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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.55 | 50.28 | 51.11 | 0 | 01:00:00 |
Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) for the three months ended March 31 as follows:
GAAP EPS
2024
2023
Utilities and Corporate Services
$
0.62
$
0.65
American Transmission Company (ATC) Holdings
0.04
0.04
Non-utility and Parent
(0.04
)
(0.04
)
Alliant Energy Consolidated
$
0.62
$
0.65
“We had a solid start to the year in light of historically mild weather,” said Lisa Barton, Alliant Energy President and CEO. “Our results were in line with our expectations, allowing us to reaffirm our 2024 earnings guidance and positioning us well to reach our long-term growth objectives. We remain focused on growth and ensuring we are executing on our strategic priorities. We are approaching a significant milestone in diversifying our energy mix, with the successful commissioning of the final project in our 1.1 gigawatt solar investment in Wisconsin.”
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.62 per share of GAAP EPS in the first quarter of 2024, which was $0.03 per share lower than the first quarter of 2023. The primary drivers of lower EPS were lower retail electric and gas sales due to impacts of warmer than normal temperatures and higher financing and depreciation expenses. These items were partially offset by higher revenue requirements from capital investments at Wisconsin Power and Light Company (WPL).
Details regarding GAAP EPS variances between the first quarters of 2024 and 2023 for Alliant Energy are as follows:
Variance
Revenue requirements from capital investments at WPL
$
0.11
Estimated temperature impact on retail electric and gas sales
(0.04
)
Higher financing expense
(0.04
)
Higher depreciation expense
(0.04
)
Other
(0.02
)
Total
($
0.03
)
Revenue requirements from capital investments at WPL - In December 2023, WPL received an order from the Public Service Commission of Wisconsin authorizing annual base rate increases of $49 million and $13 million for its retail electric and gas rate review covering the 2024/2025 Test Period. WPL recognized a $0.11 per share increase in the first quarter of 2024 due to higher revenue requirements from increasing rate base, including investments in solar generation and battery storage.
Estimated temperature impact on retail electric and gas sales - Alliant Energy’s retail electric and gas sales decreased an estimated $0.08 and $0.04 per share in the first quarter of 2024 and 2023, respectively, due to impacts of warmer than normal temperatures on customer demand.
2024 Earnings Guidance
Alliant Energy is reaffirming its consolidated 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 first quarter 2024 results is scheduled for Friday, May 3, 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 800-225-9448 (Toll-Free) or 203-518-9708 (International), passcode ALLIANTQ1. 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 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.
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 three months ended March 31, 2024 and 2023. 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.
Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION
EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the three months ended March 31:
EPS:
GAAP EPS
2024
2023
IPL
$
0.25
$
0.29
WPL
0.36
0.35
Corporate Services
0.01
0.01
Subtotal for Utilities and Corporate Services
0.62
0.65
ATC Holdings
0.04
0.04
Non-utility and Parent
(0.04
)
(0.04
)
Alliant Energy Consolidated
$
0.62
$
0.65
Earnings (in millions):
GAAP Income (Loss)
2024
2023
IPL
$
63
$
72
WPL
92
88
Corporate Services
4
3
Subtotal for Utilities and Corporate Services
159
163
ATC Holdings
9
9
Non-utility and Parent
(10
)
(9
)
Alliant Energy Consolidated
$
158
$
163
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended March 31,
2024
2023
(in millions, except per share amounts)
Revenues:
Electric utility
$
791
$
768
Gas utility
205
276
Other utility
13
11
Non-utility
22
22
1,031
1,077
Operating expenses:
Electric production fuel and purchased power
163
157
Electric transmission service
152
146
Cost of gas sold
114
181
Other operation and maintenance:
Energy efficiency costs
14
20
Non-utility Travero
17
16
Other
129
138
Depreciation and amortization
189
166
Taxes other than income taxes
31
31
809
855
Operating income
222
222
Other (income) and deductions:
Interest expense
107
94
Equity income from unconsolidated investments, net
(15
)
(17
)
Allowance for funds used during construction
(19
)
(19
)
Other
1
3
74
61
Income before income taxes
148
161
Income tax benefit
(10
)
(2
)
Net income attributable to Alliant Energy common shareowners
$
158
$
163
Weighted average number of common shares outstanding:
Basic
256.2
251.2
Diluted
256.5
251.4
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$
0.62
$
0.65
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31, 2024
December 31, 2023
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$
32
$
62
Other current assets
1,076
1,210
Property, plant and equipment, net
17,354
17,157
Investments
611
602
Other assets
2,175
2,206
Total assets
$
21,248
$
21,237
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$
809
$
809
Commercial paper
334
475
Other current liabilities
841
1,020
Long-term debt, net (excluding current portion)
8,524
8,225
Other liabilities
3,923
3,931
Alliant Energy Corporation common equity
6,817
6,777
Total liabilities and equity
$
21,248
$
21,237
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
2024
2023
(in millions)
Cash flows from operating activities:
Cash flows from operating activities excluding accounts receivable sold to a third party
$
430
$
329
Accounts receivable sold to a third party
(123
)
(141
)
Net cash flows from operating activities
307
188
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business
(478
)
(417
)
Other
(32
)
(34
)
Cash receipts on sold receivables
155
173
Proceeds from sale of partial ownership interest in West Riverside
—
25
Other
2
(10
)
Net cash flows used for investing activities
(353
)
(263
)
Cash flows from financing activities:
Common stock dividends
(123
)
(113
)
Proceeds from issuance of long-term debt
597
862
Payments to retire long-term debt
(300
)
—
Net change in commercial paper and other short-term borrowings
(141
)
(532
)
Other
(15
)
(5
)
Net cash flows from financing activities
18
212
Net increase (decrease) in cash, cash equivalents and restricted cash
(28
)
137
Cash, cash equivalents and restricted cash at beginning of period
63
24
Cash, cash equivalents and restricted cash at end of period
$
35
$
161
KEY FINANCIAL AND OPERATING STATISTICS
March 31, 2024
March 31, 2023
Common shares outstanding (000s)
256,379
251,388
Book value per share
$26.59
$25.17
Quarterly common dividend rate per share
$0.48
$0.4525
Three Months Ended March 31,
2024
2023
Utility electric sales (000s of megawatt-hours)
Residential
1,755
1,806
Commercial
1,523
1,554
Industrial
2,532
2,564
Industrial - co-generation customers
179
277
Retail subtotal
5,989
6,201
Sales for resale:
Wholesale
679
698
Bulk power and other
1,670
1,243
Other
15
15
Total
8,353
8,157
Utility retail electric customers (at March 31)
Residential
849,255
843,367
Commercial
145,826
144,932
Industrial
2,407
2,416
Total
997,488
990,715
Utility gas sold and transported (000s of dekatherms)
Residential
11,823
13,044
Commercial
7,529
8,500
Industrial
765
766
Retail subtotal
20,117
22,310
Transportation / other
33,908
32,614
Total
54,025
54,924
Utility retail gas customers (at March 31)
Residential
383,769
381,714
Commercial
45,125
45,050
Industrial
322
324
Total
429,216
427,088
Estimated operating income decreases from impacts of temperatures (in millions) -
Three Months Ended March 31,
2024
2023
Electric
($19)
($9)
Gas
(11)
(6)
Total temperature impact
($30)
($15)
Three Months Ended March 31,
2024
2023
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
2,850
3,155
3,471
Madison, Wisconsin (WPL)
2,979
3,184
3,554
(a)HDDs 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502427007/en/
Media Hotline: (608) 458-4040
Investor Relations: Susan Gille (608) 458-3956
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