We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Alliant Energy (LNT) Q2 Earnings Improve Y/Y, Sales Decline
Read MoreHide Full Article
Alliant Energy Corporation (LNT - Free Report) reported second-quarter 2020 operating earnings of 54 cents, which increased 35% from the year-ago figure of 40 cents per share.
The year-over-year growth in earnings was attributed to increasing rate base at Power and Light Company (IPL), as well as Wisconsin Power and Light Company (WPL), along with favorable temperature, which in turn increased the demand for electricity.
Total Revenues
Total first-quarter revenues came in at $763.1 million, declining 3.4% year over year. The year-over-year decline was due to lower contribution from its Electric and Natural gas operations.
Alliant Energy Corporation Price, Consensus and EPS Surprise
During the second quarter, the company’s retail electric and gas utility customers grew 0.8% and 0.9% year over year, respectively. The increase in its customer count had a positive impact on electric and natural gas volumes sold, which improved 0.2% and 15.6% year over year, respectively.
Total operating expenses were $595 million for the reported quarter, decreasing 7% from $640.4 million in the year-ago period. The reduction in expenses was due to lower Electric transmission service expenses, and decline in other operating and maintenance costs.
Operating income was $168.1 million, up 12.2% from $149.8 million in the year-ago quarter.
Interest expenses were $69.6 million, increasing 0.6% from $69.1 million in the prior-year quarter.
Financial Update
Cash and cash equivalents were $208.1 million as of Jun 30, 2020, up from $16.3 million on Dec 31, 2019.
Long-term debt (excluding current portion) was $6,572.4 million as of Jun 30, 2020, higher than $5,533 million on Dec 31, 2019.
In the first six months of 2020, cash flow from operating activities was $319.7 million compared with $276.9 million in the comparable year-ago period.
Guidance
Alliant Energy reiterated its 2020 earnings guidance in the range of $2.34-$2.48 per share. The guidance takes into account normal temperature in its service territories, gradual improvement in sales through the remainder of 2020 and proper execution of cost-control measures.
Xcel Energy Inc. (XEL - Free Report) posted second-quarter 2020 operating earnings of 54 cents per share, which surpassed the Zacks Consensus Estimate of 46 cents by 17.4%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2020 operating earnings per share of $1.53, which beat the Zacks Consensus Estimate of $1.31 by 16.8%.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
Alliant Energy (LNT) Q2 Earnings Improve Y/Y, Sales Decline
Alliant Energy Corporation (LNT - Free Report) reported second-quarter 2020 operating earnings of 54 cents, which increased 35% from the year-ago figure of 40 cents per share.
The year-over-year growth in earnings was attributed to increasing rate base at Power and Light Company (IPL), as well as Wisconsin Power and Light Company (WPL), along with favorable temperature, which in turn increased the demand for electricity.
Total Revenues
Total first-quarter revenues came in at $763.1 million, declining 3.4% year over year. The year-over-year decline was due to lower contribution from its Electric and Natural gas operations.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation price-consensus-eps-surprise-chart | Alliant Energy Corporation Quote
Operational Highlights
During the second quarter, the company’s retail electric and gas utility customers grew 0.8% and 0.9% year over year, respectively. The increase in its customer count had a positive impact on electric and natural gas volumes sold, which improved 0.2% and 15.6% year over year, respectively.
Total operating expenses were $595 million for the reported quarter, decreasing 7% from $640.4 million in the year-ago period. The reduction in expenses was due to lower Electric transmission service expenses, and decline in other operating and maintenance costs.
Operating income was $168.1 million, up 12.2% from $149.8 million in the year-ago quarter.
Interest expenses were $69.6 million, increasing 0.6% from $69.1 million in the prior-year quarter.
Financial Update
Cash and cash equivalents were $208.1 million as of Jun 30, 2020, up from $16.3 million on Dec 31, 2019.
Long-term debt (excluding current portion) was $6,572.4 million as of Jun 30, 2020, higher than $5,533 million on Dec 31, 2019.
In the first six months of 2020, cash flow from operating activities was $319.7 million compared with $276.9 million in the comparable year-ago period.
Guidance
Alliant Energy reiterated its 2020 earnings guidance in the range of $2.34-$2.48 per share. The guidance takes into account normal temperature in its service territories, gradual improvement in sales through the remainder of 2020 and proper execution of cost-control measures.
Zacks Rank
Currently, Alliant Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Xcel Energy Inc. (XEL - Free Report) posted second-quarter 2020 operating earnings of 54 cents per share, which surpassed the Zacks Consensus Estimate of 46 cents by 17.4%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.6%.
DTE Energy Company (DTE - Free Report) reported second-quarter 2020 operating earnings per share of $1.53, which beat the Zacks Consensus Estimate of $1.31 by 16.8%.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>