- Third quarter GAAP earnings per share was $1.02 in 2023,
compared to $0.90 in 2022
- Provided 2024 earnings guidance range of $2.99 to $3.13 and
2024 common stock dividend target of $1.92
- Forecasted 2024 - 2027 capital expenditures of $9 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
2023
2022
2023
2022
Utilities and Corporate Services
$
1.11
$
0.99
$
1.11
$
0.99
American Transmission Company (ATC)
Holdings
0.03
0.02
0.03
0.02
Non-utility and Parent
(0.12
)
(0.11
)
(0.09
)
(0.08
)
Alliant Energy Consolidated
$
1.02
$
0.90
$
1.05
$
0.93
“We continue to deliver solid financial and operational results
while executing our customer-focused strategy,” said John Larsen,
Alliant Energy Board Chair and CEO. “Our narrowed 2023 earnings
guidance, introduction of our 2024 earnings guidance, and
reiteration of our long-term earnings growth range of 5% to 7%
reinforces the consistent performance and predicable long-term
growth of our company.”
Utilities and Corporate Services -
Alliant Energy’s Utilities and Alliant Energy Corporate Services,
Inc. (Corporate Services) operations generated $1.11 per share of
GAAP EPS in the third quarter of 2023, which was $0.12 per share
higher than the third 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 lower other operation
and maintenance expenses. These items were partially offset by
higher interest expense.
Non-utility and Parent - Alliant
Energy’s Non-utility and Parent operations generated $(0.12) per
share of GAAP EPS in the third quarter of 2023, which was a $0.01
per share earnings decrease compared to the third quarter of 2022.
The lower EPS was primarily driven by higher interest expense.
Earnings Adjustments - Non-GAAP EPS
for the three months ended September 30, 2023 and 2022 excludes
$0.03 per share and $0.03 per share, respectively, of charges
related to the Iowa state income tax rate change 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 to Non-GAAP
EPS - The estimated year-to-date impact of temperatures on
EPS compared to normal temperatures is a $0.02 per share loss in
2023. The midpoint of the temperature normalized non-GAAP EPS
guidance for the full year 2023 is $2.89.
Details regarding GAAP EPS variances between the third quarters
of 2023 and 2022 for Alliant Energy are as follows:
Variance
Revenue requirements and higher AFUDC from
WPL capital investments
$
0.08
Lower other operation and maintenance
expenses
0.04
Higher interest expense
(0.04
)
Iowa state income tax rate change -
2022
0.03
Iowa state income tax rate change -
2023
(0.03
)
Other
0.04
Total
$
0.12
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 $0.04 per share
increase in the third 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 $0.04 per share higher AFUDC in the
third quarter of 2023.
Iowa state income tax rate changes
- 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,
compared to a non-GAAP charge of $8 million or $0.03 per share
recorded in the third quarter of 2022 related to the Iowa corporate
income tax rate change effective January 1, 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. The lower tax rate also resulted in reductions in
regulatory assets recorded in the third quarter of 2023 and 2022
related to the remeasurement of deferred income tax liabilities at
IPL, which is expected to provide cost benefits to its Iowa
customers in the future.
2023 Earnings Guidance
Alliant Energy is narrowing its EPS guidance as follows.
Revised
Previous
Alliant Energy Consolidated
$2.85 - $2.93
$2.82 - $2.96
Drivers for Alliant Energy’s 2023 EPS guidance include, but are
not limited to:
- Ability of 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, 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, impacts from changes to the
authorized return on equity for the American Transmission Company,
or changes in GAAP and tax methods of accounting that may impact
the reported results of Alliant Energy.
2024 Earnings Guidance
Alliant Energy is issuing EPS guidance for 2024 of $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 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 (8%)
The 2024 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, 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, impacts from changes to the
authorized return on equity for the American Transmission Company,
or changes in GAAP and tax methods of accounting that may impact
the reported results of Alliant Energy.
“As we complete our historic solar expansion in 2024, our
customers and communities will experience the benefits of
additional low cost, cleaner energy. Our consistent track record of
5% to 7% long-term growth continues with our 2024 earnings guidance
of $2.99 - $3.13 per share,” said Larsen.
2024 Annual Common Stock Dividend
Target
Alliant Energy has increased its 2024 expected annual common
stock dividend target to $1.92 per share from the current annual
common stock dividend target of $1.81 per share, a 6% increase.
Payment of the 2024 quarterly dividend is subject to the actual
dividend declaration by the Board of Directors each quarter, which
is expected in January 2024 for the first quarter dividend.
Projected Capital Expenditures
Alliant Energy has updated its projected capital expenditures
for 2023 through 2027 (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.
2023
2024
2025
2026
2027
Generation:
Renewables and battery storage
projects
$790
$1,140
$665
$780
$775
Gas projects
40
120
325
610
500
Other
95
100
80
50
40
Distribution:
Electric systems
565
610
620
670
685
Gas systems
80
85
85
85
85
Other
220
220
205
240
280
Total Capital Expenditures
$1,790
$2,275
$1,980
$2,435
$2,365
Earnings Conference Call
A conference call to review the third quarter 2023 results is
scheduled for Friday, November 3, 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 888-259-6580 (Toll-Free - North America) or 416-764-8624
(Local), passcode 99382583. 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 cybersecurity
incidents or attacks on Alliant Energy, IPL, WPL, or their
suppliers, contractors and partners, or responses to such incidents
or attacks;
- 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, 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 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 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;
- 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 renewable
tax credits;
- 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 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 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;
- 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” and “2024
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 2023 and
2024 earnings guidance, 2024 annual common stock dividend target,
and 2023-2027 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
September 30, 2023 and 2022 excluding charges related to the Iowa
state income tax rate changes. Alliant Energy believes this
non-GAAP financial measure is useful to investors because it
provides 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, 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 third quarter
2023 Form 10-Q.
This press release also includes temperature-normalized non-GAAP
EPS guidance for the year ended December 31, 2023. Alliant Energy
believes this non-GAAP measure is useful to investors because the
measure facilitates period-to-period comparison of Alliant Energy’s
operating performance and provides investors with information on a
basis consistent with measures that management uses to assess
Alliant Energy’s earnings growth rate.
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 and in
the case of temperature normalized non-GAAP EPS guidance, in the
press release above.
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
2023
2022
2023
2022
2023
2022
IPL
$0.67
$0.61
$—
$—
$0.67
$0.61
WPL
0.42
0.36
—
—
0.42
0.36
Corporate Services
0.02
0.02
—
—
0.02
0.02
Subtotal for Utilities and Corporate
Services
1.11
0.99
—
—
1.11
0.99
ATC Holdings
0.03
0.02
—
—
0.03
0.02
Non-utility and Parent
(0.12
)
(0.11
)
0.03
0.03
(0.09
)
(0.08
)
Alliant Energy Consolidated
$1.02
$0.90
$0.03
$0.03
$1.05
$0.93
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$170
$154
$—
$—
$170
$154
WPL
107
91
—
—
107
91
Corporate Services
4
4
—
—
4
4
Subtotal for Utilities and Corporate
Services
281
249
—
—
281
249
ATC Holdings
9
5
—
—
9
5
Non-utility and Parent
(31
)
(27
)
8
8
(23
)
(19
)
Alliant Energy Consolidated
$259
$227
$8
$8
$267
$235
Adjusted, or non-GAAP, earnings for the
three 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
2023
2022
2023
2022
Non-utility and Parent:
Iowa state income tax rate changes
$8
$8
$0.03
$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
2023
2022
2023
2022
2023
2022
IPL
$1.31
$1.30
$—
$—
$1.31
$1.30
WPL
1.06
0.98
—
—
1.06
0.98
Corporate Services
0.04
0.05
—
—
0.04
0.05
Subtotal for Utilities and Corporate
Services
2.41
2.33
—
—
2.41
2.33
ATC Holdings
0.10
0.09
—
—
0.10
0.09
Non-utility and Parent
(0.20
)
(0.11
)
0.03
0.03
(0.17
)
(0.08
)
Alliant Energy Consolidated
$2.31
$2.31
$0.03
$0.03
$2.34
$2.34
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$331
$327
$—
$—
$331
$327
WPL
267
247
—
—
267
247
Corporate Services
10
11
—
—
10
11
Subtotal for Utilities and Corporate
Services
608
585
—
—
608
585
ATC Holdings
26
22
—
—
26
22
Non-utility and Parent
(52
)
(28
)
8
8
(44
)
(20
)
Alliant Energy Consolidated
$582
$579
$8
$8
$590
$587
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
2023
2022
2023
2022
Non-utility and Parent:
Iowa state income tax rate changes
$8
$8
$0.03
$0.03
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
(in millions, except per share
amounts)
Revenues:
Electric utility
$995
$1,039
$2,562
$2,624
Gas utility
47
62
400
418
Other utility
13
11
38
35
Non-utility
22
23
66
70
1,077
1,135
3,066
3,147
Operating expenses:
Electric production fuel and purchased
power
231
274
553
633
Electric transmission service
154
157
438
428
Cost of gas sold
12
26
226
242
Other operation and maintenance:
Energy efficiency costs
13
11
46
35
Non-utility Travero
15
17
47
51
Other
132
144
406
406
Depreciation and amortization
170
169
503
501
Taxes other than income taxes
28
28
87
82
755
826
2,306
2,378
Operating income
322
309
760
769
Other (income) and deductions:
Interest expense
99
83
289
235
Equity income from unconsolidated
investments, net
(14
)
(5
)
(45
)
(37
)
Allowance for funds used during
construction
(28
)
(10
)
(71
)
(34
)
Other
1
—
2
—
58
68
175
164
Income before income taxes
264
241
585
605
Income tax expense
5
14
3
26
Net income attributable to Alliant
Energy common shareowners
$259
$227
$582
$579
Weighted average number of common
shares outstanding:
Basic
253.5
251.0
252.1
250.8
Diluted
253.8
251.3
252.4
251.1
Earnings per weighted average common
share attributable to Alliant Energy common shareowners (basic and
diluted)
$1.02
$0.90
$2.31
$2.31
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
September 30,
2023
December 31, 2022
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$206
$20
Other current assets
1,166
1,230
Property, plant and equipment, net
16,633
16,247
Investments
594
559
Other assets
2,305
2,107
Total assets
$20,904
$20,163
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$409
$408
Commercial paper
451
642
Other short-term borrowings
50
—
Other current liabilities
1,025
1,313
Long-term debt, net (excluding current
portion)
8,429
7,668
Other liabilities
3,814
3,856
Alliant Energy Corporation common
equity
6,726
6,276
Total liabilities and equity
$20,904
$20,163
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September
30,
2023
2022
(in millions)
Cash flows from operating
activities:
Cash flows from operating activities
excluding accounts receivable sold to a third party
$979
$878
Accounts receivable sold to a third
party
(357
)
(393
)
Net cash flows from operating
activities
622
485
Cash flows used for investing
activities:
Construction and acquisition
expenditures:
Utility business
(1,201
)
(873
)
Other
(92
)
(69
)
Cash receipts on sold receivables
306
358
Proceeds from sales of partial ownership
interest in West Riverside
120
—
Other
(85
)
(15
)
Net cash flows used for investing
activities
(952
)
(599
)
Cash flows from financing
activities:
Common stock dividends
(341
)
(322
)
Proceeds from issuance of common stock,
net
201
19
Proceeds from issuance of long-term
debt
1,158
1,238
Payments to retire long-term debt
(404
)
(379
)
Net change in commercial paper and other
short-term borrowings
(141
)
(132
)
Contributions from noncontrolling
interest
—
29
Distributions to noncontrolling
interest
—
(29
)
Other
42
(3
)
Net cash flows from financing
activities
515
421
Net increase in cash, cash equivalents
and restricted cash
185
307
Cash, cash equivalents and restricted
cash at beginning of period
24
40
Cash, cash equivalents and restricted
cash at end of period
$209
$347
KEY FINANCIAL AND OPERATING
STATISTICS
September 30, 2023
September 30, 2022
Common shares outstanding (000s)
255,179
251,022
Book value per share
$26.36
$24.96
Quarterly common dividend rate per
share
$0.4525
$0.4275
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Utility electric sales (000s of
megawatt-hours)
Residential
2,100
2,088
5,525
5,747
Commercial
1,727
1,709
4,782
4,847
Industrial
2,789
2,810
7,948
8,065
Industrial - co-generation customers
205
181
750
645
Retail subtotal
6,821
6,788
19,005
19,304
Sales for resale:
Wholesale
795
774
2,172
2,172
Bulk power and other
1,409
985
3,756
2,989
Other
14
16
43
46
Total
9,039
8,563
24,976
24,511
Utility retail electric customers (at
September 30)
Residential
844,056
838,799
Commercial
145,542
144,728
Industrial
2,410
2,437
Total
992,008
985,964
Utility gas sold and transported (000s
of dekatherms)
Residential
1,277
1,370
17,540
20,748
Commercial
1,634
1,758
12,774
14,451
Industrial
372
456
1,583
2,085
Retail subtotal
3,283
3,584
31,897
37,284
Transportation / other
29,776
30,982
88,167
83,241
Total
33,059
34,566
120,064
120,525
Utility retail gas customers (at
September 30)
Residential
380,114
377,926
Commercial
44,609
44,441
Industrial
326
329
Total
425,049
422,696
Estimated margin increases (decreases)
from impacts of temperatures (in millions) -
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Electric margins
$10
$4
$1
$25
Gas margins
(1
)
—
(8
)
6
Total temperature impact on margins
$9
$4
($7
)
$31
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
Normal
2023
2022
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
28
93
116
3,751
4,679
4,233
Madison, Wisconsin (WPL)
70
136
139
3,990
4,723
4,481
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
659
604
555
933
903
806
Madison, Wisconsin (WPL)
548
508
502
755
784
697
(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/20231102276975/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille
(608) 458-3956
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