Utility Ameren Corp. said Friday its first-quarter earnings rose 12 percent, mostly because one-time charges hurt earnings in the year-ago period.
However, the company said earnings continue to be weighed down by rising costs and significant new investments.
The company earned $138 million, or 66 cents per share, compared with $123 million, or 59 cents per share, in the year-ago quarter.
The 2007 period included charges of $18 million related to severe ice storms and $10 million related to a regulatory rule change.
An electric rate deal in Illinois cut 2008 earnings by $6 million, but boosted the 2007 period by $10 million.
The company also took mark-to-market gains of $10 million, compared with a charge of $4 million in the year-ago period. When a company marks to market, it adjusts the value of assets on its books to reflect current market conditions.
Revenue rose 3 percent to $2.08 billion, from $2.02 billion a year earlier.
Analysts were expecting a profit of 50 cents per share on revenue of $2.16 billion, according to a poll by Thomson Financial.
Shares rose 3.7 percent to $48.01 in early trading.
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