ALLIANT ENERGY ANNOUNCES FIRST QUARTER 2019 RESULTS
Reaffirms 2019 earnings guidance
MADISON, Wis. - May 2, 2019 - 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 March 31 as follows:
Utilities and Corporate Services
American Transmission Company (ATC) Holdings
Non-utility and Parent
Alliant Energy Consolidated
“Our first quarter results were in line with our expectations, with an additional benefit of $0.05 per share from the cold temperatures we experienced. Therefore, I am reaffirming our 2019 earnings guidance range, with a midpoint of $2.24 per share,” said Patricia Kampling, Alliant Energy Chairman and CEO. “In March, we achieved a milestone accelerating our progress toward a cleaner energy future by placing in service 470 megawatts of new wind energy.”
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.52 per share of GAAP EPS in the first quarter of 2019, which was $0.07 per share higher than the first quarter of 2018. The primary drivers of higher EPS were higher margins due to Interstate Power and Light Company’s (IPL’s) and Wisconsin Power and Light Company’s (WPL’s) increasing rate base and higher retail electric and gas sales due to colder temperatures in the first quarter of 2019 compared to the same period last year. These items were partially offset by higher depreciation expense.
Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated ($0.02) per share of GAAP EPS in the first quarter of 2019, which was a $0.06 per share earnings decrease compared to the first quarter of 2018. The primary drivers of lower EPS are higher interest expense and lower equity income from the wind farm in Oklahoma due to accelerated earnings in the first quarter of 2018 as a result of Tax Reform, which is expected to reverse over time.
Details regarding GAAP EPS variances between the first quarters of 2019 and 2018 for Alliant Energy are as follows:
Utilities and Corporate Services:
Higher margins primarily from earning on increasing rate base
Estimated temperature impact on retail electric and gas sales
Higher depreciation expense
Total Utilities and Corporate Services
Non-utility and Parent:
Higher interest expense
Other (primarily due to the timing of the impacts of Tax Reform in 2018)
Total Non-utility and Parent
The following information was filed by Alliant Energy Corp (LNT) on Friday, May 3, 2019 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: 0000352541-19-000053 Submitted to the SEC: Fri May 03 2019 12:22:55 PM EST Accepted by the SEC: Fri May 03 2019 Period: Sunday, March 31, 2019 Industry: Electric And Other Services Combined