Alliant Energy Corporation LNT reported third-quarter 2015 operating earnings of $1.63 per share, surpassing the Zacks Consensus Estimate of $1.58 by 3.2%. Earnings also climbed 16.4% year over year.
Higher earnings in the third quarter can be attributed to lower retail electric customer billing credits at Interstate Power and Light Company (“IPL”), higher electric sales and lower energy efficiency cost recovery amortizations at Wisconsin Power and Light Company (“WPL”).
Alliant Energy Corporation - Earnings Surprise | FindTheBest
GAAP earnings in the quarter came in at $1.59 per share, up 13.6% from $1.40 reported a year ago. The difference between the operating and GAAP figures is due to a voluntary employee separation charge of 4 cents.
Post earnings release on Nov 5, shares of Alliant Energy declined 5.06% to close at $56.99 in Friday's session.
Total Revenues
Total revenues in the third quarter were $898.9 million, marginally missing the Zacks Consensus Estimate of $904 million. The top line jumped 6.6% year over year primarily driven by higher contribution from Electric Utility.
Operational Highlights
Total operating expenses were $663 million in the reported quarter, up nearly 2.3% from $648.3 million incurred in the year-ago period. Expenses increased primarily due to higher electric production fuel and purchased power and electric transmission service expenses. These were partially offset by lower cost of gas sold and energy efficiency costs.
Operating income was $235.9 million, up 21% from $194.8 million in the year-ago quarter.
Interest expenses increased 4% to $46.4 million from $44.6 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents were $139.2 million as of Sep 30, 2015, up from $56.9 million as of Dec 31, 2014.
Long-term debt (excluding current portion) was $3,855.8 million as of Sep 30, 2015, compared with nearly $3,606.7 million as of Dec 31, 2014.
Cash flow from operating activities in the first nine months of 2015 was $695.3 million, down from $763.9 million in the year-ago comparable period.
Guidance
Alliant Energy narrowed its consolidated earnings guidance for 2015 to $3.50–$3.65 per share from the prior range of $3.45–$3.75 per share.
For Utilities and Corporate Services, the earnings guidance has been revised to a range of $3.45−$3.55 from the prior expectation of $3.40−$3.60. For Non-regulated and Parent, the company now expects earnings in the range of 5–10 cents per share compared with the prior expectation of 5−15 cents.
Alliant Energy initiated 2016 consolidated earnings per share guidance in the range of $3.60–$3.90 per share.
Capital expenditures are projected at $5.8 billion for 2015 through 2019 and $4.8 billion for 2020 though 2024.
Other Utility Releases
Dominion Resources Inc. D reported third-quarter 2015 operating earnings of $1.03 per share, missing the Zacks Consensus Estimate of $1.06 by 2.8%.
NextEra Energy, Inc. NEE announced third-quarter 2015 adjusted earnings of $1.60 per share, lagging the Zacks Consensus Estimate of $1.64 by 2.4%.
FirstEnergy Corp. FE reported third-quarter 2015 operating earnings of 97 cents per share, outpacing the Zacks Consensus Estimate of 86 cents by 12.8%.
Zacks Rank
Alliant Energy currently carries a Zacks Rank #4 (Sell).
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