vectren corp (VVC) Key Developments
Vectren Corporation - Analyst/Investor Day
Mar 12 15
To provide an overview of Vectren's utility and nonutility businesses and key strategies for growth
Niel C. Ellerbrook Not to Seek Reelection to the Board of Vectren Corporation
Mar 10 15
On March 4, 2015, Niel C. Ellerbrook informed the Board of Directors of Vectren Corporation that he has elected not to seek reelection to the Board for an additional term at the Annual Meeting of Shareholders to be held on May 12, 2015.
Vectren Corporation Approves Amendment to the Code of By-Laws
Mar 10 15
Effective March 4, 2015, the board of directors of Vectren Corporation approved an amendment to the company's code of by-laws to include a provision that provides for the waiver of the prohibition of an individual's ability to stand for reelection as a director after the age of seventy-five. This prohibition can be waived by a majority of the independent members of the Board excluding the director seeking the waiver, or a majority of the members of the governance committee (all of whom must be independent), excluding the director seeking the waiver. Additionally, the board approved an amendment to the company's code of by-laws to rename the corporate affairs committee of the board the corporate responsibility and sustainability committee. This action was done to better align the title of the committee with its mission, which is to oversee the corporation's policies, practices and procedures, as a responsible corporate citizen. The code of by-laws as approved and effective on March 4, 2015.
Vectren Seeks Acquisition
Feb 20 15
Robert Goocher, Treasurer and Vice President of Investor Relations of Vectren Corporation (NYSE:VVC) said, "The bottom line is that we continue to expect to derive great value from the acquisition and from the federal market as a whole, in 2015 and beyond".
Vectren Corporation Reports Unaudited Consolidated Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for 2015
Feb 16 15
Vectren Corporation reported unaudited consolidated earnings and operating results for the fourth quarter and year ended December 31, 2014. For the quarter consolidated net income was $56.2 million, or $0.68 per share, compared to net income of $49.8 million, or $0.60 per share, in the fourth quarter of 2013. Total operating revenue was $676.8 million, compared to $680.0 million for the last year. Operating income was $97.1 million, compared to $85.6 million for the last year. Income before income taxes was $80.1 million, compared to $70.6 million for the last year.
For the year, the company reported net income of $166.9 million, or $2.02 per share compared to net income of $136.6 million, or $1.66 per diluted share in 2013. Total operating revenue was $2,611.7 million, compared to $2,491.2 million for the last year. Operating income was $314.5 million, compared to $333.6 million for the last year. Income before income taxes was $248.0 million, compared to $203.7 million for the last year.
Net cash provided by operating activities was $488.2 million, compared to $587.0 million for the last year. Capital expenditure, excluding AFUDC equity was $448.3 million, compared to $393.4 million for the last year.
For the quarter, total gas sold & transported was 71.7 MMDth, compared to 69.3 MMDth for the last year. Total electricity sold was 1,399.4 GWh compared to 1,487.1 GWh for the last year.
For the year, total gas sold & transported was 239.2 MMDth, compared to 223.6 MMDth for the last year. Total electricity sold was 6,240.6 GWh compared to 5,993.5 GWh for the last year.
The company affirms the previously announced 2015 guidance range to be consolidated earnings of $2.40 to $2.55 per share. The company expects 2015 Utility Group earnings to be within a range of $1.85 to $1.95 per share and the Nonutility Group earnings to be in a range of $0.55 to $0.65 per share.