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Vectren posts higher Q2 net income, tops estimates

Vectren Corp. on Aug. 3 reported second-quarter 2017 net income of $37.6 million, or 45 cents per share, beating the S&P Capital IQ normalized EPS estimate of 44 cents. The company booked net income of $32.3 million, or 39 cents per share, in the second quarter of 2016.

Operating revenues for the quarter totaled $630.7 million, up from $533.7 million in the comparable period in 2016 while operating income totaled $72.8 million, compared to $63.9 million, a year ago.

The utility group's second-quarter 2017 earnings fell slightly to $25.5 million, or 31 cents per share, compared to $26.3 million, or 32 cents per share, a year ago. The results for the quarter were impacted by the returns from continued investment in the gas infrastructure programs in both Indiana and Ohio, as well as projected lower usage of a large electric customer that completed its transition to a co-generation facility.

Meanwhile, the nonutility group earnings totaled $12.2 million, or 15 cents per share, rising from $6.5 million, or 8 cents per share, in the prior-year period. The improved results were due to strong performance for VISCO's distribution and transmission businesses.

The company affirmed its 2017 consolidated EPS guidance guidance range of $2.55 to $2.65. The utility group is expected to contribute $2.10 to $2.15 toward 2017 EPS, while the nonutility group is expected to contribute 45 cents to 50 cents.