Alliant Energy's (LNT) Q2 Earnings Miss, Revenues Down Y/Y
Alliant Energy Corporation LNT 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 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
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.
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.
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 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 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 second-quarter 2019 operating earnings of 60 cents per share lagged the Zacks Consensus Estimate of 63 cents by 4.8%.
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.
Breakout Biotech Stocks with Triple-Digit Profit Potential
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.
See these 7 breakthrough stocks now>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Dominion Energy Inc. (D) : Free Stock Analysis Report
Exelon Corporation (EXC) : Free Stock Analysis Report
Alliant Energy Corporation (LNT) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research