Vectren Q1 Profit Misses Estimates; Affirms 2014 Guidance - Quick Facts

(RTTNews) - Vectren Corp. (VVC) reported first-quarter net income of $51.2 million, or $0.62 per share, compared to $49.8 million, or $0.61 per share, last year. Excluding the impact of operating losses attributable to the company's investment in ProLiance Holdings, LLC, consolidated net income for the first quarter of prior year was $54.4 million, or $0.66 per share. ProLiance exited the gas marketing business in June 2013.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.73 for the quarter. Analysts' estimates typically exclude special items.

Total operating revenues increased to $796.8 million from $700.6 million. Analysts expected revenue of $747.11 million for the quarter.

"The Utility Group continues to perform very well and results were also favorably impacted by the colder than normal first quarter weather. The Nonutility Group first quarter loss was largely due to lower earnings in our infrastructure services business as compared to last year. We expected lower results since in the first quarter of 2013, infrastructure services had revenue from a large project that did not recur in 2014. However, the severe weather throughout the quarter also hampered the ability of construction crews to complete much work," said Carl Chapman, Vectren's chairman, president and CEO.

The company affirmed its 2014 guidance range of consolidated earnings of $2.15 to $2.35 per share. Analysts expect the company to report fiscal 2014 profit per share of $2.26.