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Alliant (LNT) Beats Q3 Earnings Estimates, Ups 2021 View

·3 min read

Alliant Energy Corporation LNT reported third-quarter 2021 operating earnings of $1.02, which beat the Zacks Consensus Estimate of 96 cents by 6.3%. Earnings also improved 8.5% from the year-ago figure.

Revenues

Third-quarter revenues came in at $1,024 million, improving 11.3% year over year. The year-over-year improvement was primarily due to strong contributions from its Electric and Gas operations.

Alliant Energy Corporation Price, Consensus and EPS Surprise

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

For the third quarter, the company’s retail electric and gas utility customers grew 0.7% and 0.5% year over year, respectively. Electric volumes improved 8.1% year over year due to strong power sales volume to residential, commercial and industrial customers. Gas volumes for the reported quarter improved 4.5% year over year due to an improvement in transportation sales volume.

Total operating expenses were $735 million for the reported quarter, increasing 13.4% from $648 million in the year-ago period. This was due to higher cost of electric transmission services, rise in the cost of gas sold, and increased production fuel and purchased power expenses.

Operating income was $289 million, up 6.3% from $272 million in the year-ago quarter.

Interest expenses were $68 million, on par with the prior-year quarter.

Financial Update

Cash and cash equivalents were $20 million as of Sep 30, 2021, down from $54 million on Dec 31, 2020.

Long-term debt (excluding current portion) was $6,692 million as of Sep 30, 2021, lower than $6,769 million on Dec 31, 2020.

For the first nine months of 2021, cash flow from operating activities was $477 million compared with $436 million in the year-ago period.

Guidance

Alliant raised its 2021 earnings guidance to the range of $2.61-$2.67 from $2.50-$2.64 per share. The guidance takes into account the company’s strong third-quarter performance.

It issued its 2022 earnings per share guidance in the range of $2.65-$2.79. The midpoint of the guidance is $2.72, lower than the Zacks Consensus Estimate of $2.75 for the period.

Alliant plans to invest $7 billion in the 2021-2025 time period to strengthen operations.

Zacks Rank

Currently, Alliant carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

WEC Energy Group WEC recorded third-quarter 2021 earnings per share of 92 cents, which beat the Zacks Consensus Estimate of 82 cents by 12.2%.

Avangrid, Inc. AGR reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.

DTE Energy Company DTE reported third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.


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