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Ameren's shares fall as 3Q revenue drops

ST. LOUIS (AP) -- Shares of Ameren Corp. fell to the lowest level in nearly 13 months after the St. Louis-based utility said third-quarter net income rose 31 percent but revenue fell as mild weather cut into electricity sales.

Net income was $374 million, or $1.54 per share, for the quarter that ended Sept. 30. That compares with $285 million, or $1.18 per share, a year ago.

The results reflected one-time items, including an asset impairment charge. Without those, adjusted earnings were $323 million, or $1.33 per share.

Operating revenue fell to $2 billion from $2.27 billion in the third quarter of 2011.

Analysts surveyed by FactSet expected earnings of $1.41 per share on revenue of $2.14 billion. Such estimates typically exclude one-time items.

The company said its results were hurt by a September rate order in Illinois, mild weather that lowered electricity sales in Missouri and a higher income tax rate.

Ameren narrowed its 2012 profit outlook to a range of $2.35 to $2.45 per share. The previous forecast was $2.25 to $2.55 per share.

Shares of Ameren fell $1.14, or 3.6 percent, to close at $30.36. That's the lowest closing price since Oct. 13, 2011, when it closed at $29.93 per share.