vectren corp (VVC) Key Developments
Vectren Corporation Announces Amendments to Articles of Incorporation
Nov 12 14
The Board of Directors of Vectren Corporation approved an amendment to the company's Code of By-Laws to include a provision that establishes exclusive legal forums for limited types of litigation involving the company. Effective November 6, 2014.
Vectren Mulls Acquisitions
Nov 7 14
Vectren Corporation (NYSE:VVC) intends to pursue acquisitions. Carl L. Chapman, Chairman, President and Chief Executive Officer of Vectren, said that the nonutility portfolio now consists solely of high-demand, high-growth services businesses in its Infrastructure Services and Energy Services operations. Both of those businesses are well positioned for growth driven by the long-term outlook for infrastructure investment and the consideration of additional strategic acquisitions.
Vectren Corporation Declares Quarterly Dividend, Payable on Dec. 1, 2014
Nov 6 14
Vectren Corporation announced the Board of Directors has declared a quarterly dividend of $0.38 per share, up 5.6% from the current quarterly dividend of $0.36 per share. This equates to an annualized dividend of $1.52 per share, up from the current annualized dividend of $1.44 per share. The quarterly dividend will be payable Dec. 1, 2014, to shareholders of record at the close of business on Nov. 17, 2014.
Vectren Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014
Nov 6 14
Vectren Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total operating revenues of $595.6 million against $579.6 million a year ago. Operating income was $84.5 million against $83.3 million a year ago. Income before income tax was $70.4 million against $64.2 million a year ago. Net income of $47.3 million, or $0.57 per share, compared to net income of $42.8 million, or $0.52 per share, for the three months ended September 30, 2013. On non-GAAP basis, consolidated net income was $49.4 million against $42.8 million a year ago. On non-GAAP basis, basic EPS was $0.60 against $0.52 a year ago.
For the nine months, the company reported total operating revenues of $1,934.9 million against $1,811.2 million a year ago. Operating income was $217.4 million against $248.0 million a year ago. Income before income tax was $167.9 million against $133.1 million a year ago. Net income was $110.4 million, or $1.34 per share, compared to $86.8 million, or $1.05 per share for the nine months ended September 30, 2013. Net cash provided by operating activities was $343.7 million compared to $388.9 million a year ago. Capital expenditures, excluding AFUDC equity were $321.6 million compared to $273.9 million a year ago. On non-GAAP basis, consolidated net income was $131.8 million against $124.3 million a year ago. On non-GAAP basis, basic EPS was $1.60 against $1.51 a year ago.
The company affirms its 2014 guidance expectation to be consolidated earnings of $2.25 to $2.35 per share, excluding the results from Coal Mining. and the Nonutility Group earnings for 2014 to be in a range of $0.45 to $0.55 per share, excluding the results from Coal Mining.
Vectren Corporation Appoints Patrick K. Mullen as Director, Effective October 1, 2014
Sep 29 14
On September 26, 2014, the board of directors of Vectren Corporation elected a new director, Patrick K. Mullen, effective October 1, 2014. Mr. Mullen is currently the executive vice president and group president of the engineering, construction and maintenance operating group at Chicago Bridge & Iron. Mr. Mullen is a director on the board of Interfaith of The Woodlands. Mullen began his career as a development engineer at UOP LLC, where he progressed through various management roles over 12 years.