Alliant Energy Announces 2023 Results
- Alliant Energy achieved a 5.5% growth in non-GAAP EPS to $2.88 in 2023 compared to $2.73 in 2022.
- The company's Utilities and Corporate Services segment saw a $0.12 increase in GAAP EPS driven by revenue requirements and lower expenses.
- Non-utility and Parent operations reported a decrease in GAAP EPS to $(0.22) in 2023 due to higher interest expenses.
- Alliant Energy excluded charges related to tax rate changes in Iowa for non-GAAP EPS calculations in 2023 and 2022.
- The company's 2024 earnings guidance range of $2.99 - $3.13 per share remains unchanged, emphasizing solar generation projects and financial commitments.
- None.
Insights
The reported GAAP and non-GAAP earnings per share (EPS) for Alliant Energy indicate a modest year-over-year growth, with a particular emphasis on the consistency of achieving the targeted 5-7% growth range. This persistent growth trajectory is noteworthy for investors, as it reflects a stable and potentially reliable investment. The affirmation of the 2024 earnings guidance suggests confidence in the company's future performance, which could influence investor sentiment positively.
Furthermore, the detailed breakdown of EPS drivers such as revenue requirements, allowance for funds used during construction (AFUDC) and operational expenses provides transparency into the company's financial health. The increase in capital investments, particularly in solar generation, aligns with industry trends towards renewable energy and may offer long-term benefits in terms of operational cost savings and regulatory incentives. However, the higher financing expenses due to increased debt and interest rates could be a point of concern, indicating potential pressure on future margins if not managed effectively.
The strategic focus on expanding solar generation capacity is a significant move for Alliant Energy, positioning it well within the growing renewable energy sector. The completion of approximately 1,500 megawatts of zero-emissions solar generation not only enhances the company's environmental profile but also resonates with the increasing demand for clean energy among consumers and investors alike. This transition towards renewables is expected to offer competitive advantages in the long run, potentially leading to operational efficiencies and compliance with future regulations.
However, the reliance on regulatory outcomes and normal temperatures highlights the sector's susceptibility to external factors. Regulatory proceedings and environmental conditions can unpredictably impact earnings, which necessitates a robust risk management strategy. The company's ability to navigate these uncertainties while executing its capital expenditure and financing plans will be critical in sustaining growth and meeting the affirmed earnings guidance for 2024.
Alliant Energy's performance and forward-looking statements must be contextualized within the broader utility market dynamics. The utility sector is typically characterized by its defensive nature and low volatility, which can be appealing during times of economic uncertainty. The company's stable growth and investment in renewables may attract investors seeking a balance of growth and stability. Additionally, the emphasis on cost controls and execution of financing plans is indicative of a strategic approach to managing operational efficiencies and financial stability, which is essential for maintaining investor confidence in a slow-growth industry.
It is also important to note the potential impact of the stable economy on utility sales. As utilities often have inelastic demand, economic stability could ensure consistent revenue streams for Alliant Energy. However, the sector is also capital-intensive and the reported increase in long-term debt to fund capital expenditures may affect the company's leverage ratios and, consequently, investor perceptions of risk.
-
GAAP earnings per share were
$2.78 $2.73 -
Temperature-normalized non-GAAP earnings per share were
$2.88 $2.73 5.5% growth -
Affirmed 2024 earnings guidance range of
$2.99 $3.13
|
GAAP EPS |
|
Non-GAAP EPS |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Utilities and Corporate Services |
$ |
2.86 |
|
|
$ |
2.74 |
|
|
$ |
2.86 |
|
|
$ |
2.76 |
|
American Transmission Company (ATC) Holdings |
|
0.14 |
|
|
|
0.12 |
|
|
|
0.14 |
|
|
|
0.14 |
|
Non-utility and Parent |
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
(0.18 |
) |
|
|
(0.10 |
) |
Alliant Energy Consolidated |
$ |
2.78 |
|
|
$ |
2.73 |
|
|
$ |
2.82 |
|
|
$ |
2.80 |
|
“For the 14th year in a row, we delivered on our 5
Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated
Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated
Earnings Adjustments - Non-GAAP EPS for 2023 and 2022 excludes
Estimated Net Temperature Impacts to Non-GAAP EPS - The estimated impacts of net temperatures on retail electric and gas sales were
Details regarding GAAP EPS variances between 2023 and 2022 for Alliant Energy are as follows:
|
Variance |
||
Revenue requirements and higher AFUDC from capital investments |
$ |
0.26 |
|
Higher financing expense |
|
(0.21 |
) |
Estimated net temperature impacts on retail electric and gas sales |
|
(0.13 |
) |
Lower other operation and maintenance expenses at IPL and WPL |
|
0.07 |
|
Higher depreciation expense |
|
(0.07 |
) |
Non-GAAP adjustments in 2022 |
|
0.07 |
|
Non-GAAP adjustments in 2023 |
|
(0.04 |
) |
Other |
|
0.10 |
|
Total |
$ |
0.05 |
|
Revenue requirements and higher AFUDC from capital investments - In December 2021, WPL received an order from the Public Service Commission of
Higher financing expense - Interest expense, net resulted in
Non-GAAP adjustments in 2023 - Pursuant to
2024 Earnings Guidance
Alliant Energy is affirming EPS guidance for 2024 of
- Ability of IPL and WPL to earn their authorized rates of return
- Normal temperatures in its utility service territories
- Constructive and timely regulatory outcomes from regulatory proceedings
- Stable economy and resulting implications on utility sales
- Execution of capital expenditure and financing plans
- Execution of cost controls
-
Consolidated effective tax rate of (
7% )
The 2024 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances including further corporate tax rate changes in
Earnings Conference Call
A conference call to review the 2023 results is scheduled for Friday, February 16, 2024 at 9 a.m. central time. Alliant Energy Executive Chairman John Larsen, President and Chief Executive Officer Lisa Barton, and Executive Vice President and Chief Financial Officer 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 1-888-259-6580 (Toll-Free -
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, whose core purpose is to serve customers and build stronger communities, is an energy-services provider with utility subsidiaries serving approximately 1,000,000 electric and 425,000 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
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:
- the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents;
- the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL’s and WPL’s service territories on system reliability, operating expenses and customers’ demand for electricity;
- economic conditions in IPL’s and WPL’s service territories;
- the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and operating income;
- the impact that price changes may have on IPL’s and WPL’s customers’ demand for electric, gas and steam services and their ability to pay their bills;
- changes in the price of delivered natural gas, transmission, purchased electricity and delivered coal, particularly during elevated market prices, and any resulting changes to counterparty credit risk, due to shifts in supply and demand caused by market conditions, regulations and Midcontinent Independent System Operator, Inc.’s (MISO’s) seasonal resource adequacy process;
- IPL’s and WPL’s ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of and/or the return on costs, including fuel costs, operating costs, transmission costs, capacity costs, deferred expenditures, deferred tax assets, tax expense, interest expense, capital expenditures, and remaining costs related to electric generating units (EGUs) that may be permanently closed and certain other retired assets, decreases in sales volumes, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;
- the ability to obtain deferral treatment for the recovery of and a return on prudently incurred costs in between rate reviews;
- the ability to obtain regulatory approval for construction projects with acceptable conditions;
-
the ability to complete construction of renewable generation and storage projects by planned in-service dates and within the cost targets set by regulators due to cost increases of and access to materials, equipment and commodities, which could result from tariffs, duties or other assessments, such as any additional tariffs resulting from
U.S. Department of Commerce investigations into and any decisions made regarding the sourcing of solar project materials and equipment from certain countries, labor issues or supply shortages, the ability to successfully resolve warranty issues or contract disputes, the ability to achieve the expected level of tax benefits based on tax guidelines, project costs and the level of electricity output generated by qualifying generating facilities, and the ability to efficiently utilize the renewable generation and storage project tax benefits for the benefit of customers; - WPL’s ability to obtain adequate and timely rate relief to allow for the recovery of and/or the return on costs of solar generation projects that exceed initial cost estimates;
- the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits;
- the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing;
- disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to construct solar generation, battery storage and electric and gas distribution projects, which may result from geopolitical issues, supplier manufacturing constraints, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense;
- inflation and higher interest rates;
- the future development of technologies related to electrification, and the ability to reliably store and manage electricity;
- federal and state regulatory or governmental actions, including the impact of legislation, and regulatory agency orders and changes in public policy;
- employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings;
- disruptions in the supply and delivery of natural gas, purchased electricity and coal;
- weather effects on utility sales volumes and operations;
- changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters;
- the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
- impacts that terrorist attacks may have on Alliant Energy’s, IPL’s and WPL’s operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
- any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits and the sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
- continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
- changes to MISO’s resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL’s and WPL’s additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO’s process, or procure capacity in the market whereby such costs might not be recovered in rates;
- issues associated with environmental remediation and environmental compliance, including compliance with all environmental and emissions permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for greenhouse gases emissions reductions from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements;
- increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions;
-
the ability to defend against environmental claims brought by state and federal agencies, such as the
U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; - the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration;
- issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, fuel-related and capital costs through rates;
- impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy’s, IPL’s and WPL’s operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy’s investments;
- Alliant Energy’s ability to sustain its dividend payout ratio goal;
- changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics;
- material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans;
- risks associated with operation and ownership of non-utility holdings;
- changes in technology that alter the channels through which customers buy or utilize Alliant Energy’s, IPL’s or WPL’s products and services;
- impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC LLC’s authorized return on equity;
-
impacts of IPL’s future tax benefits from
Iowa rate-making practices, including deductions for repairs expenditures, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; - current or future litigation, regulatory investigations, proceedings or inquiries;
- reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions;
- the direct or indirect effects resulting from pandemics;
- the effect of accounting standards issued periodically by standard-setting bodies;
- the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and
- other factors listed in the “2024 Earnings Guidance” section of this press release.
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 and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled “Risk Factors,” and its other filings with the SEC.
Without limitation, the expectations with respect to 2024 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 regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the fourth quarter and year ended December 31, 2022 excluding charges related to retirement plan settlement losses and adjustments to the ATC ROE reserve. These measures also include income and EPS for the fourth quarter and year ended December 31, 2023 and year ended December 31, 2022 excluding charges related to remeasurement of deferred tax assets due to
In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the fourth quarter and year ended December 31, 2023 and 2022. 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 also includes temperature-normalized non-GAAP EP for the years ended December 31, 2023 and 2022. Alliant Energy believes this non-GAAP measure is useful to investors because the measure facilitates period-to-period comparison of Alliant Energy’s operating performance and provides investors with information on a basis consistent with measures that management uses to assess Alliant Energy’s earnings growth rate.
The tax impact adjustments represent the impact of the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the estimated consolidated statutory tax rate.
Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow and in the case of temperature normalized non-GAAP EPS, in the press release above.
Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION FULL YEAR EARNINGS SUMMARY (Unaudited) |
|||||||||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
IPL |
$ |
1.44 |
|
|
$ |
1.43 |
|
|
$ |
— |
|
$ |
0.02 |
|
$ |
1.44 |
|
|
$ |
1.45 |
|
WPL |
|
1.36 |
|
|
|
1.25 |
|
|
|
— |
|
|
— |
|
|
1.36 |
|
|
|
1.25 |
|
Corporate Services |
|
0.06 |
|
|
|
0.06 |
|
|
|
— |
|
|
— |
|
|
0.06 |
|
|
|
0.06 |
|
Subtotal for Utilities and Corporate Services |
|
2.86 |
|
|
|
2.74 |
|
|
|
— |
|
|
0.02 |
|
|
2.86 |
|
|
|
2.76 |
|
ATC Holdings |
|
0.14 |
|
|
|
0.12 |
|
|
|
— |
|
|
0.02 |
|
|
0.14 |
|
|
|
0.14 |
|
Non-utility and Parent |
|
(0.22 |
) |
|
|
(0.13 |
) |
|
|
0.04 |
|
|
0.03 |
|
|
(0.18 |
) |
|
|
(0.10 |
) |
Alliant Energy Consolidated |
$ |
2.78 |
|
|
$ |
2.73 |
|
|
$ |
0.04 |
|
$ |
0.07 |
|
$ |
2.82 |
|
|
$ |
2.80 |
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
IPL |
$ |
366 |
|
|
$ |
360 |
|
|
$ |
— |
|
$ |
5 |
|
$ |
366 |
|
|
$ |
365 |
|
WPL |
|
345 |
|
|
|
315 |
|
|
|
— |
|
|
— |
|
|
345 |
|
|
|
315 |
|
Corporate Services |
|
13 |
|
|
|
15 |
|
|
|
— |
|
|
— |
|
|
13 |
|
|
|
15 |
|
Subtotal for Utilities and Corporate Services |
|
724 |
|
|
|
690 |
|
|
|
— |
|
|
5 |
|
|
724 |
|
|
|
695 |
|
ATC Holdings |
|
35 |
|
|
|
29 |
|
|
|
— |
|
|
4 |
|
|
35 |
|
|
|
33 |
|
Non-utility and Parent |
|
(56 |
) |
|
|
(33 |
) |
|
|
10 |
|
|
8 |
|
|
(46 |
) |
|
|
(25 |
) |
Alliant Energy Consolidated |
$ |
703 |
|
|
$ |
686 |
|
|
$ |
10 |
|
$ |
17 |
|
$ |
713 |
|
|
$ |
703 |
|
Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings: |
|||||||||||
|
Non-GAAP Income |
|
Non-GAAP |
||||||||
|
Adjustments (in millions) |
|
EPS Adjustments |
||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Utilities and Corporate Services: |
|
|
|
|
|
|
|
||||
Retirement plan settlement losses, net of tax impacts of |
$ |
— |
|
$ |
5 |
|
$ |
— |
|
$ |
0.02 |
ATC Holdings and Non-utility and Parent: |
|
|
|
|
|
|
|
||||
Remeasurement of deferred tax assets due to |
|
10 |
|
|
8 |
|
|
0.04 |
|
|
0.03 |
ATC ROE reserve adjustments, net of tax impacts of |
|
— |
|
|
4 |
|
|
— |
|
|
0.02 |
Total Alliant Energy Consolidated |
$ |
10 |
|
$ |
17 |
|
$ |
0.04 |
|
$ |
0.07 |
ALLIANT ENERGY CORPORATION FOURTH QUARTER EARNINGS SUMMARY (Unaudited)
The following tables provide a summary of Alliant Energy’s results for the fourth quarter: |
|||||||||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
IPL |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
— |
|
$ |
0.02 |
|
$ |
0.14 |
|
|
$ |
0.15 |
|
WPL |
|
0.30 |
|
|
|
0.27 |
|
|
|
— |
|
|
— |
|
|
0.30 |
|
|
|
0.27 |
|
Corporate Services |
|
0.01 |
|
|
|
0.01 |
|
|
|
— |
|
|
— |
|
|
0.01 |
|
|
|
0.01 |
|
Subtotal for Utilities and Corporate Services |
|
0.45 |
|
|
|
0.41 |
|
|
|
— |
|
|
0.02 |
|
|
0.45 |
|
|
|
0.43 |
|
ATC Holdings |
|
0.04 |
|
|
|
0.03 |
|
|
|
— |
|
|
0.01 |
|
|
0.04 |
|
|
|
0.04 |
|
Non-utility and Parent |
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
0.01 |
|
|
— |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Alliant Energy Consolidated |
$ |
0.47 |
|
|
$ |
0.43 |
|
|
$ |
0.01 |
|
$ |
0.03 |
|
$ |
0.48 |
|
|
$ |
0.46 |
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
IPL |
$ |
35 |
|
|
$ |
33 |
|
|
$ |
— |
|
$ |
5 |
|
$ |
35 |
|
|
$ |
38 |
|
WPL |
|
78 |
|
|
|
68 |
|
|
|
— |
|
|
— |
|
|
78 |
|
|
|
68 |
|
Corporate Services |
|
3 |
|
|
|
3 |
|
|
|
— |
|
|
— |
|
|
3 |
|
|
|
3 |
|
Subtotal for Utilities and Corporate Services |
|
116 |
|
|
|
104 |
|
|
|
— |
|
|
5 |
|
|
116 |
|
|
|
109 |
|
ATC Holdings |
|
9 |
|
|
|
8 |
|
|
|
— |
|
|
2 |
|
|
9 |
|
|
|
10 |
|
Non-utility and Parent |
|
(4 |
) |
|
|
(4 |
) |
|
|
2 |
|
|
— |
|
|
(2 |
) |
|
|
(4 |
) |
Alliant Energy Consolidated |
$ |
121 |
|
|
$ |
108 |
|
|
$ |
2 |
|
$ |
7 |
|
$ |
123 |
|
|
$ |
115 |
|
Adjusted, or non-GAAP, earnings do not include the following items that were included in the reported GAAP earnings: |
|||||||||||
|
Non-GAAP Income |
|
Non-GAAP |
||||||||
|
Adjustments (in millions) |
|
EPS Adjustments |
||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Utilities and Corporate Services: |
|
|
|
|
|
|
|
||||
Retirement plan settlement losses, net of tax impacts of |
$ |
— |
|
$ |
5 |
|
$ |
— |
|
$ |
0.02 |
ATC Holdings and Non-utility and Parent: |
|
|
|
|
|
|
|
||||
ATC ROE reserve adjustments, net of tax impacts of |
|
— |
|
|
2 |
|
|
— |
|
|
0.01 |
Remeasurement of deferred tax assets due to |
|
2 |
|
|
— |
|
|
0.01 |
|
|
— |
Total Alliant Energy Consolidated |
$ |
2 |
|
$ |
7 |
|
$ |
0.01 |
|
$ |
0.03 |
Details regarding GAAP EPS variances between fourth quarter of 2023 and 2022 for Alliant Energy’s operations are as follows: |
|||
|
Variance |
||
Revenue requirements and higher AFUDC from capital investments |
$ |
0.05 |
|
Lower other operation and maintenance expenses at IPL and WPL |
|
0.05 |
|
Higher financing expense |
|
(0.04 |
) |
Estimated temperature impact on retail electric and gas sales |
|
(0.04 |
) |
Non-GAAP adjustments in 2022 |
|
0.03 |
|
Higher depreciation expense |
|
(0.03 |
) |
Non-GAAP adjustments in 2023 |
|
(0.01 |
) |
Other |
|
0.03 |
|
Total Alliant Energy Consolidated |
$ |
0.04 |
|
ALLIANT ENERGY CORPORATION |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in millions, except per share amounts) |
||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Electric utility |
$ |
783 |
|
|
$ |
796 |
|
|
$ |
3,345 |
|
|
$ |
3,421 |
|
Gas utility |
|
140 |
|
|
|
224 |
|
|
|
540 |
|
|
|
642 |
|
Other utility |
|
15 |
|
|
|
14 |
|
|
|
52 |
|
|
|
49 |
|
Non-utility |
|
23 |
|
|
|
24 |
|
|
|
90 |
|
|
|
93 |
|
|
|
961 |
|
|
|
1,058 |
|
|
|
4,027 |
|
|
|
4,205 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Electric production fuel and purchased power |
|
183 |
|
|
|
197 |
|
|
|
736 |
|
|
|
830 |
|
Electric transmission service |
|
145 |
|
|
|
145 |
|
|
|
583 |
|
|
|
573 |
|
Cost of gas sold |
|
73 |
|
|
|
147 |
|
|
|
299 |
|
|
|
389 |
|
Other operation and maintenance: |
|
|
|
|
|
|
|
||||||||
Energy efficiency costs |
|
16 |
|
|
|
19 |
|
|
|
62 |
|
|
|
54 |
|
Non-utility Travero |
|
17 |
|
|
|
17 |
|
|
|
64 |
|
|
|
68 |
|
Other |
|
142 |
|
|
|
177 |
|
|
|
549 |
|
|
|
582 |
|
Depreciation and amortization |
|
174 |
|
|
|
170 |
|
|
|
676 |
|
|
|
671 |
|
Taxes other than income taxes |
|
28 |
|
|
|
27 |
|
|
|
115 |
|
|
|
110 |
|
|
|
778 |
|
|
|
899 |
|
|
|
3,084 |
|
|
|
3,277 |
|
Operating income |
|
183 |
|
|
|
159 |
|
|
|
943 |
|
|
|
928 |
|
Other (income) and deductions: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
105 |
|
|
|
90 |
|
|
|
394 |
|
|
|
325 |
|
Equity income from unconsolidated investments, net |
|
(16 |
) |
|
|
(14 |
) |
|
|
(61 |
) |
|
|
(51 |
) |
Allowance for funds used during construction |
|
(29 |
) |
|
|
(26 |
) |
|
|
(100 |
) |
|
|
(60 |
) |
Other |
|
1 |
|
|
|
6 |
|
|
|
3 |
|
|
|
6 |
|
|
|
61 |
|
|
|
56 |
|
|
|
236 |
|
|
|
220 |
|
Income before income taxes |
|
122 |
|
|
|
103 |
|
|
|
707 |
|
|
|
708 |
|
Income tax expense (benefit) |
|
1 |
|
|
|
(5 |
) |
|
|
4 |
|
|
|
22 |
|
Net income attributable to Alliant Energy common shareowners |
$ |
121 |
|
|
$ |
108 |
|
|
$ |
703 |
|
|
$ |
686 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
255.6 |
|
|
|
251.1 |
|
|
|
253.0 |
|
|
|
250.9 |
|
Diluted |
|
256.0 |
|
|
|
251.4 |
|
|
|
253.3 |
|
|
|
251.2 |
|
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) |
$ |
0.47 |
|
|
$ |
0.43 |
|
|
$ |
2.78 |
|
|
$ |
2.73 |
|
ALLIANT ENERGY CORPORATION |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
|
|
|
|
||
|
December 31,
|
|
December 31,
|
||
|
(in millions) |
||||
ASSETS: |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
62 |
|
$ |
20 |
Other current assets |
|
1,210 |
|
|
1,230 |
Property, plant and equipment, net |
|
17,157 |
|
|
16,247 |
Investments |
|
602 |
|
|
559 |
Other assets |
|
2,206 |
|
|
2,107 |
Total assets |
$ |
21,237 |
|
$ |
20,163 |
LIABILITIES AND EQUITY: |
|
|
|
||
Current liabilities: |
|
|
|
||
Current maturities of long-term debt |
$ |
809 |
|
$ |
408 |
Commercial paper |
|
475 |
|
|
642 |
Other current liabilities |
|
1,020 |
|
|
1,313 |
Long-term debt, net (excluding current portion) |
|
8,225 |
|
|
7,668 |
Other liabilities |
|
3,931 |
|
|
3,856 |
Alliant Energy Corporation common equity |
|
6,777 |
|
|
6,276 |
Total liabilities and equity |
$ |
21,237 |
|
$ |
20,163 |
ALLIANT ENERGY CORPORATION |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
|
|
|
|
||||
|
Year Ended December 31, |
||||||
|
|
2023 |
|
|
|
2022 |
|
|
(in millions) |
||||||
Cash flows from operating activities: |
|
|
|
||||
Cash flows from operating activities excluding accounts receivable sold to a third party |
$ |
1,351 |
|
|
$ |
1,055 |
|
Accounts receivable sold to a third party |
|
(484 |
) |
|
|
(569 |
) |
Net cash flows from operating activities |
|
867 |
|
|
|
486 |
|
Cash flows used for investing activities: |
|
|
|
||||
Construction and acquisition expenditures: |
|
|
|
||||
Utility business |
|
(1,731 |
) |
|
|
(1,392 |
) |
Other |
|
(123 |
) |
|
|
(92 |
) |
Cash receipts on sold receivables |
|
453 |
|
|
|
598 |
|
Proceeds from sales of partial ownership interest in West Riverside |
|
120 |
|
|
|
— |
|
Other |
|
(120 |
) |
|
|
(47 |
) |
Net cash flows used for investing activities |
|
(1,401 |
) |
|
|
(933 |
) |
Cash flows from financing activities: |
|
|
|
||||
Common stock dividends |
|
(456 |
) |
|
|
(428 |
) |
Proceeds from issuance of common stock, net |
|
246 |
|
|
|
25 |
|
Proceeds from issuance of long-term debt |
|
1,455 |
|
|
|
1,338 |
|
Payments to retire long-term debt |
|
(508 |
) |
|
|
(633 |
) |
Net change in commercial paper |
|
(167 |
) |
|
|
127 |
|
Other |
|
3 |
|
|
|
2 |
|
Net cash flows from financing activities |
|
573 |
|
|
|
431 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
39 |
|
|
|
(16 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
24 |
|
|
|
40 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
63 |
|
|
$ |
24 |
|
KEY FINANCIAL AND OPERATING STATISTICS |
|||||
|
December 31, 2023 |
|
December 31, 2022 |
||
Common shares outstanding (000s) |
|
256,097 |
|
|
251,135 |
Book value per share |
$ |
26.46 |
|
$ |
24.99 |
Quarterly common dividend rate per share |
$ |
0.4525 |
|
$ |
0.4275 |
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
Utility electric sales (000s of megawatt-hours) |
|
|
|
|
|
|
|
||
Residential |
1,651 |
|
|
1,732 |
|
7,176 |
|
|
7,479 |
Commercial |
1,548 |
|
|
1,589 |
|
6,329 |
|
|
6,436 |
Industrial |
2,574 |
|
|
2,573 |
|
10,522 |
|
|
10,638 |
Industrial - co-generation customers |
163 |
|
|
211 |
|
913 |
|
|
856 |
Retail subtotal |
5,936 |
|
|
6,105 |
|
24,940 |
|
|
25,409 |
Sales for resale: |
|
|
|
|
|
|
|
||
Wholesale |
687 |
|
|
694 |
|
2,859 |
|
|
2,866 |
Bulk power and other |
974 |
|
|
738 |
|
4,730 |
|
|
3,734 |
Other |
15 |
|
|
15 |
|
58 |
|
|
62 |
Total |
7,612 |
|
|
7,552 |
|
32,587 |
|
|
32,071 |
Utility retail electric customers (at December 31) |
|
|
|
|
|
|
|
||
Residential |
847,698 |
|
|
842,078 |
|
|
|
|
|
Commercial |
145,877 |
|
|
144,852 |
|
|
|
|
|
Industrial |
2,407 |
|
|
2,439 |
|
|
|
|
|
Total |
995,982 |
|
|
989,369 |
|
|
|
|
|
Utility gas sold and transported (000s of dekatherms) |
|
|
|
|
|
|
|
||
Residential |
8,299 |
|
|
10,362 |
|
25,838 |
|
|
31,109 |
Commercial |
5,517 |
|
|
6,646 |
|
18,291 |
|
|
21,097 |
Industrial |
694 |
|
|
730 |
|
2,276 |
|
|
2,815 |
Retail subtotal |
14,510 |
|
|
17,738 |
|
46,405 |
|
|
55,021 |
Transportation / other |
27,010 |
|
|
21,571 |
|
115,177 |
|
|
104,812 |
Total |
41,520 |
|
|
39,309 |
|
161,582 |
|
|
159,833 |
Utility retail gas customers (at December 31) |
|
|
|
|
|
|
|
||
Residential |
382,820 |
|
|
380,913 |
|
|
|
|
|
Commercial |
44,997 |
|
|
44,912 |
|
|
|
|
|
Industrial |
326 |
|
|
328 |
|
|
|
|
|
Total |
428,143 |
|
|
426,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|||||||||
Estimated operating income increases (decreases) from impacts of temperatures (in millions) - |
|||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
Electric |
( |
) |
|
|
|
( |
) |
|
|
Gas |
(6 |
) |
|
1 |
|
(14 |
) |
|
7 |
Total temperature impact |
( |
) |
|
|
|
( |
) |
|
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||
|
2023 |
|
2022 |
|
Normal |
|
2023 |
|
2022 |
|
Normal |
Heating degree days (HDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
2,056 |
|
2,543 |
|
2,466 |
|
5,807 |
|
7,222 |
|
6,699 |
|
2,167 |
|
2,487 |
|
2,493 |
|
6,157 |
|
7,210 |
|
6,974 |
Cooling degree days (CDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
41 |
|
5 |
|
13 |
|
974 |
|
908 |
|
819 |
|
26 |
|
3 |
|
9 |
|
781 |
|
787 |
|
706 |
(a) |
HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215352116/en/
Media Hotline: (608) 458-4040
Investor Relations: Susan Gille (608) 458-3956
Source: Alliant Energy Corporation
FAQ
What were Alliant Energy's GAAP earnings per share in 2023?
How much did Alliant Energy's non-GAAP EPS grow by in 2023?
What is Alliant Energy's 2024 earnings guidance range?
What were the primary drivers of higher EPS for Alliant Energy's Utilities and Corporate Services segment in 2023?
Why did Alliant Energy's Non-utility and Parent operations report a decrease in GAAP EPS in 2023?
