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Alliant Energy (LNT) Q1 Earnings Top Estimates, Sales Up Y/Y
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Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2022 operating earnings of 77 cents, beating the Zacks Consensus Estimate of 71 cents by 8.5%. Earnings also improved 13.3% from the year-ago figure.
Revenues
First-quarter revenues came in at $1,068 million, improving 18.5% year over year. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.
Alliant Energy Corporation Price, Consensus and EPS Surprise
For the first quarter, the company’s retail electric and gas utility customers grew 0.7% and 0.6% year over year, respectively. Electric volumes improved 13.4% year over year due to the strong power sales volume to residential and industrial customers. Gas volumes sold and transported in the reported quarter improved 16.3% year over year due to an improvement in sales volume to all customer groups.
Total operating expenses were $820 million for the reported quarter, up 16.6% from $703 million in the year-ago period. This increase was due to the higher cost of electric transmission services and increased production of fuel, and purchased power expenses.
Alliant Energy received verbal approval for the remaining 414 megawatts (MW) of nearly 1,100 MW proposed solar expansion in Wisconsin.
Operating income was $248 million, up 25.3% from $198 million in the year-ago quarter.
Interest expenses were $74 million, 7.3% higher than the prior-year quarter.
Financial Update
Cash and cash equivalents were $67 million as of Mar 31, 2022, up from $39 million on Dec 31, 2021.
Long-term debt (excluding current portion) was $7,383 million as of Mar 31, 2022, higher than $6,735 million as of Dec 31, 2021.
For the first three months of 2022, cash flow from operating activities was $251 million compared with $145 million in the year-ago period.
Guidance
Alliant reiterated its 2022 earnings guidance to the range of $2.67-$2.81 per share. The guidance takes into account normal temperature in its service territories, stable economic conditions, proper execution of cost controls and a few other factors.
Alliant’s 2022 earnings per share expectation indicates an improvement from the 2021 figure of $2.63. The midpoint of the 2022 earnings guidance is $2.74, on par with the Zacks Consensus Estimate for the period.
Zacks Rank
Currently, Alliant carries a Zacks Rank #4 (Sell).
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.8%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicate year-over-year growth of 5.3%.
Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2022 operating earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 2.9%.
Xcel Energy’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings indicate year-over-year growth of 7.1%.
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Alliant Energy (LNT) Q1 Earnings Top Estimates, Sales Up Y/Y
Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2022 operating earnings of 77 cents, beating the Zacks Consensus Estimate of 71 cents by 8.5%. Earnings also improved 13.3% from the year-ago figure.
Revenues
First-quarter revenues came in at $1,068 million, improving 18.5% year over year. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation price-consensus-eps-surprise-chart | Alliant Energy Corporation Quote
Operational Highlights
For the first quarter, the company’s retail electric and gas utility customers grew 0.7% and 0.6% year over year, respectively. Electric volumes improved 13.4% year over year due to the strong power sales volume to residential and industrial customers. Gas volumes sold and transported in the reported quarter improved 16.3% year over year due to an improvement in sales volume to all customer groups.
Total operating expenses were $820 million for the reported quarter, up 16.6% from $703 million in the year-ago period. This increase was due to the higher cost of electric transmission services and increased production of fuel, and purchased power expenses.
Alliant Energy received verbal approval for the remaining 414 megawatts (MW) of nearly 1,100 MW proposed solar expansion in Wisconsin.
Operating income was $248 million, up 25.3% from $198 million in the year-ago quarter.
Interest expenses were $74 million, 7.3% higher than the prior-year quarter.
Financial Update
Cash and cash equivalents were $67 million as of Mar 31, 2022, up from $39 million on Dec 31, 2021.
Long-term debt (excluding current portion) was $7,383 million as of Mar 31, 2022, higher than $6,735 million as of Dec 31, 2021.
For the first three months of 2022, cash flow from operating activities was $251 million compared with $145 million in the year-ago period.
Guidance
Alliant reiterated its 2022 earnings guidance to the range of $2.67-$2.81 per share. The guidance takes into account normal temperature in its service territories, stable economic conditions, proper execution of cost controls and a few other factors.
Alliant’s 2022 earnings per share expectation indicates an improvement from the 2021 figure of $2.63. The midpoint of the 2022 earnings guidance is $2.74, on par with the Zacks Consensus Estimate for the period.
Zacks Rank
Currently, Alliant carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.8%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicate year-over-year growth of 5.3%.
Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2022 operating earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 2.9%.
Xcel Energy’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings indicate year-over-year growth of 7.1%.