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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.015 | 0.03% | 51.985 | 49.45 | 51.89 | 52.07 | 51.67 | 51.93 | 1,040,309 | 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 June 30 as follows:
GAAP EPS
2023
2022
Utilities and Corporate Services
$0.65
$0.61
American Transmission Company (ATC) Holdings
0.03
0.03
Non-utility and Parent
(0.04)
(0.01)
Alliant Energy Consolidated
$0.64
$0.63
“Our results for the first half of the year are on track, and we are reaffirming our 2023 earnings guidance,” said John Larsen, Alliant Energy Board Chair and CEO. “We continue delivering on our customer-focused strategy, bringing value to the communities we serve by investing in a diverse energy mix and ensuring a safe, reliable and resilient grid.”
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.65 per share of GAAP EPS in the second quarter of 2023, which was $0.04 per share higher than the second quarter of 2022. The primary drivers of higher EPS were higher revenue requirements and allowance for funds used during construction (AFUDC) from Wisconsin Power and Light Company’s (WPL’s) capital investments, and WPL electric fuel-related costs, net of recoveries. These items were partially offset by lower retail electric and gas sales as a result of temperatures, and higher interest expense. Retail electric and gas sales were higher than normal in 2022 due to the impacts of warmer than normal temperatures, while temperatures had minimal impact in the second quarter of 2023.
Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated $(0.04) per share of GAAP EPS in the second quarter of 2023, which was a $0.03 per share earnings decrease compared to the second quarter of 2022. The lower EPS was primarily driven by higher interest expense.
Details regarding GAAP EPS variances between the second quarters of 2023 and 2022 for Alliant Energy are as follows:
Variance
Revenue requirements and higher AFUDC from WPL capital investments
$0.06
WPL electric fuel-related costs, net of recoveries
0.03
Estimated temperature impact on retail electric and gas sales
(0.05)
Higher interest expense
(0.05)
Other
0.02
Total
$0.01
Revenue requirements and higher AFUDC from WPL 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 $0.03 per share increase in the second quarter of 2023 due to higher revenue requirements from increasing rate base, including investments in solar generation. The construction activity related to these investments also resulted in $0.03 per share higher AFUDC in the second quarter of 2023.
WPL electric fuel-related costs, net of recoveries - WPL recognized $0.03 per share of higher earnings from changes in WPL electric fuel-related costs since actual fuel and purchased power prices were lower than the 2023 fuel component of retail electric rates, compared to the second quarter of 2022 when actual fuel and purchased power prices were higher than the 2022 fuel component of retail electric rates.
Estimated temperature impact on retail electric and gas sales - Temperatures had minimal impact on Alliant Energy’s retail electric and gas sales in the second quarter of 2023, compared to an estimated increase of $0.05 per share in the second quarter of 2022 due to the impacts of warmer than normal temperatures on customer demand.
Higher interest expense - Total long-term debt increased due to additional financings in 2022 and 2023 largely to fund capital expenditures, including the solar expansion program in Wisconsin. In addition, increases in short-term debt interest rates contributed to higher interest expense in the second quarter of 2023 compared to the same period in 2022.
2023 Earnings Guidance
Alliant Energy is reaffirming its consolidated EPS guidance for 2023 of $2.82 - $2.96. Assumptions for Alliant Energy’s 2023 EPS guidance include, but are not limited to:
The 2023 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 including corporate tax reform in Iowa, regulations or regulatory policies, 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, changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy, or certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations.
Because Alliant Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, 2023 EPS, the EPS guidance may not align with GAAP EPS if the assumptions described above are not realized or any nonrecurring or infrequent items occur, and no reconciliation is being provided.
Earnings Conference Call
A conference call to review the second quarter 2023 results is scheduled for Friday, August 4, 2023 at 9 a.m. central time. Alliant Energy Board Chair and Chief Executive Officer John Larsen, President and Chief Operating 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 888-886-7786 (Toll-Free - North America) or 416-764-8658 (Local), passcode 93484209. 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 995,000 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 2023 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 and six months ended June 30, 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 references year-over-year variances in utility electric margins and utility gas margins. Utility electric margins and utility gas margins are non-GAAP financial measures that will be reported and reconciled to the most directly comparable GAAP measure, operating income, in our second quarter 2023 Form 10-Q.
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 June 30:
EPS:
GAAP EPS
2023
2022
IPL
$0.35
$0.35
WPL
0.29
0.25
Corporate Services
0.01
0.01
Subtotal for Utilities and Corporate Services
0.65
0.61
ATC Holdings
0.03
0.03
Non-utility and Parent
(0.04)
(0.01)
Alliant Energy Consolidated
$0.64
$0.63
Earnings (in millions):
GAAP Income (Loss)
2023
2022
IPL
$89
$87
WPL
72
63
Corporate Services
3
4
Subtotal for Utilities and Corporate Services
164
154
ATC Holdings
8
8
Non-utility and Parent
(12)
(3)
Alliant Energy Consolidated
$160
$159
The following tables provide a summary of Alliant Energy’s results for the six months ended June 30:
EPS:
GAAP EPS
2023
2022
IPL
$0.64
$0.69
WPL
0.64
0.62
Corporate Services
0.02
0.03
Subtotal for Utilities and Corporate Services
1.30
1.34
ATC Holdings
0.07
0.07
Non-utility and Parent
(0.09)
(0.01)
Alliant Energy Consolidated
$1.28
$1.40
Earnings (in millions):
GAAP Income (Loss)
2023
2022
IPL
$161
$173
WPL
160
156
Corporate Services
6
7
Subtotal for Utilities and Corporate Services
327
336
ATC Holdings
18
17
Non-utility and Parent
(22)
(2)
Alliant Energy Consolidated
$323
$351
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
(in millions, except per share amounts)
Revenues:
Electric utility
$799
$812
$1,567
$1,586
Gas utility
77
94
353
356
Other utility
13
13
25
23
Non-utility
23
24
45
47
912
943
1,990
2,012
Operating expenses:
Electric production fuel and purchased power
166
191
322
359
Electric transmission service
138
133
284
271
Cost of gas sold
33
48
215
216
Other operation and maintenance:
Energy efficiency costs
13
13
33
24
Non-utility Travero
16
18
32
34
Other
134
135
273
262
Depreciation and amortization
167
166
333
332
Taxes other than income taxes
28
27
59
54
695
731
1,551
1,552
Operating income
217
212
439
460
Other (income) and deductions:
Interest expense
96
78
190
152
Equity income from unconsolidated investments, net
(14)
(16)
(31)
(32)
Allowance for funds used during construction
(24)
(13)
(43)
(24)
Other
(1)
—
2
1
57
49
118
97
Income before income taxes
160
163
321
363
Income tax expense (benefit)
—
4
(2)
12
Net income attributable to Alliant Energy common shareowners
$160
$159
$323
$351
Weighted average number of common shares outstanding:
Basic
251.7
250.9
251.4
250.7
Diluted
251.9
251.1
251.6
251.0
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted)
$0.64
$0.63
$1.28
$1.40
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, 2023
December 31, 2022
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$13
$20
Other current assets
1,125
1,230
Property, plant and equipment, net
16,306
16,247
Investments
584
559
Other assets
2,355
2,107
Total assets
$20,383
$20,163
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$409
$408
Commercial paper
391
642
Other short-term borrowings
50
—
Other current liabilities
1,043
1,313
Long-term debt, net (excluding current portion)
8,186
7,668
Other liabilities
3,852
3,856
Alliant Energy Corporation common equity
6,452
6,276
Total liabilities and equity
$20,383
$20,163
ALLIANT ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
2023
2022
(in millions)
Cash flows from operating activities:
Cash flows from operating activities excluding accounts receivable sold to a third party
$573
$564
Accounts receivable sold to a third party
(262)
(264)
Net cash flows from operating activities
311
300
Cash flows used for investing activities:
Construction and acquisition expenditures:
Utility business
(758)
(550)
Other
(62)
(43)
Cash receipts on sold receivables
272
233
Proceeds from sales of partial ownership interest in West Riverside
120
—
Other
(54)
(10)
Net cash flows used for investing activities
(482)
(370)
Cash flows from financing activities:
Common stock dividends
(226)
(215)
Proceeds from issuance of common stock, net
76
13
Proceeds from issuance of long-term debt
862
650
Payments to retire long-term debt
(404)
(304)
Net change in commercial paper and other short-term borrowings
(146)
(116)
Contributions from noncontrolling interest
—
29
Other
(1)
(7)
Net cash flows from financing activities
161
50
Net decrease in cash, cash equivalents and restricted cash
(10)
(20)
Cash, cash equivalents and restricted cash at beginning of period
24
40
Cash, cash equivalents and restricted cash at end of period
$14
$20
KEY FINANCIAL AND OPERATING STATISTICS
June 30, 2023
June 30, 2022
Common shares outstanding (000s)
252,719
250,926
Book value per share
$25.53
$24.46
Quarterly common dividend rate per share
$0.4525
$0.4275
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Utility electric sales (000s of megawatt-hours)
Residential
1,618
1,714
3,424
3,659
Commercial
1,501
1,525
3,055
3,137
Industrial
2,595
2,659
5,158
5,256
Industrial - co-generation customers
268
229
545
464
Retail subtotal
5,982
6,127
12,182
12,516
Sales for resale:
Wholesale
678
677
1,376
1,398
Bulk power and other
1,104
779
2,347
2,004
Other
14
15
29
31
Total
7,778
7,598
15,934
15,949
Utility retail electric customers (at June 30)
Residential
842,376
836,411
Commercial
145,245
144,760
Industrial
2,416
2,426
Total
990,037
983,597
Utility gas sold and transported (000s of dekatherms)
Residential
3,218
4,017
16,263
19,378
Commercial
2,640
3,104
11,140
12,693
Industrial
445
484
1,211
1,630
Retail subtotal
6,303
7,605
28,614
33,701
Transportation / other
25,778
22,382
58,392
52,260
Total
32,081
29,987
87,006
85,961
Utility retail gas customers (at June 30)
Residential
380,242
377,777
Commercial
44,762
44,602
Industrial
324
337
Total
425,328
422,716
Estimated margin increases (decreases) from impacts of temperatures (in millions) -
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Electric margins
$—
$15
($9)
$21
Gas margins
(2)
2
(7)
6
Total temperature impact on margins
($2)
$17
($16)
$27
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
Normal
2023
2022
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
568
837
682
3,723
4,586
4,117
Madison, Wisconsin (WPL)
736
868
815
3,920
4,587
4,342
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
274
299
249
274
299
251
Madison, Wisconsin (WPL)
207
276
193
207
276
195
(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/20230803095417/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille (608) 458-3956
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