05/02/2024 | Press release | Distributed by Public on 05/02/2024 16:05
MADISON, Wis.--(BUSINESS WIRE)-- 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, |
December 31, |
||||
(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. |
Media Hotline:
(608) 458-4040
Investor Relations:
Susan Gille (608) 458-3956
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