vectren corp (VVC) Key Developments
Vectren Corporation Announces Board Changes
Nov 6 15
Vectren Corporation board of directors selected board member Jean L. Wojtowicz as the company's next lead director, subject to her reelection at the company's May 24, 2016, annual shareholders meeting. Assuming her reelection, Wojtowicz would assume this role effective immediately following the 2016 annual shareholder meeting. Wojtowicz has served as a member of the company's board since the inception of operations in April of 2000. She currently serves as chair of the board's Compensation and Benefits committee and as a member of the board's Audit and Risk Management committee, where she has been designated a financial expert. Wojtowicz will succeed J. Timothy McGinley, who, as previously communicated, will retire from the board at the 2016 annual shareholder meeting. Wojtowicz was selected to fill the lead director position as part of the company's continuing director succession planning process that is led by the board's Nominating and Corporate Governance committee. Also, as a result of that process, over the past year two new board members have been added, Patrick K. Mullen and Teresa K. Tanner.
Vectren Corporation Declares Quarterly Dividend, Payable on December 1, 2015
Nov 6 15
Vectren Corporation announced the board of directors has declared a quarterly dividend of $0.40 per share, up 5.3% from the current quarterly dividend of $0.38 per share. The quarterly dividend will be payable on December 1, 2015, to shareholders of record at the close of business on November 16, 2015.
Vectren Corporation Reports Earnings Guidance for the Third Quarter of 2015; Revises Earnings Guidance for the Full Year of 2015; Provides Earnings Guidance for 2016
Nov 5 15
Vectren Corporation reported earnings guidance for the third quarter of 2015. For the quarter, the company reported net income of $39.3 million, or $0.48 per share, compared to net income of $49.4 million, or $0.60 per share, in third quarter of 2014. On a GAAP basis the company reported net income of $39.3 million, or $0.48 per share, compared to $47.3 million, or $0.57 per share, in the prior year period. Total revenues of $573.5 million were down from $595.6 million in third quarter of 2014.
For the full year of 2015, the company lowered full year EPS guidance to a range of $2.30 to $2.40 per share from prior guidance of $2.40 to $2.55 per share.
The company initiated 2016 EPS guidance in a range of $2.45 to $2.65.
Vectren Corporation Elects Teresa J. Tanner as a New Board Member
Sep 10 15
On September 10, 2015, the Board of Directors of Vectren Corporation elected Teresa J. Tanner as a new board member. Tanner is currently executive vice president, chief administrative officer at Fifth Third Bank. The recently promoted Tanner has led the Human Capital function of more than 300 human resources (HR) professionals since 2010 as the executive vice president and chief human resources officer, providing support through organizational development and learning, talent acquisition and optimization, succession planning, employee relations and culture, total rewards and strategic human capital planning. She also supports the executive team in facilitating organizational design, structure, and business planning across the bank. In her new role, in addition to Human Capital responsibilities, Tanner also will lead Facilities, Strategic Sourcing, and the Enterprise Program Management Office. Tanner began her career at the McDonald's Corporation, where she progressed through various operational and human resources roles through a 16-year span. She serves as an executive board member for the Ronald McDonald House Charities and Artswave and as a director on the board of Freestore Foodbank, all of which are Cincinnati-area nonprofit organizations.
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.