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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

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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