Affirms 2014 earnings guidance and provides an update to forecasted 2014 - 2017 capital expenditures
MADISON, Wis. - February 25, 2014 - Alliant Energy Corporation (NYSE: LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated earnings per share (EPS) from continuing operations for 2013 and 2012 as follows:
Adjusted (non-GAAP) EPS from Continuing Operations
GAAP EPS from Continuing Operations
Utilities and Corporate Services
Non-regulated and Parent
Alliant Energy Consolidated
“2013 was a good year for Alliant Energy, both financially and operationally,” said Patricia Kampling, Alliant Energy Chairman, President and CEO. “Financially, non-GAAP weather-normalized earnings increased 7 percent over 2012, at the top end of our projected long-term growth rate of 5 to 7 percent. And operationally, we remain focused on our mission to safely deliver reliable power, and exceptional customer service, even during the extreme weather conditions we have been experiencing.”
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $3.24 per share of non-GAAP EPS from continuing operations in 2013, which was $0.37 per share higher than 2012. The primary drivers of higher EPS in 2013 when compared to 2012 were lower capacity charges, higher revenue requirement adjustment related to tax benefits at IPL, higher weather-normalized retail electric and gas sales, and lower energy conservation expenses. These positive EPS drivers were partially offset by higher depreciation expense, higher generation and distribution expenses, and higher transmission expense. The weather impact on electric and gas sales for the year was $0.17 per share and $0.12 per share in 2013 and 2012, respectively.
Non-regulated and Parent - Alliant Energy’s non-regulated and parent operations generated $0.07 per share of non-GAAP EPS from continuing operations in 2013, which was $0.11 per share lower than 2012. The primary drivers of non-regulated and parent year-over-year results were the anticipated losses related to the Franklin County wind project and lower sales at the Transportation business.
Earnings Adjustments - 2013 non-GAAP EPS excludes net losses of $0.02 per share from adjustments consisting of charges associated with preferred stock redemptions at IPL and WPL, and a regulatory-related credit at IPL related to its Whispering Willow - East wind project due to a December 2013 Minnesota Public Utilities Commission (MPUC) order. 2012 non-GAAP EPS excludes net losses of $0.12 per share from adjustments consisting of increased tax obligations at the utilities due to state tax apportionment changes as a result of Alliant Energy’s sale of the remainder of its RMT, Inc. business and regulatory-related credits. 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. Refer to page 6 of this document for additional details of the earnings adjustments for 2013 and 2012.
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The following information was filed by Alliant Energy Corp (LNT) on Tuesday, February 25, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: LNT CIK: 352541 Form Type:10-K Annual Report Accession Number: 0000352541-14-000006 Submitted to the SEC: Tue Feb 25 2014 4:20:51 PM EST Accepted by the SEC: Tue Feb 25 2014 Period: Tuesday, December 31, 2013 Industry: Electric And Other Services Combined