Vectren Updates Merger Situation, Details Earnings

Posted: Updated:
EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) says its planned $6 billion merger with CenterPoint Energy Inc. (NYSE: CNP) of Texas remains on-track to wrap-up early next year. In a quarterly earnings filing, the utility says it took on more than $15 million in charges during Q2 related to the deal. Vectren is reporting second quarter net income of $22.2 million, compared to $37.6 million during the same period a year earlier.

Chief Executive Officer Carl Chapman says "our ongoing operating results are on track to meet expectations for the year and we are affirming our 2018 guidance. Our Utility Group results reflect the ongoing investment in our gas infrastructure programs in both Indiana and Ohio that continue to drive growth for the business. Our Nonutility Group continues to perform very well with strong demand continuing for both the Infrastructure Services and Energy Services businesses."

The Vectren and CenterPoint merger was announced in April and has received approval from both boards of directors, as well as a recent exemption from a key waiting period. If completed as planned,  The deal has already been approved by the boards of directors of both companies and when completed, Vectren says the resulting company will have its natural gas utility operations headquartered in Evansville. The company still has state and federal regulatory hurdles to clear, as well as seven lawsuits from purported shareholders to deal with that it says involve complaints that are "without merit."

Vectren re-affirmed its full-year consolidated earnings guidance range of $2.80 to $2.90 per share. You can connect to the second quarter earnings report by clicking here.

  • Perspectives

    • How Managers Can Keep Millennials Happy

      There are more than 56 million Millennials either actively participating in the workforce, or searching for a job. With a number like this, it’s no surprise that Millennials have taken the workplace by storm. But what is surprising is how different this generation is from their predecessors. They rely heavily on technology and prefer to communicate via text or email rather than a traditional phone call. Managing millennial employees can be a challenge — how can executives...

    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

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • 'Heartbreaking' End For Nashville House

      The 91-year-old Nashville House restaurant is closing. The Brown County family dining staple will serve its last meal at the end of the month. In a post on Facebook, Gina Sarah Rogers, daughter of late-owners Andy and Fran Rogers, said it is "the end of an era and very heartbreaking." The restaurant is known for its country-style fried chicken and ham meals. Business on the property dates back to the late-1860s when an inn opened. It was acquired in...

    • High Alpha Spawns Tenth Tech Startup

      The first company has launched from Indianapolis-based High Alpha since the venture studio received a $100 million infusion in July, and the tenth overall. Anvl develops software designed to reduce and prevent maintenance service industry injuries. The company is led by Hoosier tech scene veteran Robin Fleming, who previously served as vice president of technology for Angie's List before its acquisition by New York-based IAC (Nasdaq: IAC). Anvl was born out of a first-of-its-kind...

    • (Image courtesy of Endocyte)

      $2.1B Endocyte Deal a Record-Breaker

      A veteran of Indiana's life sciences industry says the proposed blockbuster sale of West Lafayette-based Endocyte Inc. (Nasdaq: ECYT) is good for the ecosystem in the state. Switzerland-based Novartis AG has signed an agreement to acquire Endocyte for $2.1 billion, which BioCrossroads Project Director Brian Stemme says is "by far" the largest-ever acquisition of an Indiana life sciences company. The deal still faces regulatory and shareholder hurdles.

    • The MedTech Park would include a medical office building to house Central Indiana Orthopedics' Fishers operations.

      Construction on MedTech Park to Begin

      Officials in Fishers will Friday break ground on the first portion of the $13 million MedTech Park project. Muncie-based Central Indiana Orthopedics, which first proposed the development more than two years ago, says construction will begin on a 50,000-square-foot medical office building.