ALLIANT ENERGY ANNOUNCES THIRD QUARTER 2017 RESULTS AND INCREASED ANNUAL COMMON STOCK DIVIDEND TARGET BY 6% FOR 2018
Updates 2017 earnings guidance and provides 2018 earnings guidance and forecasted 2017 - 2026 capital expenditures
MADISON, Wis. - November 2, 2017 - Alliant Energy Corporation (NYSE: LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) from continuing operations for the three months ended September 30 as follows:
GAAP EPS from
Adjusted (non-GAAP) EPS
from Continuing Operations
Utilities, ATC Investment and Corporate Services
Non-regulated and Parent
Alliant Energy Consolidated
“This quarter, we continued to produce solid financial and operational results. With three quarters of the year behind us, I am pleased to report that our anticipated non-GAAP temperature normalized earnings for fiscal year 2017 are in line with the original midpoint of our 2017 earnings guidance. However, taking into account year-to-date temperatures, which resulted in an estimated $0.06 per share of lower earnings, we are updating 2017 adjusted earnings per share guidance to a midpoint of $1.93,” said Patricia Kampling, Alliant Energy Chairman, President and CEO. “Looking forward to next year, I am pleased to announce the Board of Directors has approved a 6% increase to our annual common stock dividend target. The 2018 annual common stock dividend target is $1.34 per share.”
Utilities, ATC Investment and Corporate Services - Alliant Energy’s Utilities, American Transmission Company (ATC) Investment and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.78 per share of GAAP EPS from continuing operations in the third quarter of 2017, which was $0.04 per share lower than the third quarter of 2016. The primary drivers of lower EPS were estimated temperature impacts on retail electric and gas sales, higher depreciation expense and higher energy efficiency cost recovery amortization at Wisconsin Power and Light Company (WPL). These items were partially offset by higher margins resulting from Interstate Power and Light Company’s (IPL) interim retail electric base rate increase implemented in April 2017 and WPL’s retail electric and gas base rate increases implemented in January 2017.
Non-regulated and Parent - Alliant Energy’s Non-regulated and Parent operations generated ($0.05) per share of GAAP EPS from continuing operations in the third quarter of 2017, which was an improvement of $0.20 per share compared to the third quarter of 2016. The primary driver of the higher EPS was asset valuation charges related to the Franklin County wind farm in the third quarter of 2016.
Earnings Adjustments - Non-GAAP EPS for the three and nine months ended September 30, 2017 excludes charges of $0.02 per share related to the write-down of regulatory assets due to the proposed IPL electric rate review settlement. Non-GAAP EPS for the three and nine months ended September 30, 2016 excludes asset valuation charges of $0.23 per share related to the Franklin County wind farm. 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.
The following information was filed by Alliant Energy Corp (LNT) on Friday, November 3, 2017 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0000352541-17-000103 Submitted to the SEC: Fri Nov 03 2017 2:10:02 PM EST Accepted by the SEC: Fri Nov 03 2017 Period: Saturday, September 30, 2017 Industry: Electric And Other Services Combined