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Vectren's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Finally, on the state regulatory front we are pleased to receive Indiana Commission approval for extension of decoupling and energy efficiency programs for our natural gas customers through December 2015. In August we also received commission approval to implement additional electric customer and energy efficiency programs as well, as related to margin stabilization. Both actions by the Indiana Commission in the quarter demonstrate a regulatory environment that remains constructive for us.

Turning to slide five our consolidated guidance for 2011 including the results of ProLiance is nearer to a range of $1.60 to a $1.80 per share. We are lowering the top end of our range by $0.05 per share to reflect the larger expected loss at ProLiance though it was substantially offset by the higher expected contribution from our infrastructure services business.

Carl will have more to say on that topic in a few minutes, but suffice it to say that we are very pleased with the 2011 year-to-date results from infrastructure services including the positive contribution being made by Minnesota Limited that we acquired on March 31 st. We’re now projecting a $0.25 to $0.35 per share loss for ProLiance based upon the year-to-date results and the assumption that current difficult market conditions will persist for the fourth quarter.

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