MADISON, Wis. (AP) -- Electric and gas utility parent Alliant Energy Corp. said Friday its second-quarter net income rose 29 percent, as warmer-than-usual weather boosted demand for electricity.
And in light of the continued hot temperatures in July, Alliant said it now expects its full-year profit to come in at the high end of its previously forecasted range.
The Madison, Wis., company earned $65.9 million, or 60 cents per share, up from $51.1 million, or 45 cents per share, in the 2011 second quarter. Excluding a one-time gain stemming from a rate-case decision in June, the company posted an adjusted profit of 58 cents per share.
Revenue fell 3 percent to $690.3 million, from $712.5 million last year.
The profit came in well-ahead of average Wall Street predictions, while the revenue fell short. Analysts, on average, expected a profit of 47 cents per share on $699.7 million in revenue, according to FactSet.
Alliant said its utility and corporate services operations got a boost from hot weather in much of the area that it serves, increasing demand for electricity to power air conditioning. Operating expenses fell 9.4 percent on lower gas and electricity costs.
Alliant backed its previous prediction for 2012 adjusted profit of $2.75 to $3.05 per share, adding that it now expects its earnings to come in near the top end of that range. Analysts, on average, expect profit of $2.83 per share, with estimates ranging from $2.75 to $2.90.
Alliant shares rose 33 cents to $46.89 in afternoon trading.
