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Alliant Energy (LNT) Q1 Earnings Disappoint, Sales Fall Y/Y
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Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2024 operating earnings of 62 cents per share, which lagged the Zacks Consensus Estimate of 66 cents by 6.1%. The bottom line also declined 4.6% from the year-ago quarter’s figure of 65 cents.
Revenues
Revenues totaled $1.03 billion, which missed the Zacks Consensus Estimate of $1.17 billion by 11.6%. The top line also decreased 4.6% from the year-ago quarter’s level of $1.08 billion.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $809 million in the quarter, down 5.3% from $855 million in the year-ago period. This was due to the lower cost of gas sold.
Operating income totaled $222 million, flat with the year-ago reported figure.
Interest expenses amounted to $107 million, 13.8% higher than in the prior-year period.
The company’s retail electric customers increased 0.7% year over year. Retail gas customers increased 0.5% year over year.
LNT reported total utility electric sales of 8,353 thousand megawatt-hour (MWh), up 2.4% from the year-ago quarter’s reported figure.
Total utility gas sold and transported was 54,025 thousand of dekatherms, down 1.6% year over year.
Financial Update
Cash and cash equivalents amounted to $32 million as of Mar 31, 2024, compared with $62 million as of Dec 31, 2023.
Long-term debt (excluding the current portion) totaled $8.5 billion as of Mar 31, 2024, higher than $8.2 billion recorded as of Dec 31, 2023.
Cash flow from operating activities for the first three months of 2024 totaled $307 million compared with $188 million in the year-ago period.
2024 Guidance
Alliant Energy expects earnings in the band of $2.99-$3.13 per share. The projection takes into account the normal temperature in its service territories, execution of cost controls and the consolidated effective tax rate of 7%. The Zacks Consensus Estimate for earnings is pegged at $3.08 per share, higher than the midpoint of the company’s guided range.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
NiSource (NI - Free Report) is scheduled to report first-quarter results on May 8, before market open. The Zacks Consensus Estimate for earnings is pegged at 81 cents per share.
NI’s long-term earnings growth rate is 6%. The company delivered an average earnings surprise of 5.6% in the last four quarters.
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Alliant Energy (LNT) Q1 Earnings Disappoint, Sales Fall Y/Y
Alliant Energy Corporation (LNT - Free Report) reported first-quarter 2024 operating earnings of 62 cents per share, which lagged the Zacks Consensus Estimate of 66 cents by 6.1%. The bottom line also declined 4.6% from the year-ago quarter’s figure of 65 cents.
Revenues
Revenues totaled $1.03 billion, which missed the Zacks Consensus Estimate of $1.17 billion by 11.6%. The top line also decreased 4.6% from the year-ago quarter’s level of $1.08 billion.
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 were $809 million in the quarter, down 5.3% from $855 million in the year-ago period. This was due to the lower cost of gas sold.
Operating income totaled $222 million, flat with the year-ago reported figure.
Interest expenses amounted to $107 million, 13.8% higher than in the prior-year period.
The company’s retail electric customers increased 0.7% year over year. Retail gas customers increased 0.5% year over year.
LNT reported total utility electric sales of 8,353 thousand megawatt-hour (MWh), up 2.4% from the year-ago quarter’s reported figure.
Total utility gas sold and transported was 54,025 thousand of dekatherms, down 1.6% year over year.
Financial Update
Cash and cash equivalents amounted to $32 million as of Mar 31, 2024, compared with $62 million as of Dec 31, 2023.
Long-term debt (excluding the current portion) totaled $8.5 billion as of Mar 31, 2024, higher than $8.2 billion recorded as of Dec 31, 2023.
Cash flow from operating activities for the first three months of 2024 totaled $307 million compared with $188 million in the year-ago period.
2024 Guidance
Alliant Energy expects earnings in the band of $2.99-$3.13 per share. The projection takes into account the normal temperature in its service territories, execution of cost controls and the consolidated effective tax rate of 7%. The Zacks Consensus Estimate for earnings is pegged at $3.08 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.
Upcoming Releases
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.36 per share.
NiSource (NI - Free Report) is scheduled to report first-quarter results on May 8, before market open. The Zacks Consensus Estimate for earnings is pegged at 81 cents per share.
NI’s long-term earnings growth rate is 6%. The company delivered an average earnings surprise of 5.6% in the last four quarters.