- Reaffirming 2024 non-GAAP adjusted EPS guidance
- Introducing 2025 non-GAAP adjusted EPS guidance and extending expected annual 6-8% growth to 2025-2029
-
Updating 5-year capital expenditure base plan to
$19.3 billion
“Over the last 3 months we saw several examples of the constructive stakeholder partnerships that differentiate the
**Non-GAAP Disclosure Statement
Beginning with the first quarter of 2024,
This press release includes financial results and guidance for
Additional Information
Additional information for the quarter ended
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Forward-Looking Statements
This Press Release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Forward-looking statements in this press release include, but are not limited to, statements concerning our 2024 guidance on adjusted EPS, plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this Press Release include, among other things: our ability to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities, such as data center development and related generation sources and transmission capabilities to meet potential load growth; potential incidents and other operating risks associated with our business; our ability to work successfully with our third-party investors; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demand; our ability to attract, retain or re-skill a qualified, diverse workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance and quality of third-party suppliers and service providers; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal, including any future associated impact from business opportunities such as data center development as those opportunities evolve; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.
Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) |
||||||||||||||
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||
(in millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
2024 |
|
|
|
2023 |
|
GAAP Net Income Available to Common Shareholders |
$ |
85.7 |
|
|
$ |
77.0 |
|
$ |
515.8 |
|
|
$ |
436.1 |
|
Adjustments to Operating Income : |
|
|
|
|
|
|
||||||||
Operating Revenues: |
|
|
|
|
|
|
||||||||
Weather - compared to normal |
|
5.6 |
|
|
|
9.0 |
|
|
50.6 |
|
|
|
47.2 |
|
Total adjustments to operating income |
|
5.6 |
|
|
|
9.0 |
|
|
50.6 |
|
|
|
47.2 |
|
Income Taxes: |
|
|
|
|
|
|
||||||||
Tax effect of above items(1) |
|
(1.4 |
) |
|
|
(2.3 |
) |
|
(13.0 |
) |
|
|
(12.5 |
) |
Preferred Dividends: |
|
|
|
|
|
|
||||||||
Preferred dividends redemption premium(2) |
|
— |
|
|
|
— |
|
|
14.0 |
|
|
|
6.2 |
|
Total adjustments to net income |
|
4.2 |
|
|
|
6.7 |
|
|
51.6 |
|
|
|
40.9 |
|
Adjusted Net Income Available to Common Shareholders |
$ |
89.9 |
|
|
$ |
83.7 |
|
$ |
567.4 |
|
|
$ |
477.0 |
|
Diluted Average Common Shares |
|
454.5 |
|
|
|
448.3 |
|
|
451.4 |
|
|
|
447.4 |
|
GAAP Diluted Earnings Per Share(3) |
$ |
0.19 |
|
|
$ |
0.17 |
|
$ |
1.14 |
|
|
$ |
0.98 |
|
Adjustments to diluted earnings per share |
|
0.01 |
|
|
|
0.02 |
|
|
0.12 |
|
|
|
0.09 |
|
Adjusted Earnings Per Share |
$ |
0.20 |
|
|
$ |
0.19 |
|
$ |
1.26 |
|
|
$ |
1.07 |
|
(1)Represents income tax expense calculated using the statutory tax rates for legal entity.
(2)Represents the difference between the carrying value on the redemption date of the Series B Preferred Stock and the total amount of consideration paid to redeem, net of the fair value of common shares issued during the nine months ended
(3) GAAP Diluted Earnings Per Share includes the effects of income allocated to participating securities and adds back the dilutive effect of Equity Units in the prior year. Please refer to Note 5, "Earnings Per Share," within the Company's Quarterly Report on Form 10-Q for the period ended |
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