vectren corp (VVC) Key Developments
Vectren Corporation Announces Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year 2015
Aug 6 15
Vectren Corporation announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total operating revenues of $551.0 million against $542.5 million a year ago. Operating income was $72.9 million against $33.9 million a year ago. Income before income tax was $57.0 million against $16.4 million a year ago. Net income was $35.8 million or $0.43 per basic and diluted share against $11.9 million or $0.14 per basic and diluted share a year ago.
For the six months, the company reported total operating revenues of $1,257.2 million against $1,339.3 million a year ago. Operating income was $179.0 million against $132.9 million a year ago. Income before tax was $147.6 million against $97.5 million a year ago. Net income was $92.8 million or $1.12 per basic and diluted share against $63.1 million or $0.76 per basic and diluted share a year ago. Net cash provided by operating activities was $266.6 million against $273.9 million a year ago. Capital expenditures, excluding AFUDC equity was $207.9 million against $195.1 million a year ago.
For the quarter, the company’s total electricity sold was 1,451.3 GWh against 1,546.7 GWh a year ago.
For the six months period, the company’s total electricity sold was 2,969.7 GWh against 3,178.0 GWh a year ago.
The company affirms its 2015 consolidated earnings guidance expectation to be within a range of $2.40 to $2.55 per share, but notes that there may be some pressure toward the lower end of the range related to Infrastructure Services' contribution.
Vectren Corporation Hires Vectren Corporation as Treasurer and Vice President of Investor Relations
Jul 2 15
Vectren Corporation announced the appointment of Naveed Mughal to the position of Treasurer and Vice President of Investor Relations. Naveed begins his new duties with Vectren on July 13, 2015. He will replace Robert L. Goocher who announced his retirement earlier this year to take effect Aug. 3, 2015. Naveed's most recent experience is with NV Energy, where he held the position of Treasurer since 2007.
Vectren and UWUA Members Ratify New Three-Year Labor Agreement
Jul 2 15
Vectren Corporation has announced that Utility Workers Union of America, Local 175 employee-members who work for Vectren Energy Delivery of Ohio have ratified a new three-year labor agreement. The early settlement comes months prior to the expiration of the existing contract in late October. Management and union representatives began discussions on the new contract in late May.
Vectren Corporation Management Executive Changes
May 16 15
Vectren Corporation announced Jerome (Jerry) Benkert, Vectren's executive vice president and chief administrative officer, will retire June 1, 2015. An overview of these changes is as: Dan Bugher, Vectren's vice president of performance management and strategic sourcing, will move to vice president, customer experience in a newly created position where he will oversee the utility's customer service team and the revenue management, billing, meter reading, and margin analysis departments. Bugher will report to Rick Schach, senior vice president of utility operations and president of Vectren Utility Holdings Inc. Jim Francis, director of gas engineering, will be promoted to vice president of safety and system integrity, also a new position created to oversee the company's continued focus on public safety. Francis will manage employee and contractor safety for utility operations as well as oversee all compliance-related departments for gas and electric operations. Francis will report to Schach. The current director of performance management, Karen Hamilton, will be promoted to succeed Bugher in the vice presidential role over performance management and strategic sourcing. Hamilton will report to Hardwick. The vice president of corporate communications, Chase Kelley, will become the vice president of marketing and communications where she will retain oversight of the corporate communications team and add the energy efficiency, residential and commercial sales, and the customer planning and sales business units. Kelley will remain a direct report to Schach. Doug Petitt, vice president of information technology and customer service and the utility's chief information officer, becomes the chief information officer for the corporation overseeing technology and cybersecurity needs for the utility and supporting nonutility technology needs. Petitt will report to Chapman in this expanded role. The human resources department, which continues to report to Ellis Redd, vice president of human sources, will move into Schach's organization. Robbie Sears, vice president of customer energy solutions, will assume new responsibilities related to long-term planning for the company's utilities, which includes exploring new technologies and behind-the-meter developments in the utility space and opportunities for short and long-term utility earnings growth opportunities. Sears will retain the compressed natural gas, emerging technologies, industrial sales and economic development, and market research departments. Sears will remain a direct report to Schach. All changes effective June 1, 2015.
Vectren Corporation - Shareholder/Analyst Call
May 12 15
Annual General Meeting