Vectren Corporation (NYSE:VVC) Q1 2018 Earnings Conference Call Transcript
May 02, 2018 • 02:00 pm ET
Good afternoon and welcome to the Vectren Corporation First Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions). After today's presentation there will be an opportunity to ask questions. (Operation Instructions) Please note this event is being recorded. I would now like to turn the conference over to Dave Parker, Director of Investor Relations. Please go ahead.
Thanks Gary, good afternoon and thank you for joining us on today's call. Yesterday afternoon we released our 2018 first quarter results and this morning we filed our Form 10-Q with the SEC. You can access these two items as well as today's earnings call slide presentation through our Investor Relations home page investors.vectren.com. This call is being webcast and shortly following its conclusion a replay will be available on our Investor Relations home page.
As described on slides 3 to 5, many of the statements we'll be making on this are forward-looking statements. Actual results may differ materially from those discussed in this presentation. Carl Chapman, Vectren's Chairman, President and CEO, will provide today's opening comments on 2018 consolidated results, our firming EPS guidance and an overview of the merger announcement last week.
Susan Hardwick, Executive Vice President and CFO, will then provide an update of Utility Regulatory activity and Utilities first quality results and outlook, followed by a few closing remarks. Also joining us on today's call is Ronald Christian, Executive President and Chief Legal and External Affairs Officer. Following our prepared remarks, we'll be glad to answer questions you might have. With that I'll turn the call over to Carl.
Thanks Dave and thanks for joining us on our call today, turning to slide 6 and 7 our consolidated first quarter results improved to $0.70 per share excluding the benefits from 179 de-tax reduction related to 2017 or $0.76 per share including the 179D benefit recorded in the quarter. Utility results of $0.89 per share were up $0.09 compared to 2017 reflecting continued growth provided by our infrastructure programs as well as favourable weather, increased customer margin from industrial usage and increased small customer count, partially offset by the timing of power plant maintenance expenses.
And our Non-Utility Group first quarter results for seasonal loss of $0.19 per share excluding the benefit from $1.19 de-tax reduction related to 2017 booked in the first quarter of 2018, compares to a loss of $0.13 per share in 2017. The lower results primarily reflect colder weather conditions in the first quarter of 2018 when compared to 2017 we saw very favourable construction weather conditions.
Moving on to Slide 8, where we are firming our consolidated 2018 guidance in the range of $2.80 to $2.90 per share with Utility guidance still in a range of $2.20 to $2.25 per share and Non-Utility guidance in a range of $0.60 to $0.65 per share.
Wish you continue to note that our 2018 guidance excludes the benefit from 179D and any cost that will result from the merger we announced last week. As