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

    • Take Time to Face Reality

      When is the last time that you as a business owner truly stopped for 30 minutes or an hour and truly took some quiet time to reflect on your business? Like most owners, it’s probably been quite some time. We all get busy doing things, working hard, taking care of customers, running the business. But if we don’t take some time each day, week, month or quarter to slow down, we are setting ourselves up for failure. Business leaders and owners need the time to slow down to...

    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

    • (Image provided by the Capital Improvement Board.)

      Indy Alters Plans for Downtown Hotels

      The city of Indianapolis has announced plans to change the framework for a major project in downtown Indy that has sparked controversy. The $120 million project, announced in October 2018, calls for an expansion of the Indiana Convention Center and two new hotels at Pan Am Plaza, which would add about 1,400 rooms. The project has drawn criticism from a group of hoteliers, who have expressed concern of a potential oversaturation in downtown Indy. Indianapolis Mayor Joe Hogsett issued...

    • How Elkhart Became The RV Capital of The World

      Today we all know Elkhart, Indiana as the RV Capital of the World. More than 80 percent of global RV production is based throughout the region. That means that if you see an RV rolling down the road anywhere in the world, chances are that it was built with the craftsmanship and dedication of Hoosiers.

    • Shelly Timmons

      IU Health Names New Leader of Neurosurgery

      The Indiana University School of Medicine and IU Health Physicians have named Shelly Timmons to lead the department of neurosurgery. She previously served at Penn State Health Milton S. Hershey Medical Center as vice chair for administration in the department of neurosurgery and director of neurotrauma.  

    • Elanco is headquartered in Greenfield.

      Elanco Finishes Deal on Pet Therapeutics Purchase

      Greenfield-based Elanco Animal Health Inc.(NYSE: ELAN) completed its purchase Thursday of Aratana Therapeutics (Nasdaq: PETX), a pet therapeutics company located near Kansas City. As Inside INdiana Business first reported Tuesday Aratana shareholders voted overwhelmingly in favor of the $245 million deal. 

    • On-Air

      Find out when and where you can watch and listen to our reports.