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Alliant Energy (LNT) Lags on Q4 Earnings, Keeps '18 EPS View
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Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2017 operating earnings from continuing operations of 33 cents per share, missing the Zacks Consensus Estimate of 38 cents by 13.2%. However, reported earnings increased from 28 cents in the year-ago quarter.
On a GAAP basis, Alliant Energy reported earnings of 41 cents per share, up from 28 cents a year ago. The difference between GAAP and adjusted earnings was primarily due to the IPL retail electric rate review settlement and the effects of the tax reform.
For 2017, Alliant Energy reported operating earnings of $1.93 per share, up 3.2% from 2016.
Total Revenues
Total revenues in the fourth quarter came in at $856.1 million, increasing 7.4% year over year. The rise was owing to higher year-over-year contribution from its Electric and Gas utility.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $726.4 million in the reported quarter, reflecting an increase of nearly 4.2% from $697.1 million in the year-ago period. This increase in expenses can be attributed to a rise in cost of gas sold, energy efficiency cost, and depreciation and other expenses during the quarter.
Operating income was $129.7 million, up 29.8% from $99.9 million in the year-ago quarter.
Interest expenses were $56.6 million, an increase of 10.1% from $51.4 million in the year-ago quarter.
Financial Update
Cash and cash equivalents were $27.9 million as of Dec 31, 2017, rising from $8.2 million as of Dec 31, 2016.
Long-term debt (excluding current portion) was $4,010.6 million as of Dec 31, 2017, lower than $4,315.6 million as of Dec 31, 2016.
In 2017, cash received from operating activities was $983.4 million, up from $859.6 million received in 2016.
Guidance
Alliant Energy maintained its 2018 consolidated earnings per share guidance in the range of $2.04-$2.18 per share.
For Utilities, American Transmission Company LLC and Corporate Services, earnings per share are now expected in the range of $1.92-$2.02 compared with $1.92-$2.04 expected previously. For Non-regulated and Parent & ATC, the company expects earnings per share in the range of 12-16 cents compared with the prior guidance of 12-14 cents.
Peer Releases
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 67 cents by 5.97%.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, missing the Zacks Consensus Estimate of $1.31 by 4.58%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 69 cents by 2.9%.
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Alliant Energy (LNT) Lags on Q4 Earnings, Keeps '18 EPS View
Alliant Energy Corporation (LNT - Free Report) reported fourth-quarter 2017 operating earnings from continuing operations of 33 cents per share, missing the Zacks Consensus Estimate of 38 cents by 13.2%. However, reported earnings increased from 28 cents in the year-ago quarter.
On a GAAP basis, Alliant Energy reported earnings of 41 cents per share, up from 28 cents a year ago. The difference between GAAP and adjusted earnings was primarily due to the IPL retail electric rate review settlement and the effects of the tax reform.
For 2017, Alliant Energy reported operating earnings of $1.93 per share, up 3.2% from 2016.
Total Revenues
Total revenues in the fourth quarter came in at $856.1 million, increasing 7.4% year over year. The rise was owing to higher year-over-year contribution from its Electric and Gas utility.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Alliant Energy Corporation Price, Consensus and EPS Surprise | Alliant Energy Corporation Quote
Operational Highlights
Total operating expenses were $726.4 million in the reported quarter, reflecting an increase of nearly 4.2% from $697.1 million in the year-ago period. This increase in expenses can be attributed to a rise in cost of gas sold, energy efficiency cost, and depreciation and other expenses during the quarter.
Operating income was $129.7 million, up 29.8% from $99.9 million in the year-ago quarter.
Interest expenses were $56.6 million, an increase of 10.1% from $51.4 million in the year-ago quarter.
Financial Update
Cash and cash equivalents were $27.9 million as of Dec 31, 2017, rising from $8.2 million as of Dec 31, 2016.
Long-term debt (excluding current portion) was $4,010.6 million as of Dec 31, 2017, lower than $4,315.6 million as of Dec 31, 2016.
In 2017, cash received from operating activities was $983.4 million, up from $859.6 million received in 2016.
Guidance
Alliant Energy maintained its 2018 consolidated earnings per share guidance in the range of $2.04-$2.18 per share.
For Utilities, American Transmission Company LLC and Corporate Services, earnings per share are now expected in the range of $1.92-$2.02 compared with $1.92-$2.04 expected previously. For Non-regulated and Parent & ATC, the company expects earnings per share in the range of 12-16 cents compared with the prior guidance of 12-14 cents.
Peer Releases
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 67 cents by 5.97%.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2017 adjusted earnings of $1.25 per share, missing the Zacks Consensus Estimate of $1.31 by 4.58%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2017 operating earnings of 71 cents per share, beating the Zacks Consensus Estimate of 69 cents by 2.9%.
Zacks Rank
Alliant Energy carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Top 10 Stocks for 2018
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2018?
Last year's 2017 Zacks Top 10 Stocks portfolio produced double-digit winners, including FMC Corp. and VMware which racked up stellar gains of +67.9% and +61%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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