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Alliant Energy's (LNT) Q2 Earnings Miss, Revenues Down Y/Y
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Alliant Energy Corporation (LNT - Free Report) reported second-quarter 2019 operating earnings of 40 cents per share, lagging the Zacks Consensus Estimate of 46 cents by 13%. The reported earnings also declined from the year-ago figure by 3 cents.
The year-over-year decline in earnings was attributable to lower retail electric sales due to cooler temperatures.
Total Revenues
Total revenues in the second quarter came in at $790.2 million, decreasing 3.2% year over year.
Alliant Energy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $640.4 million in the reported quarter, reflecting a decline of 3.9% from $664.9 million in the year-ago period.
Operating income was $149.8 million, down marginally by 0.7% from $151.2 million in the year-ago quarter.
Interest expenses were $69.2 million, reflecting an increase of 12.9% from $61.3 million in the prior-year quarter.
During the second quarter, the company’s retail electric and gas utility customers grew 0.4% and 0.3% year over year, respectively. The increase in customer count had a positive impact on volumes of electric and natural gas sold during the quarter.
Financial Update
Cash and cash equivalents were $170.2 million as of Jun 30, 2019, up from $20.9 million on Dec 31, 2018.
Long-term debt (excluding current portion) was $5,438.1 million as of Jun 30, 2019, higher than $5,246.3 million on Dec 31, 2018.
In the first half of 2019, cash flow from operating activities was $276.9 million compared with $274.4 million in the comparable year-ago period.
Guidance
Alliant Energy reiterated its 2019 consolidated earnings per share guidance in the range of $2.17-$2.31. The guidance assumes normal temperature in its service territories during the year.
For Utilities (American Transmission Company LLC and Corporate Services), earnings per share are expected within $2.14-$2.24. For ATC Holdings, the company expects earnings per share in the range of 11-13 cents. For Non-regulated and Parent, earnings are likely to have a negative impact of 6-8 cents.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
Exelon Corporation’s (EXC - Free Report) second-quarter 2019 operating earnings of 60 cents per share lagged the Zacks Consensus Estimate of 63 cents by 4.8%.
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Alliant Energy's (LNT) Q2 Earnings Miss, Revenues Down Y/Y
Alliant Energy Corporation (LNT - Free Report) reported second-quarter 2019 operating earnings of 40 cents per share, lagging the Zacks Consensus Estimate of 46 cents by 13%. The reported earnings also declined from the year-ago figure by 3 cents.
The year-over-year decline in earnings was attributable to lower retail electric sales due to cooler temperatures.
Total Revenues
Total revenues in the second quarter came in at $790.2 million, decreasing 3.2% year over year.
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 $640.4 million in the reported quarter, reflecting a decline of 3.9% from $664.9 million in the year-ago period.
Operating income was $149.8 million, down marginally by 0.7% from $151.2 million in the year-ago quarter.
Interest expenses were $69.2 million, reflecting an increase of 12.9% from $61.3 million in the prior-year quarter.
During the second quarter, the company’s retail electric and gas utility customers grew 0.4% and 0.3% year over year, respectively. The increase in customer count had a positive impact on volumes of electric and natural gas sold during the quarter.
Financial Update
Cash and cash equivalents were $170.2 million as of Jun 30, 2019, up from $20.9 million on Dec 31, 2018.
Long-term debt (excluding current portion) was $5,438.1 million as of Jun 30, 2019, higher than $5,246.3 million on Dec 31, 2018.
In the first half of 2019, cash flow from operating activities was $276.9 million compared with $274.4 million in the comparable year-ago period.
Guidance
Alliant Energy reiterated its 2019 consolidated earnings per share guidance in the range of $2.17-$2.31. The guidance assumes normal temperature in its service territories during the year.
For Utilities (American Transmission Company LLC and Corporate Services), earnings per share are expected within $2.14-$2.24. For ATC Holdings, the company expects earnings per share in the range of 11-13 cents. For Non-regulated and Parent, earnings are likely to have a negative impact of 6-8 cents.
Other Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2019 adjusted earnings of $2.35 per share, beating the Zacks Consensus Estimate of $2.28 by 3.1%.
Dominion Energy Inc. (D - Free Report) reported second-quarter 2019 operating earnings of 77 cents per share, beating the Zacks Consensus Estimate of 75 cents by 2.6%.
Exelon Corporation’s (EXC - Free Report) second-quarter 2019 operating earnings of 60 cents per share lagged the Zacks Consensus Estimate of 63 cents by 4.8%.
Zacks Rank
Currently, Alliant Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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