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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alliant Energy Corporation | NASDAQ:LNT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.305 | 0.59% | 51.635 | 51.63 | 51.64 | 51.955 | 51.45 | 51.61 | 152,057 | 15:36:19 |
Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for 2023 and 2022 as follows:
GAAP EPS
Non-GAAP EPS
2023
2022
2023
2022
Utilities and Corporate Services
$
2.86
$
2.74
$
2.86
$
2.76
American Transmission Company (ATC) Holdings
0.14
0.12
0.14
0.14
Non-utility and Parent
(0.22
)
(0.13
)
(0.18
)
(0.10
)
Alliant Energy Consolidated
$
2.78
$
2.73
$
2.82
$
2.80
“For the 14th year in a row, we delivered on our 5-7% temperature normalized non-GAAP EPS growth range,” said Lisa Barton, Alliant Energy President and CEO. “Looking forward to 2024, we are excited to complete approximately 1,500 megawatts of zero-fuel cost, zero-emissions solar generation for our customers and continuing to deliver on our commitments to our investors.”
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $2.86 per share of GAAP EPS in 2023, which was $0.12 per share higher than 2022. The primary drivers of higher EPS were revenue requirements and allowance for funds used during construction (AFUDC) from capital investments and lower other operation and maintenance expenses at IPL and WPL. These items were partially offset by higher financing expense, lower retail electric and gas sales due to net temperature impacts, and higher depreciation expense.
Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated $(0.22) per share of GAAP EPS in 2023, which was $0.09 per share lower than 2022. The lower EPS was primarily driven by higher interest expense.
Earnings Adjustments - Non-GAAP EPS for 2023 and 2022 excludes $0.04 per share and $0.03 per share, respectively, of charges related to remeasurement of deferred tax assets due to Iowa state income tax rate changes for Alliant Energy’s Non-utility and Parent. Non-GAAP EPS for 2022 also excludes $0.02 per share of charges related to retirement plan settlement losses for Alliant Energy’s Utilities and Corporate Services and $0.02 per share of charges related to an ATC base return on equity (ROE) reserve adjustment. Non-GAAP adjustments, which relate to charges or income that are not normally associated with ongoing operations, are provided as a supplement to results reported in accordance with GAAP.
Estimated Net Temperature Impacts to Non-GAAP EPS - The estimated impacts of net temperatures on retail electric and gas sales were $0.06 per share loss in 2023 and $0.07 per share gain in 2022. The temperature-normalized non-GAAP EPS was $2.88 per share and $2.73 per share in 2023 and 2022, respectively, which represents 5.5% growth.
Details regarding GAAP EPS variances between 2023 and 2022 for Alliant Energy are as follows:
Variance
Revenue requirements and higher AFUDC from capital investments
$
0.26
Higher financing expense
(0.21
)
Estimated net temperature impacts on retail electric and gas sales
(0.13
)
Lower other operation and maintenance expenses at IPL and WPL
0.07
Higher depreciation expense
(0.07
)
Non-GAAP adjustments in 2022
0.07
Non-GAAP adjustments in 2023
(0.04
)
Other
0.10
Total
$
0.05
Revenue requirements and higher AFUDC from capital investments - In December 2021, WPL received an order from the Public Service Commission of Wisconsin (PSCW) approving WPL’s proposed settlement for its retail electric and gas rate review covering the 2022/2023 Test Period. In December 2022, WPL received an order from the PSCW approving an additional annual base rate increase of $9 million for WPL’s retail gas customers covering the 2023 Test Period. WPL recognized a $0.14 per share increase in 2023 due to higher revenue requirements from increasing rate base, including investments in solar generation. Construction activity related to capital investments resulted in $0.03 and $0.09 per share higher AFUDC for IPL and WPL, respectively.
Higher financing expense - Interest expense, net resulted in $0.19 lower EPS. Total long-term debt increased due to additional financings in 2023 largely to fund capital expenditures, including the solar expansion program in Wisconsin. In addition, increases in short and long-term debt interest rates contributed to higher interest expense, net in 2023. Also, equity dilution resulted in $0.02 of lower EPS in 2023.
Non-GAAP adjustments in 2023 - Pursuant to Iowa tax reform enacted in 2022, in September 2023, the Iowa Department of Revenue announced an Iowa corporate income tax rate of 7.1%, effective January 1, 2024. In connection with the announced rate change, deferred income tax assets at the Non-Utility and Parent operations were remeasured. The announced change in the corporate income tax rate for 2024 resulted in a non-GAAP charge of $10 million or $0.04 per share in 2023, compared to a non-GAAP charge of $8 million or $0.03 per share recorded in 2022 related to the Iowa corporate income tax rate change effective January 1, 2023. The lower tax rate also resulted in reductions in regulatory assets recorded in 2023 and 2022 related to the remeasurement of deferred income tax liabilities at IPL, which is expected to provide cost benefits to its Iowa customers in the future.
2024 Earnings Guidance
Alliant Energy is affirming EPS guidance for 2024 of $2.99 - $3.13. Assumptions for Alliant Energy’s 2024 EPS guidance include, but are not limited to:
The 2024 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances including further corporate tax rate changes in Iowa, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, settlement charges related to pension and other postretirement benefit plans, federal and state income tax audits and other Internal Revenue Service proceedings, impacts from changes to the authorized return on equity for ATC, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.
Earnings Conference Call
A conference call to review the 2023 results is scheduled for Friday, February 16, 2024 at 9 a.m. central time. Alliant Energy Executive Chairman John Larsen, President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 1-888-259-6580 (Toll-Free - North America) or 1-416-764-8624 (Local), passcode 06830500. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. An archive of the webcast will be available on the Company’s website at www.alliantenergy.com/investors for 12 months.
About Alliant Energy Corporation
Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-utility operations. Alliant Energy, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,000,000 electric and 425,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s website at www.alliantenergy.com.
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as “forecast,” “expect,” “guidance,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled “Risk Factors,” and its other filings with the SEC.
Without limitation, the expectations with respect to 2024 earnings guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the fourth quarter and year ended December 31, 2022 excluding charges related to retirement plan settlement losses and adjustments to the ATC ROE reserve. These measures also include income and EPS for the fourth quarter and year ended December 31, 2023 and year ended December 31, 2022 excluding charges related to remeasurement of deferred tax assets due to Iowa state income tax rate changes. Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s management also uses income, as adjusted, to determine performance-based compensation.
In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the fourth quarter and year ended December 31, 2023 and 2022. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.
This press release also includes temperature-normalized non-GAAP EP for the years ended December 31, 2023 and 2022. Alliant Energy believes this non-GAAP measure is useful to investors because the measure facilitates period-to-period comparison of Alliant Energy’s operating performance and provides investors with information on a basis consistent with measures that management uses to assess Alliant Energy’s earnings growth rate.
The tax impact adjustments represent the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the estimated consolidated statutory tax rate.
Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow and in the case of temperature normalized non-GAAP EPS, in the press release above.
Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION
FULL YEAR EARNINGS SUMMARY (Unaudited)
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2023
2022
2023
2022
2023
2022
IPL
$
1.44
$
1.43
$
—
$
0.02
$
1.44
$
1.45
WPL
1.36
1.25
—
—
1.36
1.25
Corporate Services
0.06
0.06
—
—
0.06
0.06
Subtotal for Utilities and Corporate Services
2.86
2.74
—
0.02
2.86
2.76
ATC Holdings
0.14
0.12
—
0.02
0.14
0.14
Non-utility and Parent
(0.22
)
(0.13
)
0.04
0.03
(0.18
)
(0.10
)
Alliant Energy Consolidated
$
2.78
$
2.73
$
0.04
$
0.07
$
2.82
$
2.80
Earnings (in millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$
366
$
360
$
—
$
5
$
366
$
365
WPL
345
315
—
—
345
315
Corporate Services
13
15
—
—
13
15
Subtotal for Utilities and Corporate Services
724
690
—
5
724
695
ATC Holdings
35
29
—
4
35
33
Non-utility and Parent
(56
)
(33
)
10
8
(46
)
(25
)
Alliant Energy Consolidated
$
703
$
686
$
10
$
17
$
713
$
703
Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings:
Non-GAAP Income
Non-GAAP
Adjustments (in millions)
EPS Adjustments
2023
2022
2023
2022
Utilities and Corporate Services:
Retirement plan settlement losses, net of tax impacts of $2 million
$
—
$
5
$
—
$
0.02
ATC Holdings and Non-utility and Parent:
Remeasurement of deferred tax assets due to Iowa state income tax rate changes
10
8
0.04
0.03
ATC ROE reserve adjustments, net of tax impacts of $2 million
—
4
—
0.02
Total Alliant Energy Consolidated
$
10
$
17
$
0.04
$
0.07
ALLIANT ENERGY CORPORATION
FOURTH QUARTER EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the fourth quarter:
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2023
2022
2023
2022
2023
2022
IPL
$
0.14
$
0.13
$
—
$
0.02
$
0.14
$
0.15
WPL
0.30
0.27
—
—
0.30
0.27
Corporate Services
0.01
0.01
—
—
0.01
0.01
Subtotal for Utilities and Corporate Services
0.45
0.41
—
0.02
0.45
0.43
ATC Holdings
0.04
0.03
—
0.01
0.04
0.04
Non-utility and Parent
(0.02
)
(0.01
)
0.01
—
(0.01
)
(0.01
)
Alliant Energy Consolidated
$
0.47
$
0.43
$
0.01
$
0.03
$
0.48
$
0.46
Earnings (in millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$
35
$
33
$
—
$
5
$
35
$
38
WPL
78
68
—
—
78
68
Corporate Services
3
3
—
—
3
3
Subtotal for Utilities and Corporate Services
116
104
—
5
116
109
ATC Holdings
9
8
—
2
9
10
Non-utility and Parent
(4
)
(4
)
2
—
(2
)
(4
)
Alliant Energy Consolidated
$
121
$
108
$
2
$
7
$
123
$
115
Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings:
Non-GAAP Income
Non-GAAP
Adjustments (in millions)
EPS Adjustments
2023
2022
2023
2022
Utilities and Corporate Services:
Retirement plan settlement losses, net of tax impacts of $2 million
$
—
$
5
$
—
$
0.02
ATC Holdings and Non-utility and Parent:
ATC ROE reserve adjustments, net of tax impacts of $1 million
—
2
—
0.01
Remeasurement of deferred tax assets due to Iowa state income tax rate change
2
—
0.01
—
Total Alliant Energy Consolidated
$
2
$
7
$
0.01
$
0.03
Details regarding GAAP EPS variances between fourth quarter of 2023 and 2022 for Alliant Energy’s operations are as follows:
Variance
Revenue requirements and higher AFUDC from capital investments
$
0.05
Lower other operation and maintenance expenses at IPL and WPL
0.05
Higher financing expense
(0.04
)
Estimated temperature impact on retail electric and gas sales
(0.04
)
Non-GAAP adjustments in 2022
0.03
Higher depreciation expense
(0.03
)
Non-GAAP adjustments in 2023
(0.01
)
Other
0.03
Total Alliant Energy Consolidated
$
0.04
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions, except per share amounts)
Revenues:
Electric utility
$
783
$
796
$
3,345
$
3,421
Gas utility
140
224
540
642
Other utility
15
14
52
49
Non-utility
23
24
90
93
961
1,058
4,027
4,205
Operating expenses:
Electric production fuel and purchased power
183
197
736
830
Electric transmission service
145
145
583
573
Cost of gas sold
73
147
299
389
Other operation and maintenance:
Energy efficiency costs
16
19
62
54
Non-utility Travero
17
17
64
68
Other
142
177
549
582
Depreciation and amortization
174
170
676
671
Taxes other than income taxes
28
27
115
110
778
899
3,084
3,277
Operating income
183
159
943
928
Other (income) and deductions:
Interest expense
105
90
394
325
Equity income from unconsolidated investments, net
(16
)
(14
)
(61
)
(51
)
Allowance for funds used during construction
(29
)
(26
)
(100
)
(60
)
Other
1
6
3
6
61
56
236
220
Income before income taxes
122
103
707
708
Income tax expense (benefit)
1
(5
)
4
22
Net income attributable to Alliant Energy common shareowners
$
121
$
108
$
703
$
686
Weighted average number of common shares outstanding:
Basic
255.6
251.1
253.0
250.9
Diluted
256.0
251.4
253.3
251.2
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$
0.47
$
0.43
$
2.78
$
2.73
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31, 2023
December 31, 2022
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$
62
$
20
Other current assets
1,210
1,230
Property, plant and equipment, net
17,157
16,247
Investments
602
559
Other assets
2,206
2,107
Total assets
$
21,237
$
20,163
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$
809
$
408
Commercial paper
475
642
Other current liabilities
1,020
1,313
Long-term debt, net (excluding current portion)
8,225
7,668
Other liabilities
3,931
3,856
Alliant Energy Corporation common equity
6,777
6,276
Total liabilities and equity
$
21,237
$
20,163
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Year Ended December 31,
2023
2022
(in millions)
Cash flows from operating activities:
Cash flows from operating activities excluding accounts receivable sold to a third party
$
1,351
$
1,055
Accounts receivable sold to a third party
(484
)
(569
)
Net cash flows from operating activities
867
486
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business
(1,731
)
(1,392
)
Other
(123
)
(92
)
Cash receipts on sold receivables
453
598
Proceeds from sales of partial ownership interest in West Riverside
120
—
Other
(120
)
(47
)
Net cash flows used for investing activities
(1,401
)
(933
)
Cash flows from financing activities:
Common stock dividends
(456
)
(428
)
Proceeds from issuance of common stock, net
246
25
Proceeds from issuance of long-term debt
1,455
1,338
Payments to retire long-term debt
(508
)
(633
)
Net change in commercial paper
(167
)
127
Other
3
2
Net cash flows from financing activities
573
431
Net increase (decrease) in cash, cash equivalents and restricted cash
39
(16
)
Cash, cash equivalents and restricted cash at beginning of period
24
40
Cash, cash equivalents and restricted cash at end of period
$
63
$
24
KEY FINANCIAL AND OPERATING STATISTICS
December 31, 2023
December 31, 2022
Common shares outstanding (000s)
256,097
251,135
Book value per share
$
26.46
$
24.99
Quarterly common dividend rate per share
$
0.4525
$
0.4275
Quarter Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Utility electric sales (000s of megawatt-hours)
Residential
1,651
1,732
7,176
7,479
Commercial
1,548
1,589
6,329
6,436
Industrial
2,574
2,573
10,522
10,638
Industrial - co-generation customers
163
211
913
856
Retail subtotal
5,936
6,105
24,940
25,409
Sales for resale:
Wholesale
687
694
2,859
2,866
Bulk power and other
974
738
4,730
3,734
Other
15
15
58
62
Total
7,612
7,552
32,587
32,071
Utility retail electric customers (at December 31)
Residential
847,698
842,078
Commercial
145,877
144,852
Industrial
2,407
2,439
Total
995,982
989,369
Utility gas sold and transported (000s of dekatherms)
Residential
8,299
10,362
25,838
31,109
Commercial
5,517
6,646
18,291
21,097
Industrial
694
730
2,276
2,815
Retail subtotal
14,510
17,738
46,405
55,021
Transportation / other
27,010
21,571
115,177
104,812
Total
41,520
39,309
161,582
159,833
Utility retail gas customers (at December 31)
Residential
382,820
380,913
Commercial
44,997
44,912
Industrial
326
328
Total
428,143
426,153
Estimated operating income increases (decreases) from impacts of temperatures (in millions) -
Quarter Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Electric
($7
)
$1
($6
)
$26
Gas
(6
)
1
(14
)
7
Total temperature impact
($13
)
$2
($20
)
$33
Quarter Ended December 31,
Year Ended December 31,
2023
2022
Normal
2023
2022
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
2,056
2,543
2,466
5,807
7,222
6,699
Madison, Wisconsin (WPL)
2,167
2,487
2,493
6,157
7,210
6,974
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
41
5
13
974
908
819
Madison, Wisconsin (WPL)
26
3
9
781
787
706
(a)
HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215352116/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille (608) 458-3956
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