TXU Corp reported a net loss of $4.2 billion for 2002 due to write-offs related to exiting its European business. Excluding unusual charges, net income was $622 million. For 2003, TXU expects earnings per share between $1.95-$2.05, driven by cost reductions and growth in its energy delivery businesses in North America and Australia. Cash from operations is projected to be $2.3 billion, allowing $1.5 billion to reduce debt after capital expenditures and dividends.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
TXU reported strong financial results for the second quarter of 2003, with earnings from continuing operations exceeding market expectations. Earnings from continuing operations were $171 million, or $0.49 per share, compared to expectations of $0.35 per share. Total earnings, including discontinued operations, were $105 million or $0.31 per share. TXU reaffirmed its full year guidance for earnings from continuing operations of $2.00 to $2.10 per share.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
Burlington Northern Santa Fe reported record second quarter earnings in 2004, with EPS of $0.67, up 24% from the second quarter of 2003. Freight revenues increased 17% to a record $2.64 billion, driven by a 2% average price increase and record volumes. Operating income increased 23% to $508 million while the operating ratio improved to 80.7%. The company also announced a 13% increase in its quarterly dividend.
The document is Southern California Edison Company's 2003 Annual Report. It discusses SCE focusing in 2003 on restoring financial health by completing recovery of power procurement costs from the 2000-2002 energy crisis, rebalancing its capital structure, and achieving an investment grade credit rating. It also outlines SCE's objectives for 2004 of achieving fair regulatory outcomes, developing new resources, and investing in capital projects. The report provides an overview of key issues facing SCE regarding increased capital expenditures, new generation and transmission needs, and ensuring recovery of costs through the regulatory framework.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
energy future holindings TXU_Q4_2003_Earnings_Packfinance29
TXU reported strong financial results for 2003, delivering earnings of $715 million compared to $160 million in 2002. Net income for 2003 was $560 million compared to a net loss of $4.232 billion in 2002. For the fourth quarter of 2003, earnings were $66 million compared to a loss of $547 million in the same period of 2002. All business segments contributed increased earnings, with the Energy segment delivering $493 million for the full year compared to $319 million in 2002. Management expects to deliver 2004 earnings of $2.15 per share.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
TXU reported strong financial results for the second quarter of 2003, with earnings from continuing operations exceeding market expectations. Earnings from continuing operations were $171 million, or $0.49 per share, compared to expectations of $0.35 per share. Total earnings, including discontinued operations, were $105 million or $0.31 per share. TXU reaffirmed its full year guidance for earnings from continuing operations of $2.00 to $2.10 per share.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
Burlington Northern Santa Fe reported record second quarter earnings in 2004, with EPS of $0.67, up 24% from the second quarter of 2003. Freight revenues increased 17% to a record $2.64 billion, driven by a 2% average price increase and record volumes. Operating income increased 23% to $508 million while the operating ratio improved to 80.7%. The company also announced a 13% increase in its quarterly dividend.
The document is Southern California Edison Company's 2003 Annual Report. It discusses SCE focusing in 2003 on restoring financial health by completing recovery of power procurement costs from the 2000-2002 energy crisis, rebalancing its capital structure, and achieving an investment grade credit rating. It also outlines SCE's objectives for 2004 of achieving fair regulatory outcomes, developing new resources, and investing in capital projects. The report provides an overview of key issues facing SCE regarding increased capital expenditures, new generation and transmission needs, and ensuring recovery of costs through the regulatory framework.
TXU reported better than expected earnings for the first quarter of 2003, with earnings from continuing operations of $101 million (exceeding the target of $0.20 per share). Full year 2003 guidance remains at $1.95 to $2.05 per share. Earnings were higher than expected due to increased contributions from the North America Energy Delivery segment and cost reductions, though partially offset by higher fuel costs and interest expenses. TXU has also accomplished debt reduction and cost cutting objectives to strengthen its financial position.
energy future holindings TXU_Q3_2003_Earnings_Packfinance29
TXU reported improved financial results for the third quarter and first nine months of 2003 compared to the same periods in 2002. Third quarter earnings from continuing operations increased 15% to $368 million, or $1.01 per share, due to higher contribution margins and lower costs across all business segments. For the first nine months, earnings from continuing operations were $650 million, or $1.82 per share. TXU expects full-year 2003 earnings from continuing operations to be around $2.00 per share.
This document provides a summary of financial information for Macquarie Infrastructure Company's (MIC) fourth quarter and full year 2013 earnings. It discusses key drivers of MIC's performance including increased cash flow at Atlantic Aviation from higher fuel sales and rental rates. It also notes cash flow growth at International-Matex Tank Terminals from higher terminal revenue and contribution from recently acquired contracted power facilities. The document initiates 2014 guidance for MIC's proportionately combined free cash flow per share of $4.35 to $4.50, representing continued growth.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
Burlington Northern Santa Fe reported earnings of $0.54 per share for the second quarter of 2003, up slightly from $0.51 per share in the second quarter of 2002. Freight revenues increased 3.7% to $2.26 billion due to a 4.6% rise in shipments handled. However, operating income was flat at $412 million as fuel expenses increased $56 million compared to the previous year. The company also repurchased 2 million shares during the quarter as part of its share buyback program.
Duke Energy reported second quarter 2003 earnings per share of $0.46, including $0.16 from asset sales. Performance was impacted by cooler weather reducing electricity demand. Total first half 2003 earnings were $0.71 per share, including a $0.18 accounting change charge. Duke exceeded its $1.5 billion asset sale target and expects full-year earnings between $1.35-$1.60 per share.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
1) Burlington Northern Santa Fe Corporation reported earnings of $0.40 per share for the first quarter of 2003, before a cumulative effect adjustment of $0.10 per share for a change in accounting principle.
2) Freight revenues increased 3% to $2.2 billion compared to the first quarter of 2002, while operating expenses rose $103 million to $1.89 billion due to a $90 million increase in fuel costs.
3) Operating income was $346 million for the quarter, down from $380 million in the prior year due to higher fuel costs, and the operating ratio rose to 84.3% from 82.2% in 2002.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
Xcel Energy Inc. is a holding company that owns several regulated electric and natural gas utility subsidiaries serving customers in 11 states. In 2003, Xcel Energy directly owned five utility subsidiaries operating in the electric and natural gas segments. It also had several nonregulated subsidiaries and conducted corporate financing activities. Xcel Energy sold some subsidiaries in 2003 and classified others as discontinued operations. Regulated utility income from continuing operations decreased in 2003 primarily due to higher operating costs and weather impacts as well as share dilution. Income from discontinued operations increased due to lower losses from NRG compared to 2002.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
The document provides an overview of TRC Solutions' Q3 2016 financial results. Key points include:
1) Net service revenue increased 20% year-over-year to $121.3 million, with growth in infrastructure and declines in energy and environmental.
2) Adjusted EBITDA was $7.9 million, excluding one-time acquisition and integration costs and a goodwill impairment.
3) A goodwill impairment charge of $24.5 million was recorded for the pipeline services segment due to challenges in the oil and gas market.
4) The company continues focusing on organic growth opportunities in strategic markets like utilities and transportation infrastructure.
Burlington Northern Santa Fe Corporation reported financial results for the first quarter of 2004 with the following highlights:
- Revenue increased 11% to $2.49 billion driven by an 8% increase in units handled.
- Operating income rose 19% to $410 million and the operating ratio improved to 83.3% from 84.3% in the prior year.
- Earnings per share increased 30% to $0.52 compared to $0.40 in the first quarter of 2003, excluding the effect of an accounting change.
- Capital expenditures totaled $392 million for the quarter focused on maintenance and expansion projects.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
The document discusses the transformation of TXU from a regulated monopoly utility serving North Texas for over 100 years to an industrial energy company powering Texas' future. Texas legislators realized that a restructured electric market with market solutions would be better able to deal with challenges of the global energy market. Restructuring "unbundled" the electric value chain, bringing competition and choice that has spurred investment and innovation, increasing efficiency and providing lower prices than under regulation. Texas now has the only true competitive retail electric market in the US.
NiSource Inc. is an energy holding company that provides natural gas, electricity, and other energy products and services to approximately 3.7 million customers located along the Gulf Coast through the Midwest to New England. The company operates through four primary business segments: Gas Distribution Operations, Gas Transmission and Storage Operations, Electric Operations, and Other Operations. Gas Distribution Operations serves over 3.3 million customers in 9 states through 56,000 miles of pipeline. Gas Transmission and Storage Operations owns and operates approximately 16,000 miles of interstate pipelines and one of the largest underground natural gas storage systems in the US. Electric Operations generates and distributes electricity to approximately 446,000 customers in northern Indiana. Other Operations participates in energy-
Calpine Corporation is a major power company that owns and operates 92 power plants capable of delivering over 26,500 megawatts of electricity. In 2004, Calpine generated over 96 million megawatt hours of electricity but reported a net loss of $242.5 million, its first annual loss as a public company. Calpine has significantly expanded its fleet in recent years through new construction and now has over 30,000 megawatts of generation capacity. The company aims to lower costs through economies of scale and strives to operate its power plants safely and reliably with high availability.
This document provides financial and operating reports for TXU Corp. and subsidiaries for the first quarter of 2001 and full year 2000. It includes statements of consolidated income, operating revenues and expenses, net income, earnings per share, and statements of consolidated cash flows. Some key details are revenues for the first quarter of 2001 were $8.4 billion, a 75% increase from the same period in 2000. Net income for the full year 2000 was $907 million, an 9% decrease from 1999. Cash provided by operating activities for 2000 was $2.5 billion.
This document is Calpine Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2005. It includes information such as an overview of Calpine's business operations, audited financial statements, discussion of legal proceedings, risks factors, and information on corporate governance such as the backgrounds of directors and executive compensation. The report is broken down into parts covering topics such as properties, legal matters, financial data, management discussion and analysis, changes in accounting practices, security ownership and certain related transactions.
This document provides a summary of financial information for Macquarie Infrastructure Company's (MIC) fourth quarter and full year 2013 earnings. It discusses key drivers of MIC's performance including increased cash flow at Atlantic Aviation from higher fuel sales and rental rates. It also notes cash flow growth at International-Matex Tank Terminals from higher terminal revenue and contribution from recently acquired contracted power facilities. The document initiates 2014 guidance for MIC's proportionately combined free cash flow per share of $4.35 to $4.50, representing continued growth.
Duke Energy reported lower earnings in Q1 2004 compared to Q1 2003. Earnings per share were $0.36 compared to $0.25 the prior year. Ongoing earnings per share excluding special items were $0.32 compared to $0.42. Several business units experienced lower earnings including Franchised Electric, Natural Gas Transmission and Duke Energy North America which was impacted by mark-to-market losses. However, Field Services more than doubled its earnings and the company exceeded its asset sales target for the year.
Burlington Northern Santa Fe reported earnings of $0.51 per share for Q2 2002, up slightly from $0.50 per share in Q2 2001. Freight revenues were $2.18 billion, down 3% from the previous year, with declines in coal, agricultural products, and industrial products offsetting growth in consumer products. Operating expenses decreased 2% despite lower fuel prices, helping maintain the operating ratio at 81.4%. The company also repurchased 4.2 million shares during the quarter.
This document is Burlington Northern Santa Fe Corporation's annual investors' report for 2005. Some key points:
- BNSF achieved record quarterly and annual revenue and earnings per share in 2005. Fourth quarter earnings were $1.13 per share, up 24% from 2004. Annual earnings were a record $4.01 per share.
- Freight revenues for the fourth quarter of 2005 increased 18% to $3.45 billion compared to 2004. For the full year, freight revenues increased 17% to $12.6 billion.
- Operating income for the fourth quarter was $800 million, up 20% from 2004. For 2005, operating income increased 73% to $2.92
SCANA Corporation reported consolidated earnings of $114 million for the first quarter of 2009, comparable to earnings of $109 million in the first quarter of 2008. Earnings were positively impacted by lower operating and maintenance expenses and favorable weather, offsetting factors such as lower natural gas margins. By business line, South Carolina Electric & Gas earned $62 million, PSNC Energy earned $30 million, and SCANA Energy earned $22 million. The company affirmed its guidance for 2009 earnings between $2.65 to $2.95 per share.
Burlington Northern Santa Fe reported earnings of $0.54 per share for the second quarter of 2003, up slightly from $0.51 per share in the second quarter of 2002. Freight revenues increased 3.7% to $2.26 billion due to a 4.6% rise in shipments handled. However, operating income was flat at $412 million as fuel expenses increased $56 million compared to the previous year. The company also repurchased 2 million shares during the quarter as part of its share buyback program.
Duke Energy reported second quarter 2003 earnings per share of $0.46, including $0.16 from asset sales. Performance was impacted by cooler weather reducing electricity demand. Total first half 2003 earnings were $0.71 per share, including a $0.18 accounting change charge. Duke exceeded its $1.5 billion asset sale target and expects full-year earnings between $1.35-$1.60 per share.
Duke Energy reported second quarter 2005 earnings per share of $0.33, down from $0.46 in the second quarter of 2004. Mild weather led to lower sales for the Franchised Electric and DENA segments. Field Services and International posted strong results. Despite weather impacts, Duke Energy expects to meet its 2005 EPS target of $1.60 per share due to anticipated stronger performance in the second half of the year.
1) Burlington Northern Santa Fe Corporation reported earnings of $0.40 per share for the first quarter of 2003, before a cumulative effect adjustment of $0.10 per share for a change in accounting principle.
2) Freight revenues increased 3% to $2.2 billion compared to the first quarter of 2002, while operating expenses rose $103 million to $1.89 billion due to a $90 million increase in fuel costs.
3) Operating income was $346 million for the quarter, down from $380 million in the prior year due to higher fuel costs, and the operating ratio rose to 84.3% from 82.2% in 2002.
Progress Energy reported its fourth quarter and full year 2003 financial results. For 2003, ongoing earnings were $3.56 per share and GAAP earnings were $3.30 per share. For Q4 2003, ongoing earnings were $0.82 per share and GAAP earnings were $0.42 per share. Progress Energy set its 2004 ongoing earnings guidance range at $3.50 to $3.65 per share. Significant events in 2003 included strong performance of the company's nuclear power plants, new franchise agreements in Florida, and receiving an emergency response award for its response to the 2002 ice storm.
This document provides an annual investors' report for Burlington Northern Santa Fe Corporation for 2002. It includes:
1) Key financial highlights for Q4 2002 including $0.54 earnings per share, $2.27 billion in freight revenues, and $436 million in operating income.
2) Annual 2002 results including $2.00 earnings per share, $8.87 billion in freight revenues, and $1.66 billion in operating income.
3) Details of common stock repurchases totaling approximately 116 million shares under their repurchase program.
Xcel Energy Inc. is a holding company that owns several regulated electric and natural gas utility subsidiaries serving customers in 11 states. In 2003, Xcel Energy directly owned five utility subsidiaries operating in the electric and natural gas segments. It also had several nonregulated subsidiaries and conducted corporate financing activities. Xcel Energy sold some subsidiaries in 2003 and classified others as discontinued operations. Regulated utility income from continuing operations decreased in 2003 primarily due to higher operating costs and weather impacts as well as share dilution. Income from discontinued operations increased due to lower losses from NRG compared to 2002.
Progress Energy reported third quarter 2004 ongoing earnings of $1.01 per share compared to $1.28 per share in the third quarter of 2003. GAAP earnings were $1.25 per share compared to $1.33 per share. Earnings from core utility businesses were strong but offset by lower synthetic fuel production tax credits. Hurricane damage restoration costs totaled $379 million. Progress Energy reaffirmed 2004 ongoing earnings guidance of $2.95 to $3.10 per share and announced developments in an IRS audit of synthetic fuel tax credits.
The document provides an overview of TRC Solutions' Q3 2016 financial results. Key points include:
1) Net service revenue increased 20% year-over-year to $121.3 million, with growth in infrastructure and declines in energy and environmental.
2) Adjusted EBITDA was $7.9 million, excluding one-time acquisition and integration costs and a goodwill impairment.
3) A goodwill impairment charge of $24.5 million was recorded for the pipeline services segment due to challenges in the oil and gas market.
4) The company continues focusing on organic growth opportunities in strategic markets like utilities and transportation infrastructure.
Burlington Northern Santa Fe Corporation reported financial results for the first quarter of 2004 with the following highlights:
- Revenue increased 11% to $2.49 billion driven by an 8% increase in units handled.
- Operating income rose 19% to $410 million and the operating ratio improved to 83.3% from 84.3% in the prior year.
- Earnings per share increased 30% to $0.52 compared to $0.40 in the first quarter of 2003, excluding the effect of an accounting change.
- Capital expenditures totaled $392 million for the quarter focused on maintenance and expansion projects.
Progress Energy reported 2004 ongoing earnings of $3.06 per share and GAAP earnings of $3.13 per share. For the fourth quarter, ongoing earnings were $0.62 per share and GAAP earnings were $0.80 per share. For 2005, ongoing earnings guidance was set at $2.90 to $3.20 per share. Key drivers for 2005 earnings included customer growth and usage offset by higher O&M costs and the sale of Progress Rail. Significant events in 2004 included hurricane impacts, regulatory filings, and asset sales.
DTE Energy reported strong third quarter 2006 earnings of $188 million compared to $4 million in third quarter 2005. Operating earnings, which exclude non-recurring items, were $255 million in third quarter 2006 compared to $5 million in third quarter 2005. All of DTE Energy's business segments experienced increased operating earnings except for Gas Utility which typically has a seasonal loss in the third quarter. DTE Energy tightened its full year 2006 operating earnings guidance excluding synthetic fuels to be between $2.42 to $2.53 per share.
The document discusses the transformation of TXU from a regulated monopoly utility serving North Texas for over 100 years to an industrial energy company powering Texas' future. Texas legislators realized that a restructured electric market with market solutions would be better able to deal with challenges of the global energy market. Restructuring "unbundled" the electric value chain, bringing competition and choice that has spurred investment and innovation, increasing efficiency and providing lower prices than under regulation. Texas now has the only true competitive retail electric market in the US.
NiSource Inc. is an energy holding company that provides natural gas, electricity, and other energy products and services to approximately 3.7 million customers located along the Gulf Coast through the Midwest to New England. The company operates through four primary business segments: Gas Distribution Operations, Gas Transmission and Storage Operations, Electric Operations, and Other Operations. Gas Distribution Operations serves over 3.3 million customers in 9 states through 56,000 miles of pipeline. Gas Transmission and Storage Operations owns and operates approximately 16,000 miles of interstate pipelines and one of the largest underground natural gas storage systems in the US. Electric Operations generates and distributes electricity to approximately 446,000 customers in northern Indiana. Other Operations participates in energy-
Calpine Corporation is a major power company that owns and operates 92 power plants capable of delivering over 26,500 megawatts of electricity. In 2004, Calpine generated over 96 million megawatt hours of electricity but reported a net loss of $242.5 million, its first annual loss as a public company. Calpine has significantly expanded its fleet in recent years through new construction and now has over 30,000 megawatts of generation capacity. The company aims to lower costs through economies of scale and strives to operate its power plants safely and reliably with high availability.
This document provides financial and operating reports for TXU Corp. and subsidiaries for the first quarter of 2001 and full year 2000. It includes statements of consolidated income, operating revenues and expenses, net income, earnings per share, and statements of consolidated cash flows. Some key details are revenues for the first quarter of 2001 were $8.4 billion, a 75% increase from the same period in 2000. Net income for the full year 2000 was $907 million, an 9% decrease from 1999. Cash provided by operating activities for 2000 was $2.5 billion.
This document is Calpine Corporation's annual report (Form 10-K) filed with the United States Securities and Exchange Commission for the fiscal year ending December 31, 2005. It includes information such as an overview of Calpine's business operations, audited financial statements, discussion of legal proceedings, risks factors, and information on corporate governance such as the backgrounds of directors and executive compensation. The report is broken down into parts covering topics such as properties, legal matters, financial data, management discussion and analysis, changes in accounting practices, security ownership and certain related transactions.
The document contains charts showing the percentage of premium lubricants as part of Valvoline's branded volume from 2005 to 2009, as well as Valvoline's revenue from 2005 to early 2009. The percentage of premium lubricants increased overall during this period, ranging from a low of 15% to a high of 27.6%. Valvoline's revenue generally increased year-over-year, averaging around $130-140 million for the 12-month rolling period.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided, so a concise 3 sentence summary cannot capture much meaningful information from this very brief document.
First Data Corporation is able to help facilitate commerce globally through payments in a seamless and flawless manner. It has the financial strength, global reach, and scalable infrastructure to promote economic opportunity in growing markets like China while also enhancing convenience for consumers making purchases anywhere. First Data can execute unique tasks like helping buy dinner, sending a car payment, and expanding opportunity in China through its unified vision and commitment to flawless execution.
TXU's fundamental business strategy is to transform into an industrial energy company focused on delivering top quartile financial performance across its three structurally advantaged businesses: generation, transmission & distribution, and retail.
TXU has significant exposure to natural gas prices and heat rates due to its large baseload coal generation fleet, which produces power at a lower marginal cost than gas plants. However, the integration of its generation and retail businesses helps reduce volatility as the businesses' margins move in opposite directions with changing gas prices.
In the mid to long term, TXU aims to continue improving operational excellence across its businesses to enhance financial performance and total returns for shareholders.
TXU reported lower third quarter earnings per share of $0.73 compared to $1.28 in the prior year, due to lower contributions from its European business and North America Energy segment. For the year-to-date period, earnings were $2.40 per share compared to $2.83 in the prior year. TXU also secured an additional $1 billion in liquidity by obtaining a 364-day credit facility for its subsidiary Oncor Electric Delivery Company.
- Third quarter 2005 earnings discussion presentation by TXU Corp on November 1, 2005
- Key highlights included solid performance across all core businesses, with operational excellence and cost management improvements increasing earnings
- However, rising natural gas prices greatly reduced margins, and an abnormally hot September further increased wholesale power prices and hurt profits
- Financial flexibility measures like EBITDA, debt levels, and cash from operations all improved compared to year-end 2004
Campbell Soup Company reported strong financial results for fiscal year 2008 despite challenging market conditions. Net sales increased 8% to $7.998 billion and adjusted net earnings per share rose 7% to $2.09. The company's U.S. Soup, Sauces and Beverages business saw a 5% increase in sales. The Baking and Snacking business delivered an 11% increase in sales. International Soup, Sauces and Beverages sales increased 15%. Campbell remains focused on its core categories of Simple Meals, Baked Snacks, and Healthy Beverages which offer the best growth prospects globally.
This document is Calpine Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It provides financial statements and notes for the quarter, including the consolidated condensed balance sheet, statement of operations, and statement of cash flows. It also provides management's discussion and analysis of the company's financial condition and operating results, including information on liquidity, capital resources, market risks, and recent accounting pronouncements. The report states that Calpine and certain subsidiaries filed for Chapter 11 bankruptcy protection and CCAA proceedings in Canada.
energy future holindings Q107ER_Exhibits_FINALfinance29
TXU reported a net loss for the first quarter of 2007 compared to a net income in the same period of 2006. The loss was primarily due to special items including a charge related to suspending generation projects and unrealized losses on hedging positions. Excluding special items, operational earnings decreased from the prior year due to lower contribution margin from plant outages and pricing, as well as higher expenses, but volumes increased with colder weather. Key highlights included regulatory applications related to a proposed acquisition by investment firms KKR and TPG, completing generation plant outages safely and on schedule, and continued work on expanding nuclear and coal-fueled generation capacity.
This document is a Form 10-Q quarterly report filed by Calpine Generating Company, LLC and CalGen Finance Corp. with the SEC for the quarter ended September 30, 2004. It includes consolidated financial statements and notes. The consolidated balance sheet shows total assets of $6.7 billion and total liabilities and member's equity of $6.7 billion. The consolidated statement of operations shows net loss of $25.4 million for the nine months ended September 30, 2004. The consolidated statement of cash flows shows net cash provided by operating activities of $234.1 million and net cash used in investing activities of $155.1 million for the nine months ended September 30, 2004.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
The document is TXU's 2003 annual report which provides an overview of the company's operations and progress over the past year. It discusses TXU's business segments including TXU Energy, Oncor, and TXU Australia. The report highlights that in 2003, TXU delivered on its financial plan by achieving earnings per share of $2.03, generating $2.8 billion in cash from operations, and increasing production across its business segments.
This document summarizes TXU Corp.'s consolidated income statements and balance sheets for the three months, six months, and twelve months ended June 30, 2001 and 2000. Some key details:
- Operating revenues increased 33.4%, 54.8%, and 48.4% respectively compared to the prior year.
- Total operating expenses also increased significantly due to higher energy purchase costs and other factors.
- Net income decreased 8.8%, 2.9%, and 19.6% respectively compared to the prior year.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. The company maintained its 2005 earnings guidance of $3.30 to $3.60 per share. Key factors impacting 2004 results included mild weather, lower utility sales from customer choice programs, and higher power plant and benefit costs. However, the company completed favorable rate cases and expects regulatory resolutions and non-utility growth to improve 2005 earnings.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were $93 million compared to $176 million in 2003. Operating earnings were also down, at $69 million versus $114 million the year before. The decline was largely due to lower revenues at Detroit Edison from mild weather and customers switching to electric choice programs. However, DTE Energy expects regulatory proceedings to improve the financial outlook for its utility businesses and continued strong performance from non-regulated operations.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. DTE Energy expects higher earnings from its synfuels business and increased its 2004 earnings guidance for non-regulated businesses.
DTE Energy reported second quarter earnings of $35 million compared to a loss of $39 million in the second quarter of 2003. Operating earnings, which exclude non-recurring items, were $39 million in the second quarter of 2004 compared to $70 million in the same period of 2003. For the six months ended June 30, 2004, reported earnings were $225 million compared to $116 million in 2003. Operating earnings were negatively impacted by Michigan's Electric Choice program and increased pension and healthcare expenses at Detroit Edison and MichCon. However, non-regulated businesses performed well with increased earnings from coal and energy marketing.
Qwest Communications reported financial results for the third quarter of 2002, with a net loss of $214 million compared to a $142 million loss in the same period last year. While revenue declined 13.2% year-over-year, Qwest achieved positive free cash flow for the second consecutive quarter through cost reductions. Qwest also took steps to strengthen its balance sheet by amending credit facilities and selling its QwestDex directory business.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
DTE Energy reported earnings of $521 million for 2003, down 18% from 2002, driven by weak results at its utility subsidiaries Detroit Edison and MichCon. Detroit Edison's earnings dropped 31% to $246 million due to impacts of Michigan's electric choice program, higher costs such as pensions and healthcare, and storms. MichCon saw a 26% rise in operating costs. The CEO said they need rate relief from the MPSC and changes to the electric choice program to make it fair to customers and utilities.
TXU reported a 24% increase in earnings per share for the first quarter of 2022 compared to the same period in 2021. Earnings were $0.94 per share for the first quarter of 2022 versus $0.76 per share in 2021. The North America Energy segment contributed strongly with net income of $180 million, while the International Energy segment saw a decline in net income contribution from $75 million to $49 million due to difficult market conditions in the UK. The North America Energy Delivery segment also contributed positively with $101 million in net income.
DTE Energy reported lower second quarter earnings compared to the previous year, but operating earnings were higher. While the electric and gas utilities saw improved earnings, the non-utility businesses had lower earnings due to accounting deferrals and oil hedging losses. However, DTE Energy reaffirmed its full-year operating earnings guidance.
progress energy 3Q 02.earnings.release.andfinancialsfinance25
- Progress Energy reported ongoing quarterly earnings of $1.53 per share and GAAP earnings of $0.71 per share. It expects 2002 ongoing earnings to be within its target range of $3.90 to $4.00 per share.
- It announced an agreement to sell NCNG to Piedmont Natural Gas for $425 million, which will be used to pay down debt.
- For 2003, it expects 3% earnings growth over 2002 through cost management, sales growth at its electric utilities, and additional revenues from its non-regulated business.
Progress Energy reported earnings of $2.65 per share for 2001, meeting expectations. Earnings were positively impacted by its non-regulated businesses which offset the effects of mild weather and an industrial slowdown. It also received tax rulings for four synthetic fuel plants and reaffirmed its 2002 guidance of $3.90 to $4.10 per share.
Duke Energy 04-29-04_PMA_DLH_1Q04_Earnings_Reviewfinance21
The document provides an earnings review for Duke Energy Corporation for the first quarter of 2004. It summarizes key financial highlights including reported EPS of $0.36 and EPS excluding special items of $0.32. It reviews performance across Duke Energy's business segments, noting solid earnings from regulated businesses and improved results from field services. It also discusses special items including a $325 million pre-tax loss from the anticipated sale of Southeast generation assets. The document indicates progress on financial plans including $200 million in debt reductions and $1.5 billion in asset sale proceeds to date.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
DTE Energy reported earnings of $186 million for the first quarter of 2004, up from $155 million in the first quarter of 2003. Operating earnings, which exclude non-recurring items, were $151 million, comparable to the $178 million reported in the first quarter of 2003. Earnings were impacted by warmer weather and increased uncollectable accounts at the company's gas distribution business. The company expects to receive rate relief in 2004 that will help improve earnings performance for the year.
Duke Energy reported higher ongoing diluted EPS of $0.43 per share compared to $0.32 in the prior year's quarter. Revenues were lower at $4.04 billion compared to $5.27 billion due to the deconsolidation of DEFS, but this was partially offset by the addition of Cinergy's operations. Strong performances from Gas Transmission, Field Services and Crescent helped deliver solid results, and the company remains on track to achieve its 2006 EPS target.
Qwest Communications reported its second quarter 2002 results. It achieved positive free cash flow of $320 million but reported a net loss of $1.14 billion. It revised its full year 2002 guidance, expecting total revenue between $17.1-17.4 billion and a normalized loss per share between ($0.46)-($0.49). Recurring revenue declined 6% to $4.32 billion compared to the second quarter of 2001. Adjusted EBITDA was $1.26 billion, down from $2 billion the previous year.
TXU reported earnings of $3.78 per share for 2001, a 10% increase over 2000. Revenues increased 27% to $28 billion. Key drivers of growth included strong performance from US Electric, US Energy, and international operations in Europe and Australia. For the fourth quarter of 2001, TXU reported earnings of $0.75 per share, excluding unusual items, a 23% increase over the prior year fourth quarter. TXU expects earnings to be in the range of $4.35 to $4.45 per share for 2002, representing continued 9-11% annual growth.
The document summarizes Duke Energy's financial results for the third quarter of 2005. It reports higher earnings in the company's franchised electric, natural gas transmission, and international energy segments. It also discusses the financial impacts of Duke Energy's decision to exit its North American commercial power business. Finally, it provides expectations for 2005 ongoing earnings per share and 2007 ongoing earnings following the planned merger with Cinergy.
progress energy 1Q 02 earnings releaseFinal_allfinance25
Progress Energy reported first quarter earnings per share of $0.62, and $0.77 excluding one-time items. A rate settlement in Florida contributed $0.10 per share in retroactive revenue. Progress Energy reaffirmed its 2002 EPS guidance of $3.90 to $4.10. Several factors including mild weather, economic conditions, and debt issuance impacted the year-over-year EPS difference of $0.11.
Similar to energyfutureholdings TXU_2002_summary (20)
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain the meaning or significance of this number.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville shales. CHK has captured value through joint venture deals in these plays while maintaining high production growth rates and low finding costs. The document outlines CHK's competitive advantages that position it well during an economic downturn.
The document contains a single number - 5.5% - which appears to indicate a percentage or rate of some kind. No other context or details are provided that would help explain what the given percentage refers to.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
This document contains selected historical net revenue and EBITDA data by resort for MGM MIRAGE and its subsidiaries. It shows that for the quarter ending September 30, 2004, Mandalay Bay had the highest net revenue of $194,864,000 and EBITDA of $47,807,000. Overall for 2004, Mandalay Bay had the highest annual net revenue of $823,464,000 and EBITDA of $241,512,000 among all the listed resorts. The data is broken out by quarter and resort, with notes on what properties are included in certain categories.
This document provides pro forma net revenues and EBITDA by resort for MGM MIRAGE and subsidiaries for the second quarter and first half of 2005 and 2004. It shows that the Bellagio and MGM Grand Las Vegas resorts generated the highest net revenues and EBITDA amounts both quarterly and year-to-date. Additional data includes pro forma results for other Nevada properties, MGM Grand Detroit, and Mississippi properties including Beau Rivage and Gold Strike Tunica. Schedules also reconcile operating income to EBITDA for the periods presented.
This document provides supplemental data on net revenues and EBITDA by resort for MGM MIRAGE and its subsidiaries. It shows that for the second quarter of 2005, net revenues increased over 60% and EBITDA increased over 47% compared to the same period in 2004. The largest contributors to net revenues and EBITDA were the Bellagio, MGM Grand Las Vegas, and other Las Vegas Strip properties. EBITDA margins expanded as several new acquisitions were integrated into operations.
This document provides supplemental financial data for MGM MIRAGE, including net revenues and property EBITDA by resort on the Las Vegas Strip for Q1 2007 and Q1 2006. It also includes hotel operating statistics like occupancy rates and average daily rates for their Strip properties. Revenues increased for most properties in 2007 compared to 2006. CityCenter had a loss of $14 million in property EBITDA in Q1 2007 due to ongoing preopening and start-up expenses.
This document provides quarterly net revenue and hotel statistics for MGM Resorts International properties on the Las Vegas Strip from 2007 to 2006. It shows that Bellagio and MGM Grand Las Vegas generally had the highest net revenues, while occupancy rates were consistently over 90% across most properties. Property EBITDA was highest for Bellagio, MGM Grand, and Mandalay Bay. Certain preopening, restructuring, and transaction costs affected Property EBITDA amounts.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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1. News
Release
1601 Bryan Street
Dallas, Texas 75201-3411
FOR IMMEDIATE RELEASE
TXU Closes Challenging 2002, Focuses on Operational Excellence in 2003
• 2002 Earnings: Loss of $4.2 billion, $15.23 per share (diluted)
• 2002 Adjusted Earnings of $622 million, $2.21 per share (diluted), excluding write off of the
Europe investment and other significant unusual charges
• 2003 guidance established at $1.95 to $2.05 per share with focus on further efficiency and
excellence in core operations, debt reduction, and strengthening credit
DALLAS - February 5, 2003 – TXU Corp. (NYSE:TXU), an energy services company serving five
million customers in North America and Australia, today reported a net loss for 2002 of $4.232 billion,
$15.23 per share (diluted) of common stock compared with net income for 2001 of $655 million, $2.52
per share. Excluding discontinued operations and other significant unusual charges detailed below,
primarily consisting of the previously disclosed $4.2 billion of charges associated with the exit of the
Europe business, net income for 2002 was $622 million, or $2.21 per share (diluted) as compared to
$635 million or $2.44 per share (diluted) for 2001. Previously disclosed significant unusual items in
2001 were the extraordinary charges of $154 million associated with the restructuring of the Texas
electricity market and $18 million of other charges associated with the industry restructuring, primarily
the write off of certain wholesale-related regulatory assets. Prior year results included $43 million or
17 cents per share of goodwill amortization which was discontinued at the end of 2001.
Adjusted earnings are not intended to replace GAAP earnings, but are provided as a tool to assist
investors who may not consider discontinued operations, impairments and certain other unusual
charges deemed non-recurring in nature to be useful in forecasting future results. Unusual charges are
listed below to assist investors in making their own decisions.
Significant unusual items in 2002
Significant unusual items in 2002 are shown here in millions of US dollars and after tax, with reference
to the quarter in which they were incurred.
• Discontinued operations – Europe (4Q) $4,195
• Discontinued operations – Monterrey, Mexico (3Q) 15
Total discontinued operations 4,210
• Extraordinary - losses on extinguishment of debt (1Q/3Q/4Q) 41
• Extraordinary – write off regulatory assets and related charges (4Q) 134
Total extraordinary items 175
• Impairment of Twin Oak and Forest Grove projects (4Q) 154
• Impairment of telecommunications investment (4Q) 174
• Retail clawback – Texas Electric Choice Law (4Q) 120
• Employee severance benefit costs (primarily 4Q) 21
Total $4,854
2. As previously disclosed in Form 10-Q filings with the Securities and Exchange Commission, the
company wrote-off the European investment and recognized the impairment of the Monterrey natural
gas distribution operations. Extraordinary items include the write off of a portion of generation related
regulatory assets, representing the difference between the net carrying value of the assets and the
anticipated principal and interest from transition (securitization) bonds that will be issued in 2003 and
2004 to securitize those assets. This regulatory asset write off was described in the Form 10-Q for the
period ended September 30, 2002 and is now being recognized as a result of the recently announced
settlement of appeals related to the financing order authorizing the issuance of the securitization bonds.
There was also a $23 million (after tax) extraordinary charge associated with the early extinguishment
of debt at TXU Gas in the fourth quarter and the previously disclosed $18 million (after tax) of
extraordinary loss on extinguishment of debt associated with the restructuring of the Texas electricity
operations.
The impairment of the Twin Oak and Forest Grove lignite-fueled generation projects in Texas, which
are being held for final development, is the result of reduced capital expenditure forecasts and market
dynamics which make it less likely that these facilities will be developed by TXU. The impairment of
the telecommunications investment is the result of the testing of goodwill and recently announced asset
sales indicating a decline in the value of competitive line assets at TXU Communications and the
related determination that TXU’s investment in the Pinnacle partnership may no longer be realizable
under current telecommunications market conditions.
The retail clawback is a requirement of the Texas Electric Choice legislation implemented in 1999 to
open the retail electricity markets in Texas to customer choice, beginning in 2002. The clawback will
be applied as a credit to electricity delivery charges over the two year period of 2004 and 2005. The
retail clawback charge was recorded in the fourth quarter of 2002, reflecting the current best estimate
of the clawback obligation.
Results of operations for 2002
In addition to the cessation of goodwill amortization described above, comparisons to the prior year
results are affected by the increase in number of shares of common stock as a result of the maturity of
equity-linked securities in August 2001 and 2002 and the issuance of 11.8 million shares of common
stock in June 2002 and 35 million shares in December 2002. Fully diluted common stock on adjusted
earnings was also increased by the effect of the issuance, for the purpose of improving liquidity, of
$750 million of notes exchangeable into approximately 57 million shares common stock as announced
in November 2002.
Excluding unusual items, goodwill amortization and increased shares as discussed above, the decline
in results for the year were primarily the result of increased expenses associated with the opening of
the Texas electricity market to customer choice in the North America Energy segment which were
somewhat offset by the outstanding results from Australia, increased contribution from North America
Energy Delivery, and reduced interest expense at Corporate. As previously disclosed, actions are
being taken to reduce expenses substantially in 2003.
TXU closed 2002 with over $2 billion of available liquidity, including approximately $1.6 billion of
cash. Net debt to capital was 58 percent. Net debt is the sum of long term debt, long term debt due
currently, and notes payable, excluding securitization bonds, notes exchangeable to common stock and
equity-linked securities, net of cash and restricted cash. Capital is net debt plus preferred and
preference stock and securities and common shareholders’ equity.
3. In preparation for the opening of the Texas electricity markets to customer choice on January 1, 2002,
TXU unbundled its electric operations into an electricity delivery business consisting of regulated
transmission and distribution operations and a competitive energy business consisting of generation,
portfolio management and retail operations operated as a single energy business. Because these
businesses were bundled and were all predominantly regulated in 2001, comparisons of results from
2002 to 2001 may not be representative.
The North America Energy segment delivered $536 million of net income in 2002, excluding unusual
items. This segment contains the company’s generation, portfolio management, and retail operations
primarily in Texas. The results reflect the successful transition to competition of the Texas operations.
Higher selling, general and administrative expenses, including temporarily increased costs associated
with the opening of the electricity market in Texas to customer choice this year, were somewhat offset
by increased margin. Significant steps were taken in North American operations in late 2002 and
continue into 2003 with a targeted net reduction of expenses in 2003 of $250 million. As such,
contributions from North America Energy in 2003 are expected to improve substantially.
The North America Energy Delivery segment provided $252 million of net income in 2002, excluding
unusual items. This segment includes the electric transmission and distribution assets as well as the
company’s natural gas pipeline and distribution business. Segment results reflect strong customer and
usage growth in the North Texas area. Electric delivery results improved, reflecting earnings at or near
regulatory authorized levels. Natural gas delivery results also improved, primarily due to increased
customer and usage growth, enhanced pipeline revenues and the discontinuance of goodwill
amortization partially offset by the gain on a favorable gas contract settlement that was included in the
2001 results. The outlook for 2003 from this segment is down slightly as customer and usage growth
and improvement in results from gas operations are likely to be outweighed by initiation of
amortization of non-securitized regulatory assets and increased interest expense from the refinancing
of short term debt in late 2002 and the planned 2003 issuance of $500 million of securitization bonds.
Net income contribution from Australia was $74 million in 2002. Improved energy margins and the
discontinuance of goodwill amortization were partially offset by higher expenses associated with
increased retail infrastructure and marketing expenditures in conjunction with the full opening of the
retail markets. Contributions in 2003 are expected to be slightly lower than the exceptional 2002
results primarily due to the regulatory mandated four percent decrease in ex-franchise small consumer
electricity rates implemented in January 2003, offsetting anticipated continued cost control and
customer and sales growth.
For the fourth quarter ended December 31, 2002, TXU reported a net loss of $4.883 billion, $16.44 per
share of common stock compared with a net loss for the fourth quarter of 2001 of $76 million, $0.29
per share. Excluding discontinued operations and other unusual charges listed above, results for the
fourth quarter of 2002 was a net loss of $72 million, or $0.24 per share as compared to net income of
$72 million, or $0.27 per share for 2001. Unusual items in the fourth quarter of 2001 were the
extraordinary charges of $154 million associated with the restructuring of the Texas electricity market.
Also, the fourth quarter of 2001 included goodwill amortization of $11 million or 4 cents per share.
Operating results for the quarter were down primarily as a result of decreased contributions from North
America operations. The reduced results from North America were primarily the result of a decrease
in margins and increased expenses as discussed above. Margins declined primarily as a result of the
effect of higher gas costs and decreased activity in the large commercial and industrial and wholesale
markets as compared to the fourth quarter of 2001. Interest costs also increased as a result of actions
taken in the fourth quarter to further strengthen liquidity.
4. Outlook for 2003
For 2003, TXU management plans to deliver value through a continued focus on delivering operational
excellence from its solid energy and energy delivery businesses in North America and Australia;
delivering low risk growth through growing customer population and usage in Texas and Australia,
operating cost reduction and debt reduction; maintaining strong liquidity; and continuing to maximize
strong cash flows to reduce debt and strengthen credit.
Earnings
Management is establishing guidance for 2003 fully diluted earnings per share of $1.95 to $2.05 per
share of common stock, excluding unusual items. Initial expectations for earnings growth beyond
2003 is four to six percent. 2003 expectations are based upon net income by segment of $600 to $630
million for North America Energy, $230 to $240 million for North America Energy Delivery, and
approximately $65 million for Australia less net costs at Corporate of approximately $205 million. For
the fully diluted earnings per share calculation, earnings are increased by approximately $52 million
for the after tax interest cost at North America Energy of the exchangeable notes issued in November
2002. Management projects 2003 average shares of common stock outstanding of approximately 323
million shares basic and 380 million shares fully diluted, reflecting the mid and late year equity
issuances in 2002 and increases in 2003 only for shares issued through the Direct Stock Purchase and
Dividend Reinvestment Plan.
Key drivers of the variance between 2003 and 2002 earnings are anticipated to be customer and usage
growth, reduced operating costs, increased retail electricity prices to offset increased natural gas-driven
electricity costs in Texas, increased rates for natural gas distribution to reflect investment, and reduced
debt. Partially offsetting these are increased number of shares outstanding, increased pension and
other employee benefits costs, increased natural gas prices, and customer switching to other retail
electric providers. Not included in the guidance of $1.95 to $2.05 per share for 2003 earnings is an
expected charge preliminarily estimated to be between $60 million to $80 million (after tax) from the
cumulative effect of a change in accounting principle in the first quarter associated with the rescission
of Emerging Issues Task Force Consensus No. 98-10.
Cash Flow, Liquidity and Capitalization
Management targets cash from operations at approximately $2.3 billion in 2003, including expected
tax refunds associated with the discontinuance of the European operations. This will leave
approximately $1.5 billion of free cash flow to reduce debt after capital expenditures and dividends.
Liquidity is targeted to remain at a minimum $1.5 billion through 2004 and will generally exceed $2
billion. Net debt to capital is targeted to be approximately 53 percent by the end of 2003 and at or
below 48 percent in 2004.
Conference call
TXU’s quarterly earnings teleconference with financial analysts is scheduled for 9 a.m. Central (10
a.m. Eastern) today. The teleconference will be broadcast live on the TXU web site
(www.txucorp.com) in the Investor Resources section for any parties who wish to listen, and a replay
will be available on the web site approximately two hours after the teleconference is completed.
Consolidated and segment condensed income statements and operating and financial statistics and
consolidated balance sheet and cash flow statements are also available on the web site at
www.txucorp.com in the Investor Resources section, under Annual, Quarterly, and Financial Reports.
5. Quarterly analyst meeting
In addition, TXU will webcast live at www.txucorp.com its regular quarterly meeting with analysts on
Monday, February 10, 2003, at 8:30 a.m. Eastern (7:30 a.m. Central) and will have a replay available
on the website later that day.
For analysts who wish to attend the quarterly meeting in New York, NY, it will begin with an informal
breakfast at 7:45 a.m. Eastern on Monday, February 10, 2003. The meeting will begin promptly at
8:30 a.m. If you plan to attend the analyst meeting, please RSVP to Sherri Cox at scox2@txu.com,
214/812-4901, or via fax at 214/812-3366.
TXU is a major energy company with operations in North America and Australia. TXU’s energy
business is the largest power generator and electricity retailer in Texas with approximately 19,000
megawatts of competitive generation and 2.7 million electric customers. TXU also has the largest
electricity and natural gas utilities in Texas, delivering over 100 million-megawatt hours of electricity
and over 140 billion cubic feet of natural gas annually. TXU’s business in Australia includes both
electricity and natural gas delivery and energy operations with 1,280 megawatts of generation and
almost 1 million electricity and natural gas customers. TXU serves more than five million electricity
and natural gas customers in North America and Australia. Visit www.txucorp.com for more
information about TXU.
This release contains forward-looking statements, which are subject to various risks and uncertainties.
Discussion of risks and uncertainties that could cause actual results to differ materially from management’s
current projections, forecasts, estimates and expectations is contained in the company’s SEC filings. The risks
and uncertainties set forth in the company’s SEC filings include prevailing government policies on
environmental, tax or accounting matters, regulatory and rating agency actions, weather conditions,
unanticipated population growth or decline and changes in market demand and demographic patterns,
changing competition for customers including the deregulation of the U.S. electric utility industry and the entry
of new competitors, pricing and transportation of crude oil, natural gas and other commodities, financial and
capital market conditions, unanticipated changes in operating expenses and capital expenditures, legal and
administrative proceedings and settlements, inability of the various counterparties to meet their obligations with
respect to financial instruments, and changes in technology used and services offered by TXU Corp.
- END -
For additional information contact:
Investor Relations:
David Anderson Brad Jones Tim Hogan
214/812-4641 214/812-8405 214/812-2756
danderson@txu.com brad.jones@txu.com thogan@txu.com
Media:
Carol Peters Joan Hunter
214/812-5924 214/812-4071
cpeters@txu.com jhunter@txu.com
Individual Shareholders:
Shareholder Services
214/812-8100 or 800/828-0812
6. TXU Corp.
The following table identifies the components of the contribution and change in earnings for the quarter and year-to-date ended
December 31, 2002, by segment. The change in adjusted earnings from 2001 to 2002 for the three months and year-to-date reflects the
cessation of $11 million ($0.04 per share) and $43 million ($0.17 per share), respectively, of goodwill amortization in 2001.
Contribution Change
Net Income US$
US$ (Millions) Per Share
Three Months Ended (Millions) EPS After Tax Impact EPS
Reported Earnings 12/31/2001 $ (0.29)
Discontinued Operations (6) (0.02)
Significant Unusual Items 154 0.58 $ 0.56
Adjusted Earnings 12/31/2001 $ 0.27
North America Energy (45) (0.15) (111) (0.42)
North America Energy Delivery 32 0.11 (40) (0.15)
Australia (3) (0.01) 4 0.02
Corporate and Other (56) (0.19) 3 0.01
Change in Common Shares Outstanding 0.03 (0.51)
Adjusted Earnings 12/31/2002 (72) (0.24) (144) $ (0.24)
Discontinued Operations:
Europe (4,187) (14.10) (14.10)
Extraordinary Items (157) (0.53) (0.53)
Asset Impairments:
Twin Oak & Forest Grove - NA Energy (154) (0.52) (0.52)
Telecommunications - Corp & Other (174) (0.59) (0.59)
Retail Clawback - NA Energy (120) (0.40) (0.40)
Severance - NA Energy (19) (0.06) (0.06)
Reported Earnings 12/31/2002 (4,883) (16.44) $ (16.44)
Contribution Change
Net Income US$
US$ (Millions) Per Share
Year to Date (Millions) EPS After Tax Impact EPS
Reported Earnings 12/31/2001 $ 2.52
Discontinued Operations (192) (0.74)
Significant Unusual Items 172 0.66 $ (0.08)
Adjusted Earnings (diluted) 12/31/2001 $ 2.44
North America Energy 536 1.93 (114) (0.44)
North America Energy Delivery 252 0.91 27 0.10
Australia 74 0.26 55 0.21
Corporate and Other (240) (0.89) 20 0.05
Change in Common Shares Outstanding (0.15) $ (0.23)
Adjusted Earnings (diluted) 12/31/2002 622 2.21 (12) $ 2.21
Discontinued Operations:
Europe (4,195) (15.09) (15.09)
Mexico (15) (0.06) (0.06)
Extraordinary Items (175) (0.63) (0.63)
Asset Impairments:
Twin Oak & Forest Grove - NA Energy (154) (0.55) (0.55)
Telecommunications - Corp & Other (174) (0.63) (0.63)
Retail Clawback - NA Energy (120) (0.43) (0.43)
Severance - NA Energy (21) (0.08) (0.08)
Other 0.03 0.03
Reported Earnings 12/31/2002 (4,232) (15.23) $ (15.23)
* Other represents the effect of the dilution calculation.
These tables are furnished in response to your request for information concerning the Company and not in connection with any sale or offer
for sale of, or solicitation of an offer to buy, any securities.