- Third quarter GAAP earnings per share was $1.15 in
2024, compared to $1.02 in 2023
- 2024 earnings guidance narrowed to a range of $2.99 - $3.06
per share
- Provided 2025 earnings guidance range of $3.15 - $3.25 per
share and 2025 annual common stock dividend target of
$2.03
- Forecasted 2025 - 2028 capital expenditures of $11 billion
in aggregate
Alliant Energy Corporation (NASDAQ: LNT) today announced U.S.
generally accepted accounting principles (GAAP) and non-GAAP
consolidated unaudited earnings per share (EPS) for the three
months ended September 30 as follows:
GAAP EPS
Non-GAAP EPS
2024
2023
2024
2023
Utilities and Corporate Services
$1.20
$1.11
$1.20
$1.11
American Transmission Company (ATC)
Holdings
0.04
0.03
0.04
0.03
Non-utility and Parent
(0.09
)
(0.12
)
(0.09
)
(0.09
)
Alliant Energy Consolidated
$1.15
$1.02
$1.15
$1.05
“We continue to deliver solid financial and operational results
while executing our customer-focused strategy,” said Lisa Barton,
Alliant Energy President and CEO. “We anticipate we will be able to
offset a majority of the 2024 negative temperature impacts on
earnings, as reflected in our 2024 revised earnings guidance. The
introduction of our 2025 earnings guidance, and reiteration of our
long-term earnings growth range of 5% to 7% reinforces the
consistent performance and predictable long-term growth of the
company. We have experienced strong interest from data centers in
our service territory and will be providing an update on our
progress to date, along with an updated load forecast.”
Utilities and Corporate Services -
Alliant Energy’s Utilities and Alliant Energy Corporate Services,
Inc. (Corporate Services) operations generated $1.20 per share of
GAAP EPS in the third quarter of 2024, which was $0.09 per share
higher than the third quarter of 2023. The primary drivers of
higher EPS were higher revenue requirements from capital
investments at WPL and the timing of income taxes. These items were
partially offset by higher financing and depreciation expenses, and
estimated temperature impacts on retail electric and gas sales.
Earnings Adjustments - Non-GAAP EPS
for the three months ended September 30, 2023 excludes $0.03 per
share 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 adjustments, which relate to
material charges or income that are not normally associated with
ongoing operations, are provided as a supplement to results
reported in accordance with GAAP.
Estimated Temperature Impacts -
Temperatures had a minimal impact on Alliant Energy’s retail
electric and gas sales in the third quarter of 2024. Temperatures
resulted in an increase of $0.02 per share in the third quarter of
2023. The estimated year-to-date impact of temperatures on EPS
compared to normal temperatures is a $0.10 and $0.02 per share loss
in 2024 and 2023, respectively.
Details regarding GAAP EPS variances between the third quarters
of 2024 and 2023 for Alliant Energy are as follows:
Variance
Revenue requirements from capital
investments at WPL
$0.17
Higher depreciation expense
(0.05
)
Higher financing expense
(0.04
)
Iowa state income tax rate change -
2023
0.03
Timing of income tax expense
0.02
Estimated temperature impacts on retail
electric and gas sales - 2023
(0.02
)
Other
0.02
Total
$0.13
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 $0.17 per share increase in the third quarter of
2024 due to higher revenue requirements from increasing rate base,
including investments in solar generation and battery storage.
Timing of income taxes - Income tax
expense is recorded each quarter based on an estimated annual
effective tax rate and the proportion of full year earnings
generated each quarter, which causes fluctuations in the amount of
tax expense quarter-over-quarter. The income tax expense timing
resulted in higher earnings of $0.15 per share in the third quarter
of 2024 compared to higher earnings of $0.13 per share in the third
quarter of 2023. The income tax expense timing variance will
reverse by the end of the year.
Iowa state income tax rate changes -
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. The
announced changes in the corporate income tax rate resulted in a
non-GAAP charge of $8 million or $0.03 per share in the third
quarter of 2023. These charges were recorded to income tax expense
related to the remeasurement of deferred income tax assets at the
Non-utility and Parent operations.
2024 Earnings Guidance
Alliant Energy is narrowing its EPS guidance as follows.
Revised
Previous
Alliant Energy Consolidated
$2.99 - $3.06
$2.99 - $3.13
Drivers for Alliant Energy’s 2024 EPS guidance include, but are
not limited to:
- Ability of IPL and WPL to earn their authorized rates of
return
- Normal temperatures in its utility service territories
- Constructive and timely regulatory outcomes from regulatory
proceedings
- Stable economy and resulting implications on utility sales
- Execution of capital expenditure and financing plans
- Execution of cost controls
- Consolidated effective tax rate of (15%)
The 2024 earnings guidance does not include any recorded or
future material, nonrecurring adjustments to earnings such as the
impacts of any material non-cash valuation adjustments (such as the
asset retirement obligation charge for steam assets at IPL of $0.06
per share), regulatory-related charges or credits (such as the
asset valuation charge for IPL’s Lansing Generating Station of
$0.17 per share), reorganizations or restructurings (such as the
voluntary employee separation program being executed in the fourth
quarter of 2024), future changes in laws, regulations or regulatory
policies, adjustments made to deferred tax assets and liabilities
from valuation allowances, 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, or changes in GAAP and tax methods of
accounting that may impact the reported results of Alliant
Energy.
2025 Earnings Guidance
Alliant Energy is issuing EPS guidance for 2025 of $3.15 -
$3.25. Assumptions for Alliant Energy’s 2025 EPS guidance include,
but are not limited to:
- Ability of IPL and WPL to earn their authorized rates of
return
- Normal temperatures in its utility service territories
- Stable economy and resulting implications on utility sales
- Successful execution, including achievement of in-service
dates, of capital expenditure plans, including renewable energy and
battery storage projects
- Successful execution of cost controls and financing plans
- Consolidated effective tax rate of (28%)
The 2025 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 LLC, or changes
in GAAP and tax methods of accounting that may impact the reported
results of Alliant Energy.
“We will continue to execute on our purpose-driven strategy in
2025, continuing to invest in reliable, resilient, affordable and
cleaner energy resources as we transform the generation fleet, meet
the growing demand for energy and adapt to evolving energy market
conditions. Our 15 year track record of 5% to 7% long-term growth
continues with our 2025 earnings guidance of $3.15 - $3.25 per
share,” said Barton. “Looking ahead, we expect data center growth
to be a key driver of our load forecast and we are well positioned
to serve this demand.”
2025 Annual Common Stock Dividend
Target
Alliant Energy has increased its 2025 expected annual common
stock dividend target to $2.03 per share from the current annual
common stock dividend target of $1.92 per share, a 6% increase.
Payment of the 2025 quarterly dividend is subject to the actual
dividend declaration by the Board of Directors each quarter, which
is expected in January 2025 for the first quarter dividend.
Projected Capital Expenditures
Alliant Energy has updated its projected capital expenditures
for 2024 through 2028 (in millions). The projected capital
expenditures exclude AFUDC and capitalized interest, if applicable.
Cost estimates represent Alliant Energy’s estimated portion of
total construction expenditures.
2024
2025
2026
2027
2028
Generation:
Renewables and battery storage
projects
$915
$800
$1,115
$1,325
$1,340
Gas projects
90
390
570
780
655
Other
120
130
120
55
55
Distribution:
Electric systems
615
585
570
560
580
Gas systems
80
80
85
85
85
Other
205
220
220
215
245
Total Capital Expenditures
$2,025
$2,205
$2,680
$3,020
$2,960
Earnings Conference Call
A conference call to review the third quarter 2024 results is
scheduled for Friday, November 1, 2024 at 9 a.m. central time.
Alliant Energy 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 800-343-4136 (Toll-Free) or
203-518-9814 (International), passcode ALLIANT. 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:
- IPL’s and WPL’s ability to obtain adequate and timely rate
relief to allow for, among other things, the recovery of and/or the
return on costs, including fuel costs, operating costs,
transmission costs, capacity costs, deferred expenditures, deferred
tax assets, tax expense, interest expense, capital expenditures,
marginal costs to service new customers, and remaining costs
related to electric generating units (EGUs) that have been or may
be permanently closed and certain other retired assets,
environmental remediation costs, and decreases in sales volumes, as
well as earning their authorized rates of return, payments to their
parent of expected levels of dividends, and the impact of rate
design on current and potential customers and demand for energy in
their service territories;
- weather effects on utility sales volumes and operations;
- the impact of IPL’s retail electric base rate moratorium;
- IPL’s and WPL’s ability to obtain rate relief to allow for the
return on costs of solar generation projects that exceed initial
cost estimates;
- the direct or indirect effects resulting from cybersecurity
incidents or attacks on Alliant Energy, IPL, WPL, or their
suppliers, contractors and partners, or responses to such
incidents;
- the impact of customer- and third party-owned generation,
including alternative electric suppliers, in IPL’s and WPL’s
service territories on system reliability, operating expenses and
customers’ demand for electricity;
- economic conditions and the impact of business or facility
closures in IPL’s and WPL’s service territories;
- the impact of energy efficiency, franchise retention and
customer disconnects on sales volumes and operating income;
- the impact that price changes may have on IPL’s and WPL’s
customers’ demand for electric, gas and steam services and their
ability to pay their bills;
- changes in the price of delivered natural gas, transmission,
purchased electric energy, purchased electric capacity, and
delivered coal, particularly during elevated market prices, and any
resulting changes to counterparty credit risk, due to shifts in
supply and demand caused by market conditions, regulations and
Midcontinent Independent System Operator, Inc.’s (MISO’s) seasonal
resource adequacy process;
- the ability to obtain regulatory approval for construction
projects with acceptable conditions;
- the ability to complete construction of renewable generation
and storage projects by planned in-service dates and within the
cost targets set by regulators due to cost increases of and access
to materials, equipment and commodities, which could result from
tariffs, duties or other assessments, such as any additional
tariffs resulting from U.S. Department of Commerce investigations
into and any decisions made regarding the sourcing of solar project
materials and equipment from certain countries, labor issues or
supply shortages, the ability to successfully resolve warranty
issues or contract disputes;
- the ability to achieve the expected level of tax benefits based
on tax guidelines, timely in-service dates, project costs and the
level of electricity output generated by qualifying generating
facilities, and the ability to efficiently utilize the renewable
generation and storage project tax benefits to achieve IPL’s
authorized rate of return and for the benefit of IPL’s and WPL’s
customers;
- the impacts of changes in the tax code, including tax rates,
minimum tax rates, adjustments made to deferred tax assets and
liabilities, and changes impacting the availability of and ability
to transfer renewable tax credits;
- the ability to utilize tax credits generated to date, and those
that may be generated in the future, before they expire, as well as
the ability to transfer tax credits that may be generated in the
future at adequate pricing;
- the ability to provide sufficient generation and the ability of
ITC Midwest LLC and ATC LLC to provide sufficient transmission
capacity for potential load growth;
- the ability of potential large load growth customers to timely
construct new facilities;
- disruptions to ongoing operations and the supply of materials,
services, equipment and commodities needed to construct capital
projects, which may result from geopolitical issues, supplier
manufacturing constraints, regulatory requirements, labor issues or
transportation issues, and thus affect the ability to meet capacity
requirements and result in increased capacity expense;
- inflation and higher interest rates;
- the future development of technologies related to
electrification, and the ability to reliably store and manage
electricity;
- federal and state regulatory or governmental actions, including
the impact of legislation, and regulatory agency orders and changes
in public policy, including the potential repeal of the Inflation
Reduction Act of 2022;
- employee workforce factors, including the ability to hire and
retain employees with specialized skills, impacts from employee
retirements, changes in key executives, ability to create desired
corporate culture, collective bargaining agreements and
negotiations, work stoppages or restructurings;
- disruptions in the supply and delivery of natural gas,
purchased electricity and coal;
- changes to the creditworthiness of, or performance of
obligations by, counterparties with which Alliant Energy, IPL and
WPL have contractual arrangements, including participants in the
energy markets and fuel suppliers and transporters;
- the impact of penalties or third-party claims related to, or in
connection with, a failure to maintain the security of personally
identifiable information, including associated costs to notify
affected persons and to mitigate their information security
concerns;
- impacts that terrorist attacks may have on Alliant Energy’s,
IPL’s and WPL’s operations and recovery of costs associated with
restoration activities, or on the operations of Alliant Energy’s
investments;
- any material post-closing payments related to any past asset
divestitures, including the transfer of renewable tax credits,
which could result from, among other things, indemnification
agreements, warranties, guarantees or litigation;
- continued access to the capital markets on competitive terms
and rates, and the actions of credit rating agencies;
- changes to MISO’s resource adequacy process establishing
capacity planning reserve margin and capacity accreditation
requirements that may impact how and when new and existing
generating facilities, including IPL’s and WPL’s additional solar
generation, may be accredited with energy capacity, and may require
IPL and WPL to adjust their current resource plans, to add
resources to meet the requirements of MISO’s process, or procure
capacity in the market whereby such costs might not be recovered in
rates;
- issues associated with environmental remediation and
environmental compliance, including compliance with all current
environmental and emissions laws, regulations and permits and
future changes in environmental laws and regulations, including the
Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and
federal, state or local regulations for greenhouse gases emissions
reductions from new and existing fossil-fueled EGUs under the Clean
Air Act, and litigation associated with environmental
requirements;
- increased pressure from customers, investors and other
stakeholders to more rapidly reduce greenhouse gases
emissions;
- the ability to defend against environmental claims brought by
state and federal agencies, such as the U.S. Environmental
Protection Agency and state natural resources agencies, or third
parties, such as the Sierra Club, and the impact on operating
expenses of defending and resolving such claims;
- the direct or indirect effects resulting from breakdown or
failure of equipment in the operation of electric and gas
distribution systems, such as mechanical problems, disruptions in
telecommunications, technological problems, and explosions or
fires, and compliance with electric and gas transmission and
distribution safety regulations, including regulations promulgated
by the Pipeline and Hazardous Materials Safety Administration;
- issues related to the availability and operations of EGUs,
including start-up risks, breakdown or failure of equipment,
availability of warranty coverage and successful resolution of
warranty issues or contract disputes for equipment breakdowns or
failures, performance below expected or contracted levels of output
or efficiency, operator error, employee safety, transmission
constraints, compliance with mandatory reliability standards and
risks related to recovery of resulting incremental operating,
fuel-related and capital costs through rates;
- impacts that excessive heat, excessive cold, storms, wildfires,
or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s
operations and construction activities, and recovery of costs
associated with restoration activities, or on the operations of
Alliant Energy’s investments;
- Alliant Energy’s ability to sustain its dividend payout ratio
goal;
- changes to costs of providing benefits and related funding
requirements of pension and other postretirement benefits plans due
to the market value of the assets that fund the plans, economic
conditions, financial market performance, interest rates, timing
and form of benefits payments, life expectancies and
demographics;
- material changes in employee-related benefit and compensation
costs, including settlement losses related to pension plans;
- risks associated with operation and ownership of non-utility
holdings;
- changes in technology that alter the channels through which
customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products
and services;
- impacts on equity income from unconsolidated investments from
changes in valuations of the assets held, as well as potential
changes to ATC LLC’s authorized return on equity;
- impacts of IPL’s future tax benefits from Iowa rate-making
practices, including deductions for repairs expenditures,
allocation of mixed service costs and state depreciation, and
recoverability of the associated regulatory assets from customers,
when the differences reverse in future periods;
- current or future litigation, regulatory investigations,
proceedings or inquiries;
- reputational damage from negative publicity, protests, fines,
penalties and other negative consequences resulting in regulatory
and/or legal actions;
- the direct or indirect effects resulting from pandemics;
- the effect of accounting standards issued periodically by
standard-setting bodies;
- the ability to successfully complete tax audits and changes in
tax accounting methods with no material impact on earnings and cash
flows; and
- other factors listed in the “2024 Earnings Guidance” and “2025
Earnings Guidance” sections of this press release.
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 and
2025 earnings guidance, 2025 annual common stock dividend target,
and 2024-2028 capital expenditures 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 three and nine months ended 2023
excluding charges related to the Iowa state income tax rate change,
and for the nine months ended September 30, 2024 excluding the
asset valuation charge related to IPL’s Lansing Generating Station
and asset retirement obligation charges for steam assets at IPL.
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 provides 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 three and nine
months ended September 30, 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.
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.
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 September
30:
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2024
2023
2024
2023
2024
2023
IPL
$0.74
$0.67
$—
$—
$0.74
$0.67
WPL
0.44
0.42
—
—
0.44
0.42
Corporate Services
0.02
0.02
—
—
0.02
0.02
Subtotal for Utilities and Corporate
Services
1.20
1.11
—
—
1.20
1.11
ATC Holdings
0.04
0.03
—
—
0.04
0.03
Non-utility and Parent
(0.09
)
(0.12
)
—
0.03
(0.09
)
(0.09
)
Alliant Energy Consolidated
$1.15
$1.02
$—
$0.03
$1.15
$1.05
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2024
2023
2024
2023
2024
2023
IPL
$190
$170
$—
$—
$190
$170
WPL
114
107
—
—
114
107
Corporate Services
4
4
—
—
4
4
Subtotal for Utilities and Corporate
Services
308
281
—
—
308
281
ATC Holdings
9
9
—
—
9
9
Non-utility and Parent
(22
)
(31
)
—
8
(22
)
(23
)
Alliant Energy Consolidated
$295
$259
$—
$8
$295
$267
Adjusted, or non-GAAP, earnings for the
three months ended September 30 do not include the following item
that was included in the reported GAAP earnings:
Non-GAAP Income
Non-GAAP
Adjustments (in
millions)
EPS Adjustments
2024
2023
2024
2023
Non-utility and Parent:
Remeasurement of deferred tax assets due
to Iowa state income tax rate changes
$—
$8
$—
$0.03
The following tables provide a summary of
Alliant Energy’s results for the nine months ended September
30:
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2024
2023
2024
2023
2024
2023
IPL
$1.06
$1.31
$0.23
$—
$1.29
$1.31
WPL
1.05
1.06
—
—
1.05
1.06
Corporate Services
0.04
0.04
—
—
0.04
0.04
Subtotal for Utilities and Corporate
Services
2.15
2.41
0.23
—
2.38
2.41
ATC Holdings
0.11
0.10
—
—
0.11
0.10
Non-utility and Parent
(0.16
)
(0.20
)
—
0.03
(0.16
)
(0.17
)
Alliant Energy Consolidated
$2.10
$2.31
$0.23
$0.03
$2.33
$2.34
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2024
2023
2024
2023
2024
2023
IPL
$272
$331
$59
$—
$331
$331
WPL
270
267
—
—
270
267
Corporate Services
10
10
—
—
10
10
Subtotal for Utilities and Corporate
Services
552
608
59
—
611
608
ATC Holdings
27
26
—
—
27
26
Non-utility and Parent
(39
)
(52
)
—
8
(39
)
(44
)
Alliant Energy Consolidated
$540
$582
$59
$8
$599
$590
Adjusted, or non-GAAP, earnings for the
nine months ended September 30 do not include the following items
that were included in the reported GAAP earnings:
Non-GAAP Income
Non-GAAP
Adjustments (in
millions)
EPS Adjustments
2024
2023
2024
2023
Utilities and Corporate Services:
Asset valuation charge related to IPL’s
Lansing Generating Station, net of tax impacts of ($16) million
$44
$—
$0.17
$—
Asset retirement obligation charge for
steam assets at IPL, net of tax impacts of ($5) million
15
—
0.06
—
Non-utility and Parent:
Remeasurement of deferred tax assets due
to Iowa state income tax rate changes
—
8
—
0.03
Total Alliant Energy Consolidated
$59
$8
$0.23
$0.03
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
(in millions, except per share
amounts)
Revenues:
Electric utility
$999
$995
$2,579
$2,562
Gas utility
49
47
322
400
Other utility
12
13
36
38
Non-utility
21
22
68
66
1,081
1,077
3,005
3,066
Operating expenses:
Electric production fuel and purchased
power
192
231
493
553
Electric transmission service
165
154
464
438
Cost of gas sold
13
12
152
226
Other operation and maintenance:
Energy efficiency costs
11
13
34
46
Non-utility Travero
15
15
48
47
Asset valuation charge for IPL’s Lansing
Generating Station
—
—
60
—
Asset retirement obligation charge for
steam assets at IPL
—
—
20
—
Other
148
132
408
406
Depreciation and amortization
195
170
571
503
Taxes other than income taxes
29
28
90
87
768
755
2,340
2,306
Operating income
313
322
665
760
Other (income) and deductions:
Interest expense
114
99
329
289
Equity income from unconsolidated
investments, net
(14
)
(14
)
(44
)
(45
)
Allowance for funds used during
construction
(20
)
(28
)
(58
)
(71
)
Other
—
1
2
2
80
58
229
175
Income before income taxes
233
264
436
585
Income tax expense (benefit)
(62
)
5
(104
)
3
Net income attributable to Alliant
Energy common shareowners
$295
$259
$540
$582
Weighted average number of common
shares outstanding:
Basic
256.6
253.5
256.4
252.1
Diluted
256.9
253.8
256.7
252.4
Earnings per weighted average common
share attributable to Alliant Energy common shareowners:
Basic
$1.15
$1.02
$2.11
$2.31
Diluted
$1.15
$1.02
$2.10
$2.31
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
September 30,
2024
December 31, 2023
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$827
$62
Other current assets
1,141
1,210
Property, plant and equipment, net
17,936
17,157
Investments
633
602
Other assets
2,292
2,206
Total assets
$22,829
$21,237
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$1,104
$809
Commercial paper
330
475
Other current liabilities
854
1,020
Long-term debt, net (excluding current
portion)
9,245
8,225
Other liabilities
4,328
3,931
Alliant Energy Corporation common
equity
6,968
6,777
Total liabilities and equity
$22,829
$21,237
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September
30,
2024
2023
(in millions)
Cash flows from operating
activities:
Cash flows from operating activities
excluding accounts receivable sold to a third party
$1,308
$979
Accounts receivable sold to a third
party
(395
)
(357
)
Net cash flows from operating
activities
913
622
Cash flows used for investing
activities:
Construction and acquisition
expenditures:
Utility business
(1,280
)
(1,201
)
Other
(154
)
(92
)
Cash receipts on sold receivables
399
306
Proceeds from sales of partial ownership
interests in West Riverside
123
120
Other
(28
)
(85
)
Net cash flows used for investing
activities
(940
)
(952
)
Cash flows from financing
activities:
Common stock dividends
(369
)
(341
)
Proceeds from issuance of common stock,
net
18
201
Proceeds from issuance of long-term
debt
1,613
1,158
Payments to retire long-term debt
(305
)
(404
)
Net change in commercial paper and other
short-term borrowings
(145
)
(141
)
Other
(18
)
42
Net cash flows from financing
activities
794
515
Net increase in cash, cash equivalents
and restricted cash
767
185
Cash, cash equivalents and restricted
cash at beginning of period
63
24
Cash, cash equivalents and restricted
cash at end of period
$830
$209
KEY FINANCIAL AND OPERATING
STATISTICS
September 30, 2024
September 30, 2023
Common shares outstanding (000s)
256,599
255,179
Book value per share
$27.16
$26.36
Quarterly common dividend rate per
share
$0.48
$0.4525
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Utility electric sales (000s of
megawatt-hours)
Residential
2,071
2,100
5,455
5,525
Commercial
1,728
1,727
4,748
4,782
Industrial
2,730
2,789
7,895
7,948
Industrial - co-generation customers
168
205
535
750
Retail subtotal
6,697
6,821
18,633
19,005
Sales for resale:
Wholesale
782
795
2,115
2,172
Bulk power and other
1,363
1,409
4,120
3,756
Other
14
14
43
43
Total
8,856
9,039
24,911
24,976
Utility retail electric customers (at
September 30)
Residential
851,352
844,056
Commercial
146,131
145,542
Industrial
2,410
2,410
Total
999,893
992,008
Utility gas sold and transported (000s
of dekatherms)
Residential
1,276
1,277
15,938
17,540
Commercial
1,556
1,634
11,557
12,774
Industrial
449
372
1,633
1,583
Retail subtotal
3,281
3,283
29,128
31,897
Transportation / other
30,239
29,776
93,248
88,167
Total
33,520
33,059
122,376
120,064
Utility retail gas customers (at
September 30)
Residential
382,438
380,114
Commercial
44,794
44,609
Industrial
316
326
Total
427,548
425,049
Estimated operating income increases
(decreases) from impacts of temperatures (in millions) -
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Electric
$1
$10
($18
)
$1
Gas
(2
)
(1
)
(15
)
(8
)
Total temperature impact
($1
)
$9
($33
)
($7
)
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
Normal
2024
2023
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
52
28
117
3,401
3,751
4,272
Madison, Wisconsin (WPL)
60
70
140
3,636
3,990
4,504
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
576
659
554
866
933
806
Madison, Wisconsin (WPL)
516
548
499
726
755
696
(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/20241031087787/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille
(608) 458-3956
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