- Second quarter GAAP earnings per share was $0.64 in 2023,
compared to $0.63 in 2022
- Reaffirming 2023 earnings guidance range of $2.82 -
$2.96
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 June
30 as follows:
GAAP EPS
2023
2022
Utilities and Corporate Services
$0.65
$0.61
American Transmission Company (ATC)
Holdings
0.03
0.03
Non-utility and Parent
(0.04)
(0.01)
Alliant Energy Consolidated
$0.64
$0.63
“Our results for the first half of the year are on track, and we
are reaffirming our 2023 earnings guidance,” said John Larsen,
Alliant Energy Board Chair and CEO. “We continue delivering on our
customer-focused strategy, bringing value to the communities we
serve by investing in a diverse energy mix and ensuring a safe,
reliable and resilient grid.”
Utilities and Corporate Services -
Alliant Energy’s Utilities and Alliant Energy Corporate Services,
Inc. (Corporate Services) operations generated $0.65 per share of
GAAP EPS in the second quarter of 2023, which was $0.04 per share
higher than the second quarter of 2022. The primary drivers of
higher EPS were higher revenue requirements and allowance for funds
used during construction (AFUDC) from Wisconsin Power and Light
Company’s (WPL’s) capital investments, and WPL electric
fuel-related costs, net of recoveries. These items were partially
offset by lower retail electric and gas sales as a result of
temperatures, and higher interest expense. Retail electric and gas
sales were higher than normal in 2022 due to the impacts of warmer
than normal temperatures, while temperatures had minimal impact in
the second quarter of 2023.
Non-utility and Parent - Alliant
Energy’s Non-utility and Parent operations generated $(0.04) per
share of GAAP EPS in the second quarter of 2023, which was a $0.03
per share earnings decrease compared to the second quarter of 2022.
The lower EPS was primarily driven by higher interest expense.
Details regarding GAAP EPS variances between the second quarters
of 2023 and 2022 for Alliant Energy are as follows:
Variance
Revenue requirements and higher AFUDC from
WPL capital investments
$0.06
WPL electric fuel-related costs, net of
recoveries
0.03
Estimated temperature impact on retail
electric and gas sales
(0.05)
Higher interest expense
(0.05)
Other
0.02
Total
$0.01
Revenue requirements and higher AFUDC from
WPL capital investments - In December 2021, WPL received an
order from the Public Service Commission of Wisconsin (PSCW)
approving WPL’s proposed settlement for its retail electric and gas
rate review covering the 2022/2023 Test Period. In December 2022,
WPL received an order from the PSCW approving an additional annual
base rate increase of $9 million for WPL’s retail gas customers
covering the 2023 Test Period. WPL recognized a $0.03 per share
increase in the second quarter of 2023 due to higher revenue
requirements from increasing rate base, including investments in
solar generation. The construction activity related to these
investments also resulted in $0.03 per share higher AFUDC in the
second quarter of 2023.
WPL electric fuel-related costs, net of
recoveries - WPL recognized $0.03 per share of higher
earnings from changes in WPL electric fuel-related costs since
actual fuel and purchased power prices were lower than the 2023
fuel component of retail electric rates, compared to the second
quarter of 2022 when actual fuel and purchased power prices were
higher than the 2022 fuel component of retail electric rates.
Estimated temperature impact on retail
electric and gas sales - Temperatures had minimal impact on
Alliant Energy’s retail electric and gas sales in the second
quarter of 2023, compared to an estimated increase of $0.05 per
share in the second quarter of 2022 due to the impacts of warmer
than normal temperatures on customer demand.
Higher interest expense - Total
long-term debt increased due to additional financings in 2022 and
2023 largely to fund capital expenditures, including the solar
expansion program in Wisconsin. In addition, increases in
short-term debt interest rates contributed to higher interest
expense in the second quarter of 2023 compared to the same period
in 2022.
2023 Earnings Guidance
Alliant Energy is reaffirming its consolidated EPS guidance for
2023 of $2.82 - $2.96. Assumptions for Alliant Energy’s 2023 EPS
guidance include, but are not limited to:
- Ability of Interstate Power and Light Company (IPL) and WPL to
earn their authorized rates of return
- Stable economy and resulting implications on utility sales
- Normal temperatures in its utility service territories
- Execution of cost controls
- Execution of capital expenditure and financing plans
- Consolidated effective tax rate of 2%
The 2023 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 including corporate tax reform in Iowa, regulations or
regulatory policies, 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, changes in GAAP and tax methods of accounting that
may impact the reported results of Alliant Energy, or certain
nonrecurring or infrequent items that are, in management’s view,
not reflective of ongoing operations.
Because Alliant Energy is not able to estimate the impact of
specific line items, which have the potential to significantly
impact, favorably or unfavorably, 2023 EPS, the EPS guidance may
not align with GAAP EPS if the assumptions described above are not
realized or any nonrecurring or infrequent items occur, and no
reconciliation is being provided.
Earnings Conference Call
A conference call to review the second quarter 2023 results is
scheduled for Friday, August 4, 2023 at 9 a.m. central time.
Alliant Energy Board Chair and Chief Executive Officer John Larsen,
President and Chief Operating 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 888-886-7786 (Toll-Free - North America) or 416-764-8658
(Local), passcode 93484209. 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 995,000 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:
- the direct or indirect effects resulting from cyber security
incidents or attacks on Alliant Energy’s, IPL’s or WPL’s physical
infrastructure, 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;
- the impact of energy efficiency, franchise retention and
customer disconnects on sales volumes and margins;
- 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;
- inflation and higher interest rates;
- changes in the price of delivered natural gas, transmission,
purchased electricity 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;
- 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,
and remaining costs related to electric generating units (EGUs)
that may be permanently closed and certain other retired assets,
decreases in sales volumes, earning their authorized rates of
return, and the payments to their parent of expected levels of
dividends;
- 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 and project costs,
and the ability to efficiently utilize the renewable generation and
storage project tax benefits for the benefit of customers;
- 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;
- disruptions to ongoing operations and the supply of materials,
services, equipment and commodities needed to construct solar
generation, battery storage and electric and gas distribution
projects, which may result from geopolitical issues, supplier
manufacturing constraints, labor issues or transportation issues,
and thus affect the ability to meet capacity requirements and
result in increased capacity expense;
- the future development of technologies to reliably store and
manage electricity, as well as electrification of other economic
sectors;
- federal and state regulatory or governmental actions, including
the impact of legislation, and regulatory agency orders;
- the impacts of changes in the tax code, including tax rates,
minimum tax rates, and adjustments made to deferred tax assets and
liabilities;
- 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 sale of Whiting Petroleum, which could
result from, among other things, indemnification agreements,
warranties, guarantees or litigation;
- weather effects on results of utility operations;
- 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
environmental and emissions permits and future changes in
environmental laws and regulations, including changes to the Coal
Combustion Residuals Rule, Cross-State Air Pollution Rule emissions
allowances 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, 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 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 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;
- the direct or indirect effects resulting from the ongoing novel
coronavirus (COVID-19) pandemic and the spread of variant
strains;
- 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 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 “2023 Earnings Guidance” section 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 2023
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 and six months ended
June 30, 2023 and 2022. 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.
This press release references year-over-year variances in
utility electric margins and utility gas margins. Utility electric
margins and utility gas margins are non-GAAP financial measures
that will be reported and reconciled to the most directly
comparable GAAP measure, operating income, in our second quarter
2023 Form 10-Q.
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 June 30:
EPS:
GAAP EPS
2023
2022
IPL
$0.35
$0.35
WPL
0.29
0.25
Corporate Services
0.01
0.01
Subtotal for Utilities and Corporate
Services
0.65
0.61
ATC Holdings
0.03
0.03
Non-utility and Parent
(0.04)
(0.01)
Alliant Energy Consolidated
$0.64
$0.63
Earnings (in
millions):
GAAP Income (Loss)
2023
2022
IPL
$89
$87
WPL
72
63
Corporate Services
3
4
Subtotal for Utilities and Corporate
Services
164
154
ATC Holdings
8
8
Non-utility and Parent
(12)
(3)
Alliant Energy Consolidated
$160
$159
The following tables provide a summary of
Alliant Energy’s results for the six months ended June 30:
EPS:
GAAP EPS
2023
2022
IPL
$0.64
$0.69
WPL
0.64
0.62
Corporate Services
0.02
0.03
Subtotal for Utilities and Corporate
Services
1.30
1.34
ATC Holdings
0.07
0.07
Non-utility and Parent
(0.09)
(0.01)
Alliant Energy Consolidated
$1.28
$1.40
Earnings (in
millions):
GAAP Income (Loss)
2023
2022
IPL
$161
$173
WPL
160
156
Corporate Services
6
7
Subtotal for Utilities and Corporate
Services
327
336
ATC Holdings
18
17
Non-utility and Parent
(22)
(2)
Alliant Energy Consolidated
$323
$351
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
(in millions, except per share
amounts)
Revenues:
Electric utility
$799
$812
$1,567
$1,586
Gas utility
77
94
353
356
Other utility
13
13
25
23
Non-utility
23
24
45
47
912
943
1,990
2,012
Operating expenses:
Electric production fuel and purchased
power
166
191
322
359
Electric transmission service
138
133
284
271
Cost of gas sold
33
48
215
216
Other operation and maintenance:
Energy efficiency costs
13
13
33
24
Non-utility Travero
16
18
32
34
Other
134
135
273
262
Depreciation and amortization
167
166
333
332
Taxes other than income taxes
28
27
59
54
695
731
1,551
1,552
Operating income
217
212
439
460
Other (income) and deductions:
Interest expense
96
78
190
152
Equity income from unconsolidated
investments, net
(14)
(16)
(31)
(32)
Allowance for funds used during
construction
(24)
(13)
(43)
(24)
Other
(1)
—
2
1
57
49
118
97
Income before income taxes
160
163
321
363
Income tax expense (benefit)
—
4
(2)
12
Net income attributable to Alliant
Energy common shareowners
$160
$159
$323
$351
Weighted average number of common
shares outstanding:
Basic
251.7
250.9
251.4
250.7
Diluted
251.9
251.1
251.6
251.0
Earnings per weighted average common
share attributable to Alliant Energy common shareowners (basic and
diluted)
$0.64
$0.63
$1.28
$1.40
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
June 30, 2023
December 31, 2022
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$13
$20
Other current assets
1,125
1,230
Property, plant and equipment, net
16,306
16,247
Investments
584
559
Other assets
2,355
2,107
Total assets
$20,383
$20,163
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$409
$408
Commercial paper
391
642
Other short-term borrowings
50
—
Other current liabilities
1,043
1,313
Long-term debt, net (excluding current
portion)
8,186
7,668
Other liabilities
3,852
3,856
Alliant Energy Corporation common
equity
6,452
6,276
Total liabilities and equity
$20,383
$20,163
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended June 30,
2023
2022
(in millions)
Cash flows from operating
activities:
Cash flows from operating activities
excluding accounts receivable sold to a third party
$573
$564
Accounts receivable sold to a third
party
(262)
(264)
Net cash flows from operating
activities
311
300
Cash flows used for investing
activities:
Construction and acquisition
expenditures:
Utility business
(758)
(550)
Other
(62)
(43)
Cash receipts on sold receivables
272
233
Proceeds from sales of partial ownership
interest in West Riverside
120
—
Other
(54)
(10)
Net cash flows used for investing
activities
(482)
(370)
Cash flows from financing
activities:
Common stock dividends
(226)
(215)
Proceeds from issuance of common stock,
net
76
13
Proceeds from issuance of long-term
debt
862
650
Payments to retire long-term debt
(404)
(304)
Net change in commercial paper and other
short-term borrowings
(146)
(116)
Contributions from noncontrolling
interest
—
29
Other
(1)
(7)
Net cash flows from financing
activities
161
50
Net decrease in cash, cash equivalents
and restricted cash
(10)
(20)
Cash, cash equivalents and restricted
cash at beginning of period
24
40
Cash, cash equivalents and restricted
cash at end of period
$14
$20
KEY FINANCIAL AND OPERATING
STATISTICS
June 30, 2023
June 30, 2022
Common shares outstanding (000s)
252,719
250,926
Book value per share
$25.53
$24.46
Quarterly common dividend rate per
share
$0.4525
$0.4275
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Utility electric sales (000s of
megawatt-hours)
Residential
1,618
1,714
3,424
3,659
Commercial
1,501
1,525
3,055
3,137
Industrial
2,595
2,659
5,158
5,256
Industrial - co-generation customers
268
229
545
464
Retail subtotal
5,982
6,127
12,182
12,516
Sales for resale:
Wholesale
678
677
1,376
1,398
Bulk power and other
1,104
779
2,347
2,004
Other
14
15
29
31
Total
7,778
7,598
15,934
15,949
Utility retail electric customers (at
June 30)
Residential
842,376
836,411
Commercial
145,245
144,760
Industrial
2,416
2,426
Total
990,037
983,597
Utility gas sold and transported (000s
of dekatherms)
Residential
3,218
4,017
16,263
19,378
Commercial
2,640
3,104
11,140
12,693
Industrial
445
484
1,211
1,630
Retail subtotal
6,303
7,605
28,614
33,701
Transportation / other
25,778
22,382
58,392
52,260
Total
32,081
29,987
87,006
85,961
Utility retail gas customers (at June
30)
Residential
380,242
377,777
Commercial
44,762
44,602
Industrial
324
337
Total
425,328
422,716
Estimated margin increases (decreases)
from impacts of temperatures (in millions) -
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Electric margins
$—
$15
($9)
$21
Gas margins
(2)
2
(7)
6
Total temperature impact on margins
($2)
$17
($16)
$27
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
Normal
2023
2022
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
568
837
682
3,723
4,586
4,117
Madison, Wisconsin (WPL)
736
868
815
3,920
4,587
4,342
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
274
299
249
274
299
251
Madison, Wisconsin (WPL)
207
276
193
207
276
195
(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/20230803095417/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille
(608) 458-3956
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