ | 681.1 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 3.5 | 3.8 | 53.8 | 57.7 | ||||||||||||
Commercial | 2.8 | 2.9 | 25.3 | 26.6 | ||||||||||||
Industrial | 26.3 | 23.5 | 92.7 | 83.2 | ||||||||||||
32.6 | 30.2 | 171.8 | 167.5 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 908,092 | 900,003 | 917,817 | 911,196 | ||||||||||||
Commercial | 83,809 | 83,554 | 84,734 | 84,542 | ||||||||||||
Industrial | 1,709 | 1,668 | 1,697 | 1,664 | ||||||||||||
993,610 | 985,225 | 1,004,248 | 997,402 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 106 | % | 109 | % | ||||||||||||
Heating Degree Days (Indiana) | 101 | % | 106 | % | ||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 47.6 | $ | 44.4 | $ | 121.3 | $ | 120.4 | ||||||||
Commercial Margin | 29.2 | 28.6 | 82.0 | 81.3 | ||||||||||||
Industrial Margin | 27.6 | 29.7 | 82.9 | 83.6 | ||||||||||||
Other Margin | 0.8 | 0.9 | 2.3 | 2.9 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 3.0 | 2.7 | 8.2 | 9.3 | ||||||||||||
Wholesale and Transmission | 8.3 | 9.3 | 24.4 | 28.0 | ||||||||||||
Total Electric Utility Margin | 116.5 | 115.6 | 321.1 | 325.5 | ||||||||||||
Cost of Fuel & Purchased Power | 47.9 | 50.3 | 144.9 | 155.4 | ||||||||||||
Total Electric Utility Revenue | $ | 164.4 | $ | 165.9 | $ | 466.0 | $ | 480.9 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 438.0 | 406.0 | 1,141.0 | 1,146.9 | ||||||||||||
Commercial | 363.7 | 353.0 | 1,006.4 | 989.6 | ||||||||||||
Industrial | 653.1 | 749.1 | 2,045.5 | 2,101.6 | ||||||||||||
Other Sales - Street Lighting | 5.1 | 5.3 | 15.9 | 16.2 | ||||||||||||
Total Retail | 1,459.9 | 1,513.4 | 4,208.8 | 4,254.3 | ||||||||||||
Wholesale | 102.5 | 149.8 | 323.3 | 586.9 | ||||||||||||
1,562.4 | 1,663.2 | 4,532.1 | 4,841.2 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 124,990 | 124,177 | 124,934 | 124,265 | ||||||||||||
Commercial | 18,478 | 18,466 | 18,465 | 18,441 | ||||||||||||
Industrial | 113 | 113 | 113 | 113 | ||||||||||||
Other | 39 | 37 | 38 | 37 | ||||||||||||
143,620 | 142,793 | 143,550 | 142,856 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 103 | % | 95 | % | 110 | % | 104 | % | ||||||||
Heating Degree Days (Indiana) | 101 | % | 106 | % | ||||||||||||