Alliant Energy Corp (LNT) Reports Q3 2023 Earnings, Announces 2024 Guidance
Alliant Energy Corp (NASDAQ:LNT) reported GAAP earnings per share of $1.02 in Q3 2023, compared to $0.90 in Q3 2022.
The company provided 2024 earnings guidance range of $2.99 to $3.13 and a common stock dividend target of $1.92.
Alliant Energy Corp (NASDAQ:LNT) forecasts capital expenditures of $9 billion in aggregate for 2024 - 2027.
The company's Utilities and Corporate Services operations generated $1.11 per share of GAAP EPS in Q3 2023, up $0.12 per share from Q3 2022.
On November 2, 2023, Alliant Energy Corp (NASDAQ:LNT) announced its third-quarter 2023 results. The company reported GAAP earnings per share of $1.02, compared to $0.90 in the same quarter of the previous year. The company also provided its 2024 earnings guidance, with a range of $2.99 to $3.13, and a common stock dividend target of $1.92. Alliant Energy Corp (NASDAQ:LNT) forecasts capital expenditures of $9 billion in aggregate for the period 2024 - 2027.
Performance Highlights
Alliant Energy's Utilities and Corporate Services operations generated $1.11 per share of GAAP EPS in the third quarter of 2023, which was $0.12 per share higher than the third quarter of 2022. The primary drivers of higher EPS were higher revenue requirements and allowance for funds used during construction (AFUDC) from Wisconsin Power and Light Companys (WPLs) capital investments, and lower other operation and maintenance expenses. These items were partially offset by higher interest expense.
The company's Non-utility and Parent operations generated $(0.12) per share of GAAP EPS in the third quarter of 2023, which was a $0.01 per share earnings decrease compared to the third quarter of 2022. The lower EPS was primarily driven by higher interest expense.
2023 Earnings Guidance
Alliant Energy is narrowing its EPS guidance for 2023 to a range of $2.85 - $2.93, from the previous range of $2.82 - $2.96. The guidance is based on several factors, including the ability of IPL and WPL to earn their authorized rates of return, the stable economy and its implications on utility sales, normal temperatures in its utility service territories, execution of cost controls, and execution of capital expenditure and financing plans.
2024 Earnings Guidance
Alliant Energy is issuing EPS guidance for 2024 of $2.99 - $3.13. The guidance is based on several factors, including the ability of IPL and WPL to earn their authorized rates of return, normal temperatures in its utility service territories, constructive regulatory outcomes from regulatory proceedings, stable economy and its implications on utility sales, execution of capital expenditure and financing plans, and execution of cost controls.
Capital Expenditures
Alliant Energy has updated its projected capital expenditures for 2023 through 2027. The projected capital expenditures exclude AFUDC and capitalized interest, if applicable. The cost estimates represent Alliant Energys estimated portion of total construction expenditures.
For the period 2023 through 2027, the company expects to spend $790 million on renewables and battery storage projects, $40 million on gas projects, and $95 million on other projects. For the distribution, the company plans to spend $565 million on electric systems, $80 million on gas systems, and $220 million on other projects.
Alliant Energy Corp (NASDAQ:LNT) continues to deliver solid financial and operational results while executing its customer-focused strategy. The company's consistent performance and predictable long-term growth are reinforced by the narrowed 2023 earnings guidance and the introduction of the 2024 earnings guidance.
Explore the complete 8-K earnings release (here) from Alliant Energy Corp for further details.
This article first appeared on GuruFocus.
