PR Newswire
MADISON, Wis., May 2, 2018
MADISON, Wis., May 2, 2018 /PRNewswire/ -- Alliant Energy Corporation (NYSE: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) from continuing operations for the three months ended March 31 as follows:
| 2018 | | 2017 | ||
Utilities and Corporate Services | $0.45 | | | $0.38 | |
American Transmission Company (ATC) Holdings | 0.03 | | | 0.03 | |
Non-utility and Parent | 0.04 | | | 0.02 | |
Alliant Energy Consolidated | $0.52 | | | $0.43 | |
"With a return to near normal temperatures, first quarter 2018 results were in-line with our expectations so we are reaffirming our 2018 earnings guidance," said Patricia Kampling, Alliant Energy Chairman and CEO. "The first quarter results reflect higher margins due to earning on our increasing rate base, while managing impacts to customers."
Utilities and Corporate Services - Alliant Energy's Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.45 per share of GAAP EPS from continuing operations in the first quarter of 2018, which was $0.07 per share higher than the first quarter of 2017. The primary drivers of higher EPS were $0.07 per share higher margins resulting from Interstate Power and Light Company's (IPL) interim retail electric base rate increase implemented in April 2017, and higher retail electric and gas sales due to colder temperatures in the first quarter of 2018 compared to the same period last year. These items were partially offset by higher depreciation expense.
Non-utility and Parent - Alliant Energy's Non-utility and Parent operations generated $0.04 per share of GAAP EPS from continuing operations in the first quarter of 2018, which was an improvement of $0.02 per share compared to the first quarter of 2017. The primary driver of higher EPS is higher equity income from the wind farm in Oklahoma due to accelerated earnings as a result of Tax Reform, which is expected to reverse over time.
Details regarding GAAP EPS from continuing operations variances between the first quarters of 2018 and 2017 for Alliant Energy are as follows:
| Q1 2018 | | Q1 2017 | | Variance | |
Utilities and Corporate Services: | | | | | | |
Higher margins primarily from earning on increasing rate base | | | | | $0.09 | |
Estimated temperature impact on retail electric and gas sales | $0.01 | | ($0.04) | | 0.05 | |
Higher depreciation expense | | | | | (0.04) | |
Other | | | | | (0.03) | |
Total Utilities and Corporate Services | | | | | $0.07 | |
Non-utility and Parent: | | | | | | |
Other (primarily due to the timing of the impacts of Tax Reform) | | | | | $0.02 | |
Total Non-utility and Parent | | | | | $0.02 | |
Higher margins primarily from earning on increasing rate base - In April 2017, IPL filed a request with the Iowa Utilities Board (IUB) to increase annual rates for its Iowa retail electric customers. The request was based on a 2016 historical Test Year as adjusted for certain known and measurable changes occurring up to 12 months after the commencement of the proceeding. An interim retail electric rate increase of $102 million, on an annual basis, was implemented effective April 13, 2017. IPL recognized $23 million, or $0.07 per share, of higher electric revenues in the first quarter of 2018 due to the interim retail electric rate increase.
In December 2016, Wisconsin Power and Light Company (WPL) received an order from the Public Service Commission of Wisconsin authorizing WPL to implement a retail electric rate increase effective January 1, 2017 followed by a freeze of such rates through the end of 2018. To reflect the higher margins in 2018, primarily from earning on increasing rate base, the order lowered the amortization of amounts that WPL previously over-recovered from its customers for electric transmission cost recovery beginning in January 2018. WPL recognized $0.02 per share of higher electric margins in the first quarter of 2018 due to lower transmission cost recovery amortization.
Tax Reform Impacts - Alliant Energy's Non-utility wind farm holding generated higher earnings in the first quarter of 2018 due to an acceleration of earnings as a result of Tax Reform which is expected to reverse over time.
2018 Earnings Guidance
Alliant Energy is reaffirming its EPS guidance for 2018 as follows: | |
| |
Utilities and Corporate Services | $1.92 - $2.02 |
ATC Holdings | 0.12 - 0.14 |
Non-utility and Parent | 0.00 - 0.02 |
Alliant Energy Consolidated | $2.04 - $2.18 |
Drivers for Alliant Energy's 2018 earnings guidance include, but are not limited to:
The 2018 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, further impacts from anticipated changes to ATC LLC's authorized return on equity, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy.
Earnings Conference Call
A conference call to review the first quarter 2018 results is scheduled for Thursday, May 3rd at 9:00 a.m. central time. Alliant Energy Chairman and Chief Executive Officer Patricia Kampling and Senior Vice President, Chief Financial Officer and Treasurer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 888-394-8218 (United States or Canada) or 719-457-1036 (International), passcode 4175543. Interested parties may also listen to a webcast at www.alliantenergy.com/investors. In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. A replay of the call will be available through May 10, 2018, at 888-203-1112 (United States or Canada) or 719-457-0820 (International), passcode 4175543. An archive of the webcast will be available on the Company's Web site at www.alliantenergy.com/investors for 12 months.
About Alliant Energy Corporation
Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy's non-utility operations. Alliant Energy is an energy-services provider with utility subsidiaries serving approximately 960,000 electric and 410,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company's primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the New York Stock Exchange under the symbol LNT. For more information, visit the Company's Web site at www.alliantenergy.com.
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as "forecast," "expect," "guidance," or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
For more information about potential factors that could affect Alliant Energy's business and financial results, refer to Alliant Energy's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), including the section therein titled "Risk Factors," and its other filings with the SEC.
Without limitation, the expectations with respect to 2018 earnings guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
Use of Non-GAAP Financial Measures
To provide investors with additional information, Alliant Energy included in this press release IPL; WPL; Corporate Services; utilities and Corporate Services; ATC Holdings; and non-utility and parent EPS from continuing operations for the three months ended March 31, 2018 and 2017. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends and provide additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance.
This press release references year-over-year variances in utility electric margins and utility gas margins. Utility electric margins and utility gas margins are non-GAAP financial measures that are reported and reconciled to the most directly comparable GAAP measure, operating income, in our first quarter 2018 Form 10-Q.
Note: Unless otherwise noted, all "per share" references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION | |||||
EARNINGS SUMMARY (Unaudited) | |||||
| |||||
The following tables provide a summary of Alliant Energy's results for the three months ended March 31: | |||||
| |||||
EPS: | Three Months | ||||
| 2018 | | 2017 | ||
IPL | $0.20 | | | $0.16 | |
WPL | 0.23 | | | 0.20 | |
Corporate Services | 0.02 | | | 0.02 | |
Subtotal for Utilities and Corporate Services | 0.45 | | | 0.38 | |
ATC Holdings | 0.03 | | | 0.03 | |
Non-utility and Parent | 0.04 | | | 0.02 | |
EPS from continuing operations | 0.52 | | | 0.43 | |
EPS from discontinued operations | — Werbung Mehr Nachrichten zur Alliant Energy Aktie kostenlos abonnieren
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