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Alliant Energy (LNT) Q4 Earnings Miss Estimates, Sales Up Y/Y
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Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2022 operating earnings of 46 cents per share, lagging the Zacks Consensus Estimate of 48 cents by 4.2%. However, the bottom line increased 31.4% from the year-ago figure.
GAAP earnings per share in the reported quarter were 43 cents compared with the year-ago quarter’s figure of 35 cents.
LNT reported full-year 2022 earnings of $2.8 per share, up 6.5% from the previous year’s $2.63.
Revenues
Fourth-quarter revenues were $1,058 million, up 14.1% from $927 million in the year-ago quarter. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.
Total revenues for 2022 came in at $4,205 million, up 14.6% from $3,669 million in 2021.
Alliant Energy Corporation Price, Consensus and EPS Surprise
For the fourth quarter, the company’s retail electric and gas utility customers grew 0.8% each year over year. Gas volumes sold and transported decreased 1.6% year over year due to decline in transportation sales volume.
Total operating expenses were $899 million for the reported quarter, up 13.1% from $795 million in the year-ago period. The rise was due to higher cost of electric transmission services, increased fuel production and purchased power expenses, and gas trading cost.
Operating income was $159 million, up 20.5% from $132 million in the year-ago quarter.
Interest expenses were $90 million, 26.8% higher than the prior-year quarter.
Financial Update
Cash and cash equivalents were $20 million as of Dec 31, 2022, compared with $39 million on Dec 31, 2021.
Long-term debt (excluding the current portion) was $7,668 million as of Dec 31, 2022, higher than $6,735 million as of Dec 31, 2021.
For 2022, cash flow from operating activities was $486 million compared with $582 million in 2021.
Guidance
Alliant Energy affirms 2023 earnings guidance in the range of $2.82-$2.96 per share. The guidance takes into account some assumptions of normal temperature in its service territories, execution of cost controls and consolidated effective tax rate of 1%. The Zacks Consensus Estimate for 2023 earnings of $2.9 per share is higher than the mid-point of the company’s guided range.
Zacks Rank
Currently, Alliant Energy carries a Zacks Rank #4 (Sell).
The AES Corporation (AES - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 46 cents per share, implying a year-over-year increase of 2.2%.
AES’s long-term (three to five years) earnings growth rate is currently pegged at 8.53%. The Zacks Consensus Estimate for 2023 EPS is $1.75, implying a year-over-year increase of 6.1%.
Essential Utilities Inc. (WTRG - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying a year-over-year increase of 2.3%.
WTRG’s long-term earnings growth rate is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $1.89, implying a year-over-year increase of 6.5%.
Global Water Resources, Inc. (GWRS - Free Report) is slated to report fourth-quarter results on Mar 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 3 cents per share, implying a year-over-year increase of 50%.
GWRS’s long-term earnings growth rate is currently pegged at 15%. The Zacks Consensus Estimate for 2023 EPS is 25 cents, implying a year-over-year increase of 8.7%.
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Alliant Energy (LNT) Q4 Earnings Miss Estimates, Sales Up Y/Y
Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2022 operating earnings of 46 cents per share, lagging the Zacks Consensus Estimate of 48 cents by 4.2%. However, the bottom line increased 31.4% from the year-ago figure.
GAAP earnings per share in the reported quarter were 43 cents compared with the year-ago quarter’s figure of 35 cents.
LNT reported full-year 2022 earnings of $2.8 per share, up 6.5% from the previous year’s $2.63.
Revenues
Fourth-quarter revenues were $1,058 million, up 14.1% from $927 million in the year-ago quarter. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.
Total revenues for 2022 came in at $4,205 million, up 14.6% from $3,669 million in 2021.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation price-consensus-eps-surprise-chart | Alliant Energy Corporation Quote
Operational Highlights
For the fourth quarter, the company’s retail electric and gas utility customers grew 0.8% each year over year. Gas volumes sold and transported decreased 1.6% year over year due to decline in transportation sales volume.
Total operating expenses were $899 million for the reported quarter, up 13.1% from $795 million in the year-ago period. The rise was due to higher cost of electric transmission services, increased fuel production and purchased power expenses, and gas trading cost.
Operating income was $159 million, up 20.5% from $132 million in the year-ago quarter.
Interest expenses were $90 million, 26.8% higher than the prior-year quarter.
Financial Update
Cash and cash equivalents were $20 million as of Dec 31, 2022, compared with $39 million on Dec 31, 2021.
Long-term debt (excluding the current portion) was $7,668 million as of Dec 31, 2022, higher than $6,735 million as of Dec 31, 2021.
For 2022, cash flow from operating activities was $486 million compared with $582 million in 2021.
Guidance
Alliant Energy affirms 2023 earnings guidance in the range of $2.82-$2.96 per share. The guidance takes into account some assumptions of normal temperature in its service territories, execution of cost controls and consolidated effective tax rate of 1%. The Zacks Consensus Estimate for 2023 earnings of $2.9 per share is higher than the mid-point of the company’s guided range.
Zacks Rank
Currently, Alliant Energy carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Upcoming Releases
The AES Corporation (AES - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 46 cents per share, implying a year-over-year increase of 2.2%.
AES’s long-term (three to five years) earnings growth rate is currently pegged at 8.53%. The Zacks Consensus Estimate for 2023 EPS is $1.75, implying a year-over-year increase of 6.1%.
Essential Utilities Inc. (WTRG - Free Report) is slated to report fourth-quarter results on Feb 27, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 45 cents per share, implying a year-over-year increase of 2.3%.
WTRG’s long-term earnings growth rate is currently pegged at 6%. The Zacks Consensus Estimate for 2023 EPS is $1.89, implying a year-over-year increase of 6.5%.
Global Water Resources, Inc. (GWRS - Free Report) is slated to report fourth-quarter results on Mar 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 3 cents per share, implying a year-over-year increase of 50%.
GWRS’s long-term earnings growth rate is currently pegged at 15%. The Zacks Consensus Estimate for 2023 EPS is 25 cents, implying a year-over-year increase of 8.7%.