Alliant Energy Corporation (LNT - Free Report) reported third-quarter 2016 operating earnings of 80 cents per share, lagging the Zacks Consensus Estimate of 87 cents by 8.1%. Reported earnings were also a penny lower than the year-ago figure.
GAAP earnings in the reported quarter came in at 57 cents, compared with 79 cents in the year-ago quarter. The difference of 23 cents between GAAP and operating earnings was due to a one-time adjustment in the Non-regulated and Parent segment.
Total revenue in the third quarter amounted to $924.6 million, 2.9% higher than the year-ago tally. Top-line results were up primarily on the back of higher contribution from the Electric utility segment.
Total operating expenses were $762.0 million in the reported quarter, up nearly 14.9% from $663.0 million in the year-ago period.
Operating income was $162.6 million, down 31.3% from $235.9 million in the year-ago quarter.
Interest expenses increased 5.2% to $48.8 million from $46.4 million in the year-ago quarter.
Cash and cash equivalents were $84.7 million as of Sep 30, 2016, down from $5.8 million as of Dec 31, 2015.
Long-term debt (excluding current portion) was $3,816.9 million as of Dec 31, 2015, compared with nearly $3,522.2 million as of Dec 31, 2015.
Cash used in operating activities in first nine months of 2016 was $771.8 million, compared with $613.0 million in the year-ago comparable period.
Alliant Energy narrowed its 2016 consolidated earnings per share guidance to the range of $1.84–$1.92 from $1.80–$1.95 per share guided earlier.
At Utilities, American Transmission Company LLC and Corporate Services, earnings are expected in the range of $1.83−$1.89 per share. At Non-regulated and Parent, the company projects earnings in the range of 1–3 cents per share.
Capital expenditure is projected to be nearly $6.6 billion for the 2016–2020 period, comprising $1.21 billion for 2016.
Dominion Resources Inc. (D - Free Report) reported third-quarter 2016 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.04 by 9.6%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2016 operating earnings per share of $1.96, beating the Zacks Consensus Estimate of $1.54 by 27.3%.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2016 adjusted earnings per share of 70 cents, beating the Zacks Consensus Estimate of 60 cents by 16.7%.
Alliant Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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