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Alliant Energy (LNT) Q3 Earnings Lag Estimates, Sales Up Y/Y

Alliant Energy Corporation LNT reported third-quarter 2022 operating earnings of 93 cents, lagging the Zacks Consensus Estimate of $1.04 by 10.6%. Earnings also declined 8.8% from the year-ago figure.

GAAP earnings per share in the reported quarter were 90 cents compared with the year-ago quarter’s earnings of $1.02 per share. The difference between Non-GAAP and GAAP earnings in the reported quarter was due to a 3-cent impact related to the Iowa state income tax rate change.

Revenues

Third-quarter revenues were $1,135 million, up 10.8% year over year. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.

Alliant Energy Corporation Price, Consensus and EPS Surprise

Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation Price, Consensus and EPS Surprise

Alliant Energy Corporation price-consensus-eps-surprise-chart | Alliant Energy Corporation Quote

Operational Highlights

For the third quarter, the company’s retail electric and gas utility customers grew 0.8% and 0.7% year over year, respectively. Gas volumes sold and transported in the reported quarter increased 16.7% year over year due to an improvement in sales volume to all customer groups except industrial customers.

Total operating expenses were $826 million for the reported quarter, up 12.4% from $735 million in the year-ago period. The rise was due to the higher cost of electric transmission services, increased production of fuel and purchased power expenses.

Operating income was $309 million, up 6.9% from $289 million in the year-ago quarter.

Interest expenses were $83 million, 22.1% higher than the prior-year quarter.

Financial Update

Cash and cash equivalents were $344 million as of Sep 30, 2022, up from $39 million on Dec 31, 2021.

Long-term debt (excluding the current portion) was $7,570 million as of Sep 30, 2022, higher than $6,735 million as of Dec 31, 2021.

For the first nine months of 2022, cash flow from operating activities was $485 million compared with $477 million in the year-ago period.

Guidance

The company revised its 2022 earnings guidance to a new range of $2.73-$2.83 from the earlier range of $2.67-$2.81 per share. The revised guidance takes into account the impact of favorable temperature in its service territories on its natural gas and electric customers.

Alliant Energy’s 2022 earnings per share indicate an improvement from the 2021 reported figure of $2.63. The midpoint of the 2022 earnings guidance is $2.78 per share, a tad lower than the Zacks Consensus Estimate of $2.8 per share for the same period.

Alliant Energy’s 2022 capital expenditure is expected to be $1,540 million. For the 2022-2026 time period, the company expects its total capital expenditure to be $10,015 million.

Zacks Rank

Currently, Alliant Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

IDACORP, Inc. IDA reported third-quarter 2022 earnings of $2.10 per share, which surpassed the Zacks Consensus Estimate of $1.95 by 7.7%.

The Zacks Consensus Estimate for IDA’s 2022 earnings is pegged at $5 per share, suggesting an increase of 3% from the year-ago period.

MDU Resources Group Inc. MDU reported third-quarter 2022 operating earnings per share of 75 cents, which surpassed the Zacks Consensus Estimate of 69 cents by 8.7%.

The Zacks Consensus Estimate for MDU’s fourth-quarter earnings is pegged at 51 cents per share, suggesting an increase of 21.4% from the year-ago quarter.

Evergy, Inc. EVRG reported third-quarter 2022 operating earnings of $2.01 per share, which surpassed the Zacks Consensus Estimate of $1.89 by 6.3%.

The Zacks Consensus Estimate for EVRG’s 2022 earnings is pegged at $3.59 per share, suggesting an increase of 1.4% from the year-ago quarter.


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