Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VECTREN CORP | a8k-q12017earningsreleases.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a331178k-exhibit993forward.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a331178k-exhibit991pressre.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 292.8 | $ | 281.2 | ||||
Electric utility | 132.1 | 142.1 | ||||||
Nonutility | 199.6 | 161.5 | ||||||
Total operating revenues | 624.5 | 584.8 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 112.9 | 111.6 | ||||||
Cost of fuel & purchased power | 41.2 | 44.2 | ||||||
Cost of nonutility revenues | 61.8 | 55.3 | ||||||
Other operating | 224.3 | 200.0 | ||||||
Depreciation & amortization | 67.8 | 63.9 | ||||||
Taxes other than income taxes | 15.1 | 17.6 | ||||||
Total operating expenses | 523.1 | 492.6 | ||||||
OPERATING INCOME | 101.4 | 92.2 | ||||||
OTHER INCOME: | ||||||||
Equity in (losses) of unconsolidated affiliates | (0.5 | ) | (0.2 | ) | ||||
Other income - net | 8.0 | 5.7 | ||||||
Total other income | 7.5 | 5.5 | ||||||
INTEREST EXPENSE | 21.3 | 22.1 | ||||||
INCOME BEFORE INCOME TAXES | 87.6 | 75.6 | ||||||
INCOME TAXES | 32.2 | 27.3 | ||||||
NET INCOME | $ | 55.4 | $ | 48.3 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 82.9 | 82.8 | ||||||
DILUTED COMMON SHARES OUTSTANDING | 83.0 | 82.8 | ||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.67 | $ | 0.58 | ||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 292.8 | $ | 281.2 | ||||
Electric utility | 132.1 | 142.1 | ||||||
Other | 0.1 | 0.1 | ||||||
Total operating revenues | 425.0 | 423.4 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 112.9 | 111.6 | ||||||
Cost of fuel & purchased power | 41.2 | 44.2 | ||||||
Other operating | 85.6 | 89.4 | ||||||
Depreciation & amortization | 57.4 | 53.6 | ||||||
Taxes other than income taxes | 14.4 | 17.1 | ||||||
Total operating expenses | 311.5 | 315.9 | ||||||
OPERATING INCOME | 113.5 | 107.5 | ||||||
OTHER INCOME - NET | 7.0 | 5.6 | ||||||
INTEREST EXPENSE | 17.6 | 17.5 | ||||||
INCOME BEFORE INCOME TAXES | 102.9 | 95.6 | ||||||
INCOME TAXES | 37.0 | 34.5 | ||||||
NET INCOME | $ | 65.9 | $ | 61.1 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
March 31, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 32.6 | $ | 68.6 | ||||
Accounts receivable - less reserves of $6.6 & | ||||||||
$6.0, respectively | 183.5 | 225.3 | ||||||
Accrued unbilled revenues | 129.8 | 172.4 | ||||||
Inventories | 117.3 | 129.9 | ||||||
Recoverable fuel & natural gas costs | 27.1 | 29.9 | ||||||
Prepayments & other current assets | 34.8 | 52.7 | ||||||
Total current assets | 525.1 | 678.8 | ||||||
Utility Plant | ||||||||
Original cost | 6,633.9 | 6,545.4 | ||||||
Less: accumulated depreciation & amortization | 2,609.0 | 2,562.5 | ||||||
Net utility plant | 4,024.9 | 3,982.9 | ||||||
Investments in unconsolidated affiliates | 20.4 | 20.4 | ||||||
Other utility & corporate investments | 36.6 | 34.1 | ||||||
Other nonutility investments | 16.1 | 16.1 | ||||||
Nonutility plant - net | 429.2 | 423.9 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 324.8 | 308.8 | ||||||
Other assets | 42.0 | 42.2 | ||||||
TOTAL ASSETS | $ | 5,712.6 | $ | 5,800.7 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 242.3 | $ | 302.2 | ||||
Accrued liabilities | 207.5 | 207.7 | ||||||
Short-term borrowings | 101.4 | 194.4 | ||||||
Current maturities of long-term debt | 124.1 | 124.1 | ||||||
Total current liabilities | 675.3 | 828.4 | ||||||
Long-term Debt - Net of Current Maturities | 1,590.2 | 1,589.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 934.5 | 905.7 | ||||||
Regulatory liabilities | 462.0 | 453.7 | ||||||
Deferred credits & other liabilities | 260.2 | 254.9 | ||||||
Total deferred credits & other liabilities | 1,656.7 | 1,614.3 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
83.0 & 82.9, respectively | 731.6 | 729.8 | ||||||
Retained earnings | 1,060.1 | 1,039.6 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.3 | ) | ||||
Total common shareholders' equity | 1,790.4 | 1,768.1 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,712.6 | $ | 5,800.7 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 55.4 | $ | 48.3 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 67.8 | 63.9 | ||||||
Deferred income taxes & investment tax credits | 26.7 | 24.3 | ||||||
Provision for uncollectible accounts | 1.8 | 2.6 | ||||||
Expense portion of pension & postretirement benefit cost | 1.0 | 1.0 | ||||||
Other non-cash items - net | 2.6 | 3.0 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 82.6 | 86.9 | ||||||
Inventories | 12.6 | 11.1 | ||||||
Recoverable/refundable fuel & natural gas costs | 2.8 | (16.8 | ) | |||||
Prepayments & other current assets | 16.8 | 33.3 | ||||||
Accounts payable, including to affiliated companies | (48.8 | ) | (38.1 | ) | ||||
Accrued liabilities | 0.2 | (0.5 | ) | |||||
Employer contributions to pension & postretirement plans | (1.4 | ) | (16.2 | ) | ||||
Changes in noncurrent assets | (5.5 | ) | (6.4 | ) | ||||
Changes in noncurrent liabilities | (2.1 | ) | 6.0 | |||||
Net cash provided by operating activities | 212.5 | 202.4 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from dividend reinvestment plan & other common stock issuances | 1.5 | 1.5 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (34.9 | ) | (33.2 | ) | ||||
Retirement of long-term debt | — | (60.0 | ) | |||||
Net change in short-term borrowings | (93.0 | ) | (14.5 | ) | ||||
Net cash used in financing activities | (126.4 | ) | (106.2 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets and other collections | 0.6 | 0.4 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (123.6 | ) | (108.7 | ) | ||||
Changes in restricted cash | 0.9 | — | ||||||
Net cash used in investing activities | (122.1 | ) | (108.3 | ) | ||||
Net change in cash & cash equivalents | (36.0 | ) | (12.1 | ) | ||||
Cash & cash equivalents at beginning of period | 68.6 | 74.7 | ||||||
Cash & cash equivalents at end of period | $ | 32.6 | $ | 62.6 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
HIGHLIGHTS | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
REPORTED EARNINGS: | ||||||||
Utility Group | ||||||||
Gas Utility Services | $ | 47.9 | $ | 40.4 | ||||
Electric Utility Services | 13.7 | 16.6 | ||||||
Other Operations | 4.3 | 4.1 | ||||||
Total Utility Group | 65.9 | 61.1 | ||||||
Nonutility Group | ||||||||
Infrastructure Services | (9.3 | ) | (12.6 | ) | ||||
Energy Services | (1.2 | ) | 0.1 | |||||
Other Businesses | — | (0.2 | ) | |||||
Nonutility Group | (10.5 | ) | (12.7 | ) | ||||
Corporate and Other | — | (0.1 | ) | |||||
Vectren Consolidated | $ | 55.4 | $ | 48.3 | ||||
EARNINGS PER SHARE: | ||||||||
Utility Group | $ | 0.80 | $ | 0.74 | ||||
Nonutility Group | (0.13 | ) | (0.16 | ) | ||||
Corporate and Other | — | — | ||||||
Reported EPS | $ | 0.67 | $ | 0.58 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED GAS DISTRIBUTION | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
GAS UTILITY (Millions): | ||||||||
Residential Margin | $ | 105.9 | $ | 99.1 | ||||
Commercial Margin | 33.5 | 30.9 | ||||||
Industrial Margin | 21.1 | 19.0 | ||||||
Other Margin | 2.7 | 2.9 | ||||||
Regulatory Expense Recovery Mechanisms | 16.7 | 17.7 | ||||||
Total Gas Utility Margin | 179.9 | 169.6 | ||||||
Cost of Gas Sold | 112.9 | 111.6 | ||||||
Total Gas Utility Revenue | $ | 292.8 | $ | 281.2 | ||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||
Residential | 29.9 | 32.7 | ||||||
Commercial | 13.0 | 14.3 | ||||||
Industrial | 34.9 | 35.9 | ||||||
77.8 | 82.9 | |||||||
AVERAGE GAS CUSTOMERS | ||||||||
Residential | 941,333 | 932,680 | ||||||
Commercial | 86,223 | 85,900 | ||||||
Industrial | 1,738 | 1,725 | ||||||
1,029,294 | 1,020,305 | |||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||
Heating Degree Days (Ohio) | 92 | % | 97 | % | ||||
Heating Degree Days (Indiana) | 85 | % | 92 | % | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED ELECTRIC | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2017 | 2016 | |||||||
ELECTRIC UTILITY (Millions): | ||||||||
Residential Margin | $ | 33.3 | $ | 35.2 | ||||
Commercial Margin | 24.3 | 24.8 | ||||||
Industrial Margin | 23.0 | 26.0 | ||||||
Other Margin | 0.9 | 1.3 | ||||||
Regulatory Expense Recovery Mechanisms | 2.4 | 4.0 | ||||||
Wholesale and Transmission | 7.0 | 6.6 | ||||||
Total Electric Utility Margin | 90.9 | 97.9 | ||||||
Cost of Fuel & Purchased Power | 41.2 | 44.2 | ||||||
Total Electric Utility Revenue | $ | 132.1 | $ | 142.1 | ||||
ELECTRICITY SOLD (GWh): | ||||||||
Residential | 316.2 | 344.8 | ||||||
Commercial | 284.9 | 295.0 | ||||||
Industrial | 491.4 | 654.2 | ||||||
Other Sales - Street Lighting | 6.0 | 6.1 | ||||||
Total Retail | 1,098.5 | 1,300.1 | ||||||
Wholesale | 78.8 | 9.4 | ||||||
1,177.3 | 1,309.5 | |||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||
Residential | 126,246 | 125,565 | ||||||
Commercial | 18,600 | 18,498 | ||||||
Industrial | 113 | 113 | ||||||
Other | 40 | 39 | ||||||
144,999 | 144,215 | |||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||
Heating Degree Days (Indiana) | 85 | % | 92 | % | ||||