- GAAP earnings per share were $2.78 in 2023 compared to $2.73
in 2022
- Temperature-normalized non-GAAP earnings per share were
$2.88 in 2023 compared to $2.73 in 2022, representing 5.5%
growth
- Affirmed 2024 earnings guidance range of $2.99 - $3.13 per
share
Alliant Energy Corporation (NASDAQ: LNT) today announced U.S.
generally accepted accounting principles (GAAP) and non-GAAP
consolidated unaudited earnings per share (EPS) for 2023 and 2022
as follows:
GAAP EPS
Non-GAAP EPS
2023
2022
2023
2022
Utilities and Corporate Services
$
2.86
$
2.74
$
2.86
$
2.76
American Transmission Company (ATC)
Holdings
0.14
0.12
0.14
0.14
Non-utility and Parent
(0.22
)
(0.13
)
(0.18
)
(0.10
)
Alliant Energy Consolidated
$
2.78
$
2.73
$
2.82
$
2.80
“For the 14th year in a row, we delivered on our 5-7%
temperature normalized non-GAAP EPS growth range,” said Lisa
Barton, Alliant Energy President and CEO. “Looking forward to 2024,
we are excited to complete approximately 1,500 megawatts of
zero-fuel cost, zero-emissions solar generation for our customers
and continuing to deliver on our commitments to our investors.”
Utilities and Corporate Services -
Alliant Energy’s Utilities and Alliant Energy Corporate Services,
Inc. (Corporate Services) operations generated $2.86 per share of
GAAP EPS in 2023, which was $0.12 per share higher than 2022. The
primary drivers of higher EPS were revenue requirements and
allowance for funds used during construction (AFUDC) from capital
investments and lower other operation and maintenance expenses at
IPL and WPL. These items were partially offset by higher financing
expense, lower retail electric and gas sales due to net temperature
impacts, and higher depreciation expense.
Non-utility and Parent - Alliant
Energy’s Non-utility and Parent operations generated $(0.22) per
share of GAAP EPS in 2023, which was $0.09 per share lower than
2022. The lower EPS was primarily driven by higher interest
expense.
Earnings Adjustments - Non-GAAP EPS
for 2023 and 2022 excludes $0.04 per share and $0.03 per share,
respectively, 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 EPS for 2022 also
excludes $0.02 per share of charges related to retirement plan
settlement losses for Alliant Energy’s Utilities and Corporate
Services and $0.02 per share of charges related to an ATC base
return on equity (ROE) reserve adjustment. Non-GAAP adjustments,
which relate to charges or income that are not normally associated
with ongoing operations, are provided as a supplement to results
reported in accordance with GAAP.
Estimated Net Temperature Impacts to
Non-GAAP EPS - The estimated impacts of net temperatures on
retail electric and gas sales were $0.06 per share loss in 2023 and
$0.07 per share gain in 2022. The temperature-normalized non-GAAP
EPS was $2.88 per share and $2.73 per share in 2023 and 2022,
respectively, which represents 5.5% growth.
Details regarding GAAP EPS variances between 2023 and 2022 for
Alliant Energy are as follows:
Variance
Revenue requirements and higher AFUDC from
capital investments
$
0.26
Higher financing expense
(0.21
)
Estimated net temperature impacts on
retail electric and gas sales
(0.13
)
Lower other operation and maintenance
expenses at IPL and WPL
0.07
Higher depreciation expense
(0.07
)
Non-GAAP adjustments in 2022
0.07
Non-GAAP adjustments in 2023
(0.04
)
Other
0.10
Total
$
0.05
Revenue requirements and higher AFUDC from
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 $0.14 per share
increase in 2023 due to higher revenue requirements from increasing
rate base, including investments in solar generation. Construction
activity related to capital investments resulted in $0.03 and $0.09
per share higher AFUDC for IPL and WPL, respectively.
Higher financing expense - Interest
expense, net resulted in $0.19 lower EPS. Total long-term debt
increased due to additional financings in 2023 largely to fund
capital expenditures, including the solar expansion program in
Wisconsin. In addition, increases in short and long-term debt
interest rates contributed to higher interest expense, net in 2023.
Also, equity dilution resulted in $0.02 of lower EPS in 2023.
Non-GAAP adjustments in 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. In connection with the
announced rate change, deferred income tax assets at the
Non-Utility and Parent operations were remeasured. The announced
change in the corporate income tax rate for 2024 resulted in a
non-GAAP charge of $10 million or $0.04 per share in 2023, compared
to a non-GAAP charge of $8 million or $0.03 per share recorded in
2022 related to the Iowa corporate income tax rate change effective
January 1, 2023. The lower tax rate also resulted in reductions in
regulatory assets recorded in 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.
2024 Earnings Guidance
Alliant Energy is affirming EPS guidance for 2024 of $2.99 -
$3.13. Assumptions 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 (7%)
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, 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, or changes in
GAAP and tax methods of accounting that may impact the reported
results of Alliant Energy.
Earnings Conference Call
A conference call to review the 2023 results is scheduled for
Friday, February 16, 2024 at 9 a.m. central time. Alliant Energy
Executive Chairman John Larsen, 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 1-888-259-6580
(Toll-Free - North America) or 1-416-764-8624 (Local), passcode
06830500. 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:
- 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 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 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 deferral treatment for the recovery of
and a return on prudently incurred costs in between rate
reviews;
- 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;
- WPL’s ability to obtain adequate and timely rate relief to
allow for the recovery of and/or the return on costs of solar
generation projects that exceed initial cost estimates;
- 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;
- 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;
- 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;
- 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;
- weather effects on utility sales volumes and operations;
- 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 and
the sale of Whiting Petroleum, 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
environmental and emissions 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 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” 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 2024
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. These measures
include income and EPS for the fourth quarter and year ended
December 31, 2022 excluding charges related to retirement plan
settlement losses and adjustments to the ATC ROE reserve. These
measures also include income and EPS for the fourth quarter and
year ended December 31, 2023 and year ended December 31, 2022
excluding charges related to remeasurement of deferred tax assets
due to Iowa state income tax rate changes. 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 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. 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 fourth quarter and
year ended December 31, 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 also includes temperature-normalized non-GAAP
EP for the years ended December 31, 2023 and 2022. 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.
The tax impact adjustments represent the impact of the tax
effect of the pre-tax non-GAAP adjustments excluded from non-GAAP
net income. The tax impact of the non-GAAP adjustments is
calculated based on the estimated consolidated statutory tax
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, 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
FULL YEAR EARNINGS SUMMARY
(Unaudited)
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2023
2022
2023
2022
2023
2022
IPL
$
1.44
$
1.43
$
—
$
0.02
$
1.44
$
1.45
WPL
1.36
1.25
—
—
1.36
1.25
Corporate Services
0.06
0.06
—
—
0.06
0.06
Subtotal for Utilities and Corporate
Services
2.86
2.74
—
0.02
2.86
2.76
ATC Holdings
0.14
0.12
—
0.02
0.14
0.14
Non-utility and Parent
(0.22
)
(0.13
)
0.04
0.03
(0.18
)
(0.10
)
Alliant Energy Consolidated
$
2.78
$
2.73
$
0.04
$
0.07
$
2.82
$
2.80
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$
366
$
360
$
—
$
5
$
366
$
365
WPL
345
315
—
—
345
315
Corporate Services
13
15
—
—
13
15
Subtotal for Utilities and Corporate
Services
724
690
—
5
724
695
ATC Holdings
35
29
—
4
35
33
Non-utility and Parent
(56
)
(33
)
10
8
(46
)
(25
)
Alliant Energy Consolidated
$
703
$
686
$
10
$
17
$
713
$
703
Adjusted, or non-GAAP, earnings 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
Utilities and Corporate Services:
Retirement plan settlement losses, net of
tax impacts of $2 million
$
—
$
5
$
—
$
0.02
ATC Holdings and Non-utility and
Parent:
Remeasurement of deferred tax assets due
to Iowa state income tax rate changes
10
8
0.04
0.03
ATC ROE reserve adjustments, net of tax
impacts of $2 million
—
4
—
0.02
Total Alliant Energy Consolidated
$
10
$
17
$
0.04
$
0.07
ALLIANT ENERGY
CORPORATION
FOURTH QUARTER EARNINGS
SUMMARY (Unaudited)
The following tables provide a summary of
Alliant Energy’s results for the fourth quarter:
EPS:
GAAP EPS
Adjustments
Non-GAAP EPS
2023
2022
2023
2022
2023
2022
IPL
$
0.14
$
0.13
$
—
$
0.02
$
0.14
$
0.15
WPL
0.30
0.27
—
—
0.30
0.27
Corporate Services
0.01
0.01
—
—
0.01
0.01
Subtotal for Utilities and Corporate
Services
0.45
0.41
—
0.02
0.45
0.43
ATC Holdings
0.04
0.03
—
0.01
0.04
0.04
Non-utility and Parent
(0.02
)
(0.01
)
0.01
—
(0.01
)
(0.01
)
Alliant Energy Consolidated
$
0.47
$
0.43
$
0.01
$
0.03
$
0.48
$
0.46
Earnings (in
millions):
GAAP Income (Loss)
Adjustments
Non-GAAP Income (Loss)
2023
2022
2023
2022
2023
2022
IPL
$
35
$
33
$
—
$
5
$
35
$
38
WPL
78
68
—
—
78
68
Corporate Services
3
3
—
—
3
3
Subtotal for Utilities and Corporate
Services
116
104
—
5
116
109
ATC Holdings
9
8
—
2
9
10
Non-utility and Parent
(4
)
(4
)
2
—
(2
)
(4
)
Alliant Energy Consolidated
$
121
$
108
$
2
$
7
$
123
$
115
Adjusted, or non-GAAP, earnings 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
Utilities and Corporate Services:
Retirement plan settlement losses, net of
tax impacts of $2 million
$
—
$
5
$
—
$
0.02
ATC Holdings and Non-utility and
Parent:
ATC ROE reserve adjustments, net of tax
impacts of $1 million
—
2
—
0.01
Remeasurement of deferred tax assets due
to Iowa state income tax rate change
2
—
0.01
—
Total Alliant Energy Consolidated
$
2
$
7
$
0.01
$
0.03
Details regarding GAAP EPS variances
between fourth quarter of 2023 and 2022 for Alliant Energy’s
operations are as follows:
Variance
Revenue requirements and higher AFUDC from
capital investments
$
0.05
Lower other operation and maintenance
expenses at IPL and WPL
0.05
Higher financing expense
(0.04
)
Estimated temperature impact on retail
electric and gas sales
(0.04
)
Non-GAAP adjustments in 2022
0.03
Higher depreciation expense
(0.03
)
Non-GAAP adjustments in 2023
(0.01
)
Other
0.03
Total Alliant Energy Consolidated
$
0.04
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (Unaudited)
Quarter Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
(in millions, except per share
amounts)
Revenues:
Electric utility
$
783
$
796
$
3,345
$
3,421
Gas utility
140
224
540
642
Other utility
15
14
52
49
Non-utility
23
24
90
93
961
1,058
4,027
4,205
Operating expenses:
Electric production fuel and purchased
power
183
197
736
830
Electric transmission service
145
145
583
573
Cost of gas sold
73
147
299
389
Other operation and maintenance:
Energy efficiency costs
16
19
62
54
Non-utility Travero
17
17
64
68
Other
142
177
549
582
Depreciation and amortization
174
170
676
671
Taxes other than income taxes
28
27
115
110
778
899
3,084
3,277
Operating income
183
159
943
928
Other (income) and deductions:
Interest expense
105
90
394
325
Equity income from unconsolidated
investments, net
(16
)
(14
)
(61
)
(51
)
Allowance for funds used during
construction
(29
)
(26
)
(100
)
(60
)
Other
1
6
3
6
61
56
236
220
Income before income taxes
122
103
707
708
Income tax expense (benefit)
1
(5
)
4
22
Net income attributable to Alliant
Energy common shareowners
$
121
$
108
$
703
$
686
Weighted average number of common
shares outstanding:
Basic
255.6
251.1
253.0
250.9
Diluted
256.0
251.4
253.3
251.2
Earnings per weighted average common
share attributable to Alliant Energy common shareowners (basic and
diluted)
$
0.47
$
0.43
$
2.78
$
2.73
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited)
December 31,
2023
December 31, 2022
(in millions)
ASSETS:
Current assets:
Cash and cash equivalents
$
62
$
20
Other current assets
1,210
1,230
Property, plant and equipment, net
17,157
16,247
Investments
602
559
Other assets
2,206
2,107
Total assets
$
21,237
$
20,163
LIABILITIES AND EQUITY:
Current liabilities:
Current maturities of long-term debt
$
809
$
408
Commercial paper
475
642
Other current liabilities
1,020
1,313
Long-term debt, net (excluding current
portion)
8,225
7,668
Other liabilities
3,931
3,856
Alliant Energy Corporation common
equity
6,777
6,276
Total liabilities and equity
$
21,237
$
20,163
ALLIANT ENERGY
CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
Year Ended December 31,
2023
2022
(in millions)
Cash flows from operating
activities:
Cash flows from operating activities
excluding accounts receivable sold to a third party
$
1,351
$
1,055
Accounts receivable sold to a third
party
(484
)
(569
)
Net cash flows from operating
activities
867
486
Cash flows used for investing
activities:
Construction and acquisition
expenditures:
Utility business
(1,731
)
(1,392
)
Other
(123
)
(92
)
Cash receipts on sold receivables
453
598
Proceeds from sales of partial ownership
interest in West Riverside
120
—
Other
(120
)
(47
)
Net cash flows used for investing
activities
(1,401
)
(933
)
Cash flows from financing
activities:
Common stock dividends
(456
)
(428
)
Proceeds from issuance of common stock,
net
246
25
Proceeds from issuance of long-term
debt
1,455
1,338
Payments to retire long-term debt
(508
)
(633
)
Net change in commercial paper
(167
)
127
Other
3
2
Net cash flows from financing
activities
573
431
Net increase (decrease) in cash, cash
equivalents and restricted cash
39
(16
)
Cash, cash equivalents and restricted
cash at beginning of period
24
40
Cash, cash equivalents and restricted
cash at end of period
$
63
$
24
KEY FINANCIAL AND OPERATING
STATISTICS
December 31, 2023
December 31, 2022
Common shares outstanding (000s)
256,097
251,135
Book value per share
$
26.46
$
24.99
Quarterly common dividend rate per
share
$
0.4525
$
0.4275
Quarter Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Utility electric sales (000s of
megawatt-hours)
Residential
1,651
1,732
7,176
7,479
Commercial
1,548
1,589
6,329
6,436
Industrial
2,574
2,573
10,522
10,638
Industrial - co-generation customers
163
211
913
856
Retail subtotal
5,936
6,105
24,940
25,409
Sales for resale:
Wholesale
687
694
2,859
2,866
Bulk power and other
974
738
4,730
3,734
Other
15
15
58
62
Total
7,612
7,552
32,587
32,071
Utility retail electric customers (at
December 31)
Residential
847,698
842,078
Commercial
145,877
144,852
Industrial
2,407
2,439
Total
995,982
989,369
Utility gas sold and transported (000s
of dekatherms)
Residential
8,299
10,362
25,838
31,109
Commercial
5,517
6,646
18,291
21,097
Industrial
694
730
2,276
2,815
Retail subtotal
14,510
17,738
46,405
55,021
Transportation / other
27,010
21,571
115,177
104,812
Total
41,520
39,309
161,582
159,833
Utility retail gas customers (at
December 31)
Residential
382,820
380,913
Commercial
44,997
44,912
Industrial
326
328
Total
428,143
426,153
Estimated operating income increases
(decreases) from impacts of temperatures (in millions) -
Quarter Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Electric
($7
)
$1
($6
)
$26
Gas
(6
)
1
(14
)
7
Total temperature impact
($13
)
$2
($20
)
$33
Quarter Ended December
31,
Year Ended December
31,
2023
2022
Normal
2023
2022
Normal
Heating degree days (HDDs) (a)
Cedar Rapids, Iowa (IPL)
2,056
2,543
2,466
5,807
7,222
6,699
Madison, Wisconsin (WPL)
2,167
2,487
2,493
6,157
7,210
6,974
Cooling degree days (CDDs) (a)
Cedar Rapids, Iowa (IPL)
41
5
13
974
908
819
Madison, Wisconsin (WPL)
26
3
9
781
787
706
(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/20240215352116/en/
Media Hotline: (608) 458-4040 Investor Relations: Susan Gille
(608) 458-3956
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