Utility Operations Drive Vectren Profit

Posted: Updated:
EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) is reporting first quarter net income of $55.4 million, up from $48.3 million during the same period the previous year. The utility says the earnings were slightly offset by losses in its infrastructure services and energy services divisions.

Vectren's Utility Group, which comprises its gas and electric utilities, is reporting total earnings of $65.9 million for the quarter. Vectren's gas utility services operating segment saw an earnings increase of $7.5 million, while its electric utility services operating segment decreased by $2.9 million.

"Our first quarter results for the Utility Group are on track, considering first quarter weather that was significantly warmer this year compared to normal," said Carl Chapman, chief executive officer of Vectren. "Our Utility Group results reflect the on-going investment in our gas infrastructure programs in both Indiana and Ohio. And, while not yet impacting earnings, we continue to work diligently on our electric grid modernization and generation diversification plans that will set the stage for additional growth."

Vectren's Nonutility Group, which is comprised of the infrastructure services and energy services operations, is reporting a loss of $10.5 million for the quarter. You can view the full Vectren earnings report by clicking here.

Vectren is currently awaiting a ruling by the Indiana Utility Regulatory Commission regarding its proposed seven-year, $514 million plan for system improvements. The plan, if approved, would create annual fixed rate increases adding up to more than $13 per month by 2024.

  • Perspectives

    • How Well Are You Tracking Your Marketing?

      One of the first metrics business owners learn about is return on investment, or ROI. Earning the highest possible ROI is critical when running a business. You make investments with the expectation that you’ll have something to show for them. So how's the ROI on your investment in marketing and advertising? If you’re like most business owners, your answer is something like "I think it's pretty good" or "things seem to be working."

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (photo courtesy Dax Norton)

      Whitestown Again Indiana's Fastest-Growing Community

      The town manager of Whitestown says he is not surprised the town is the fastest-growing community in Indiana for the seventh consecutive year. The Indiana Business Research Center at the Indiana University Kelley School of Business says the Boone County town's population grew 7.6 percent last year. In an interview with Inside INdiana Business, Dax Norton said the commercial, industrial and retail sectors are driving the continued growth in population. Using estimates from the...

    • No Degree, No Problem: Top Jobs that Don't Require a College Degree

      The professional job market is competitive, with most positions requiring a college degree just to get in the door. However, college is both expensive and a serious time commitment.  Many of those who can’t afford college are still in search of jobs that pay well and can provide a career pathway to a sustainable life. Some of these men and women are skilled at working with their hands and want to apply their craft to something other than an office setting.

    • Indy-to-Paris Flight to Take Off

      City and state officials will Thursday and Friday celebrate the beginning of Indiana's first nonstop transatlantic flight between Indianapolis International Airport and Charles de Gaulle Airport in Paris. The celebration will culminate with Governor Eric Holcomb returning from his sixth international economic development trip and delivering the Indy 500 green flag to the Indianapolis Motor Speedway. Lieutenant Governor Suzanne Crouch and Indianapolis Mayor Joe Hogsett will join...

    • Long John Silver's Acquires Indiana Restaurants

      Louisville-based Long John Silver's has acquired more than 70 restaurants, most of which are located in Indiana, from Jasper-based ServUS. Financial terms of the deal were not disclosed, however the company says no jobs will be affected.

    • (photo courtesy Indiana Economic Development Corp.)

      Hoosier Delegation Travels to Germany

      Governor Eric Holcomb’s economic development trip to Europe continued with a stop in Germany. The Indiana delegation met with government, business and academic leaders in an effort to share best practices on “strengthening education and workforce development to support growing, diversified economies.”