Vectren Corp. (VVC) Tops Q3 EPS by 10c; Reaffirms
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Vectren Corp. (NYSE: VVC) reported Q3 EPS of $0.74, $0.10 better than the analyst estimate of $0.64. Revenue for the quarter came in at $631 million versus the consensus estimate of $611.78 million.
Vectren Corp. sees FY2016 EPS of $2.45-$2.55, versus the consensus of $2.47.
"Our third quarter results for the utility group were strong and we expect that performance to continue for the balance of the year," said Carl Chapman, Vectren's chairman, president and CEO. "Our Energy Services business and Infrastructure Services' distribution operation again performed very well in the quarter and that trend is also expected to continue for the rest of 2016."
"As we discussed during 2015 and thus far in 2016, Infrastructure Services' transmission operation has experienced increased competition in its primary area of transmission pipeline maintenance work. The increased competition has resulted in lower margins for transmission pipeline maintenance work and fewer jobs being awarded to us. However, transmission results were favorably impacted in the quarter by the revenue related to a number of projects, including a larger project where work commenced in the third quarter of 2016. We remain confident in the long-term outlook as new pipeline projects are still scheduled to get underway in the relatively near term, which should result in a reduction in competition for maintenance work."
For earnings history and earnings-related data on Vectren Corp. (VVC) click here.
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