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Alliant Energy (LNT) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
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Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2023 operating earnings of 65 cents per share, which missed the Zacks Consensus Estimate of 73 cents by 10.9%. The bottom line also declined 15.6% from the year-ago figure of 77 cents.
Revenues
First-quarter revenues totaled $1,077 million, which missed the Zacks Consensus Estimate of $1,119 million by 3.7%. The top line, however, increased 0.8% from the year-ago quarter’s level of $1,068 million.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses amounted to $855 million for the quarter, up 4.3% from $820 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 cost of gas sold.
Operating income totaled $222 million, down 10.5% from $248 million reported in the year-ago quarter.
Interest expenses came in at $94 million, 27% higher than that recorded in the prior-year period.
Financial Update
Cash and cash equivalents were $157 million as of Mar 31, 2023, compared with $20 million as on Dec 31, 2022.
Long-term debt (excluding the current portion) was $8,132 million as of Mar 31, 2023, higher than $7,668 million as of Dec 31, 2022.
For the first quarter, cash flow from operating activities was $188 million compared with $251 million in the year-ago period.
Guidance
Alliant Energy reaffirmed its 2023 earnings guidance in the range of $2.82-$2.96 per share. The projection takes into account normal temperature in its service territories, execution of cost controls and consolidated effective tax rate of 2%. The Zacks Consensus Estimate for 2023 earnings stands at $2.9 per share, higher than the midpoint of the company’s guided range.
Edison International (EIX - Free Report) reported first-quarter 2023 adjusted earnings of $1.09 per share, which beat the Zacks Consensus Estimate by 4.8%.
EIX’s long-term (three to five years) earnings growth rate is currently pinned at 3.9%. The consensus estimate for 2023 EPS stands at $4.74, indicating a year-over-year increase of 2.6%.
Eversource Energy (ES - Free Report) recorded first-quarter 2023 earnings of $1.41 per share, which beat the consensus mark by 3.7%.
ES’ long-term earnings growth rate is currently pegged at 6.34%. The consensus estimate for 2023 EPS stands at $4.36, implying a year-over-year improvement of 6.6%.
NiSource Inc. (NI - Free Report) reported first-quarter 2023 operating EPS of 77 cents, which came in line with the Zacks Consensus Estimate.
NI’s long-term earnings growth rate is currently pinned at 6.9%. The consensus mark for 2023 EPS stands at $1.57, indicating a year-over-year increase of 6.8%.
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Alliant Energy (LNT) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2023 operating earnings of 65 cents per share, which missed the Zacks Consensus Estimate of 73 cents by 10.9%. The bottom line also declined 15.6% from the year-ago figure of 77 cents.
Revenues
First-quarter revenues totaled $1,077 million, which missed the Zacks Consensus Estimate of $1,119 million by 3.7%. The top line, however, increased 0.8% from the year-ago quarter’s level of $1,068 million.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation price-consensus-eps-surprise-chart | Alliant Energy Corporation Quote
Operational Highlights
Total operating expenses amounted to $855 million for the quarter, up 4.3% from $820 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 cost of gas sold.
Operating income totaled $222 million, down 10.5% from $248 million reported in the year-ago quarter.
Interest expenses came in at $94 million, 27% higher than that recorded in the prior-year period.
Financial Update
Cash and cash equivalents were $157 million as of Mar 31, 2023, compared with $20 million as on Dec 31, 2022.
Long-term debt (excluding the current portion) was $8,132 million as of Mar 31, 2023, higher than $7,668 million as of Dec 31, 2022.
For the first quarter, cash flow from operating activities was $188 million compared with $251 million in the year-ago period.
Guidance
Alliant Energy reaffirmed its 2023 earnings guidance in the range of $2.82-$2.96 per share. The projection takes into account normal temperature in its service territories, execution of cost controls and consolidated effective tax rate of 2%. The Zacks Consensus Estimate for 2023 earnings stands at $2.9 per share, higher than the midpoint of the company’s guided range.
Zacks Rank
Currently, Alliant Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
Edison International (EIX - Free Report) reported first-quarter 2023 adjusted earnings of $1.09 per share, which beat the Zacks Consensus Estimate by 4.8%.
EIX’s long-term (three to five years) earnings growth rate is currently pinned at 3.9%. The consensus estimate for 2023 EPS stands at $4.74, indicating a year-over-year increase of 2.6%.
Eversource Energy (ES - Free Report) recorded first-quarter 2023 earnings of $1.41 per share, which beat the consensus mark by 3.7%.
ES’ long-term earnings growth rate is currently pegged at 6.34%. The consensus estimate for 2023 EPS stands at $4.36, implying a year-over-year improvement of 6.6%.
NiSource Inc. (NI - Free Report) reported first-quarter 2023 operating EPS of 77 cents, which came in line with the Zacks Consensus Estimate.
NI’s long-term earnings growth rate is currently pinned at 6.9%. The consensus mark for 2023 EPS stands at $1.57, indicating a year-over-year increase of 6.8%.