Financial Performance

For the tenth consecutive year, we have met or exceeded our earnings guidance. For the first time ever, we realized $1 billion in net income, and our market capitalization was more than $19 billion. Ongoing earnings in 2014 increased as a result of higher electric and natural gas margins due to rate increases in various jurisdictions, weather-normalized sales growth and lower interest charges. These positive factors were partially offset by the unfavorable impact of milder weather, as well as higher expected operating and maintenance expenses, property taxes and depreciation.

In 2014, total return for our investors was nearly 34 percent, with a dividend increase of 7 percent. Our ongoing earnings have grown approximately 6.5 percent and our dividend has grown approximately 3.8 percent annually from 2005 through 2014. Going forward, we plan to deliver long-term annual earnings growth of 4 to 6 percent and annual dividend increases of 5 to 7 percent in order to offer an attractive total return for our shareholders. Our earnings guidance for 2015 is $2.00 to $2.15 per share.

Read more about our corporate strategy and priorities.

See how we plan to invest $14.5 billion in capital expenditures through 2019.

Financial Summary for 2014
Earnings $1.0 billion
Earnings per diluted share1 $2.03
Ongoing diluted earnings per share1 $2.03
Economic Value Generated
Total revenues $11.7 billion
Electric utility revenues $9.5 billion
Natural gas revenues $2.1 billion
Other operating revenues $78 million
Economic Value Distributed
Electric fuel and purchased power costs $4.2 billion
Cost of natural gas sold and transported $1.4 billion
Employee compensation, including wages and benefits $1.8 billion
Total corporate giving $44.8 million
Interest charges and financing costs $528 million
Common stock dividends $561 million
Sales, use and property taxes $784.8 million
Franchise fees $180 million

Please see our 2014 10-K for detailed financial statements.

1 A reconciliation to GAAP earnings per share is located in Item 7 of the Form 10-K.

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