On August 1, 2024, Alliant Energy Corp (LNT, Financial) released its 8-K filing for the second quarter of 2024. Alliant Energy, the parent company of two regulated utilities, Interstate Power and Light and Wisconsin Power and Light, serves nearly 1 million electric customers and 425,000 natural gas-only customers. The company also holds a 16% interest in American Transmission Co.
Performance Overview
Alliant Energy Corp (LNT, Financial) reported GAAP earnings per share (EPS) of $0.34 for Q2 2024, a significant decline from $0.64 in Q2 2023. Non-GAAP EPS also fell to $0.57 from $0.64 in the same period last year. The reported earnings missed the analyst estimate of $0.64 per share. Revenue figures were not disclosed in the filing, but the company faced several challenges impacting its financial performance.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| GAAP EPS | $0.34 | $0.64 |
| Non-GAAP EPS | $0.57 | $0.64 |
| GAAP Income (in millions) | $87 | $160 |
| Non-GAAP Income (in millions) | $146 | $160 |
Challenges and Impacts
The primary drivers for the lower EPS were non-recurring charges, including an asset impairment charge for Interstate Power and Light Company’s (IPL’s) Lansing Generating Station and an asset retirement obligation charge due to revised EPA rules. These charges collectively impacted the GAAP EPS by $0.23 per share. Additionally, higher financing and depreciation expenses, along with estimated temperature impacts on retail electric and gas sales, further contributed to the decline.
“We are pleased with the outcome of the settlement in our Iowa rate review and confident about the positive impact it will have promoting load growth while delivering consistent earnings and ensuring base rate stability for our customers,” said Lisa Barton, Alliant Energy President and CEO.
Financial Achievements
Despite the challenges, Alliant Energy Corp (LNT, Financial) achieved higher revenue requirements from capital investments at Wisconsin Power and Light (WPL), contributing $0.12 per share to the EPS. The company also reaffirmed its full-year earnings guidance of $2.99 to $3.13 per share, indicating confidence in its long-term growth objectives.
Income Statement Highlights
For the second quarter of 2024, Alliant Energy’s Utilities and Corporate Services operations generated $0.33 per share of GAAP EPS, down from $0.65 in Q2 2023. The American Transmission Company (ATC) Holdings contributed $0.04 per share, while Non-utility and Parent operations had a negative impact of $0.03 per share.
Balance Sheet and Cash Flow
While the filing did not provide detailed balance sheet and cash flow statements, the company’s reaffirmation of its full-year guidance suggests a stable financial outlook. The focus on regulatory progress and capital investments in renewable energy projects like solar generation and battery storage is expected to drive future growth.
Conclusion
Alliant Energy Corp (LNT, Financial) faced a challenging second quarter with significant non-recurring charges impacting its earnings. However, the company’s strategic investments and regulatory progress position it well for long-term growth. Investors should monitor the company’s ability to manage these challenges and capitalize on its growth opportunities.
Explore the complete 8-K earnings release (here) from Alliant Energy Corp for further details.
