Alliant Energy Announces Third Quarter 2023 Results
- Alliant Energy's GAAP EPS for Q3 2023 increased to $1.02 from $0.90 in Q3 2022.
- The company expects its 2024 earnings to be in the range of $2.99 to $3.13 per share.
- Alliant Energy has set a 2024 common stock dividend target of $1.92 per share.
- The company plans to spend $9 billion on capital expenditures from 2024 to 2027.
- None.
-
Third quarter GAAP earnings per share was
$1.02 $0.90 -
Provided 2024 earnings guidance range of
$2.99 $3.13 $1.92 -
Forecasted 2024 - 2027 capital expenditures of
$9 billion
|
GAAP EPS |
|
Non-GAAP EPS |
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Utilities and Corporate Services |
$ |
1.11 |
|
|
$ |
0.99 |
|
|
$ |
1.11 |
|
|
$ |
0.99 |
|
American Transmission Company (ATC) Holdings |
|
0.03 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.02 |
|
Non-utility and Parent |
|
(0.12 |
) |
|
|
(0.11 |
) |
|
|
(0.09 |
) |
|
|
(0.08 |
) |
Alliant Energy Consolidated |
$ |
1.02 |
|
|
$ |
0.90 |
|
|
$ |
1.05 |
|
|
$ |
0.93 |
|
“We continue to deliver solid financial and operational results while executing our customer-focused strategy,” said John Larsen, Alliant Energy Board Chair and CEO. “Our narrowed 2023 earnings guidance, introduction of our 2024 earnings guidance, and reiteration of our long-term earnings growth range of
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 the three months ended September 30, 2023 and 2022 excludes
Estimated Temperature Impacts to Non-GAAP EPS - The estimated year-to-date impact of temperatures on EPS compared to normal temperatures is a
Details regarding GAAP EPS variances between the third quarters of 2023 and 2022 for Alliant Energy are as follows:
|
Variance |
||
Revenue requirements and higher AFUDC from WPL capital investments |
$ |
0.08 |
|
Lower other operation and maintenance expenses |
|
0.04 |
|
Higher interest expense |
|
(0.04 |
) |
|
|
0.03 |
|
|
|
(0.03 |
) |
Other |
|
0.04 |
|
Total |
$ |
0.12 |
|
Revenue requirements and higher AFUDC from WPL capital investments - In December 2021, WPL received an order from the Public Service Commission of
2023 Earnings Guidance
Alliant Energy is narrowing its EPS guidance as follows.
|
Revised |
|
Previous |
Alliant Energy Consolidated |
|
|
|
Drivers for Alliant Energy’s 2023 EPS guidance include, but are not limited to:
- Ability of IPL and WPL to earn their authorized rates of return
- Stable economy and resulting implications on utility sales
- Normal temperatures in its utility service territories
- Execution of cost controls
- Execution of capital expenditure and financing plans
-
Consolidated effective tax rate of
2%
The 2023 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 including corporate tax reform in
2024 Earnings Guidance
Alliant Energy is issuing 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 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 (
8% )
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 including corporate tax reform in
“As we complete our historic solar expansion in 2024, our customers and communities will experience the benefits of additional low cost, cleaner energy. Our consistent track record of
2024 Annual Common Stock Dividend Target
Alliant Energy has increased its 2024 expected annual common stock dividend target to
Projected Capital Expenditures
Alliant Energy has updated its projected capital expenditures for 2023 through 2027 (in millions). The projected capital expenditures exclude AFUDC and capitalized interest, if applicable. Cost estimates represent Alliant Energy’s estimated portion of total construction expenditures.
|
2023 |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
Generation: |
|
|
|
|
|
|
|
|
|
Renewables and battery storage projects |
|
|
|
|
|
|
|
|
|
Gas projects |
40 |
|
120 |
|
325 |
|
610 |
|
500 |
Other |
95 |
|
100 |
|
80 |
|
50 |
|
40 |
Distribution: |
|
|
|
|
|
|
|
|
|
Electric systems |
565 |
|
610 |
|
620 |
|
670 |
|
685 |
Gas systems |
80 |
|
85 |
|
85 |
|
85 |
|
85 |
Other |
220 |
|
220 |
|
205 |
|
240 |
|
280 |
Total Capital Expenditures |
|
|
|
|
|
|
|
|
|
Earnings Conference Call
A conference call to review the third quarter 2023 results is scheduled for Friday, November 3, 2023 at 9 a.m. central time. Alliant Energy Board Chair and Chief Executive Officer John Larsen, President and Chief Operating 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 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 995,000 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 or attacks;
- 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;
- the impact of energy efficiency, franchise retention and customer disconnects on sales volumes and margins;
- 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;
- inflation and higher interest rates;
- 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 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; - 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;
- 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;
- 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 renewable tax credits;
- 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;
- 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 sale of Whiting Petroleum, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation;
- weather effects on results of utility operations;
- 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 changes to 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;
- the direct or indirect effects resulting from the ongoing novel coronavirus (COVID-19) pandemic and the spread of variant strains;
- 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 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 “2023 Earnings Guidance” and “2024 Earnings Guidance” sections 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 2023 and 2024 earnings guidance, 2024 annual common stock dividend target, and 2023-2027 capital expenditures 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 three and nine months ended September 30, 2023 and 2022 excluding charges related to the
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 three and nine months ended September 30, 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 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 will be reported and reconciled to the most directly comparable GAAP measure, operating income, in our third quarter 2023 Form 10-Q.
This press release also includes temperature-normalized non-GAAP EPS guidance for the year ended December 31, 2023. 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.
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 guidance, 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 |
|||||||||||||||
EARNINGS SUMMARY (Unaudited) |
|||||||||||||||
The following tables provide a summary of Alliant Energy’s results for the three months ended September 30: |
|||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
0.42 |
|
|
0.36 |
|
|
— |
|
— |
|
0.42 |
|
|
0.36 |
|
Corporate Services |
0.02 |
|
|
0.02 |
|
|
— |
|
— |
|
0.02 |
|
|
0.02 |
|
Subtotal for Utilities and Corporate Services |
1.11 |
|
|
0.99 |
|
|
— |
|
— |
|
1.11 |
|
|
0.99 |
|
ATC Holdings |
0.03 |
|
|
0.02 |
|
|
— |
|
— |
|
0.03 |
|
|
0.02 |
|
Non-utility and Parent |
(0.12 |
) |
|
(0.11 |
) |
|
0.03 |
|
0.03 |
|
(0.09 |
) |
|
(0.08 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
107 |
|
|
91 |
|
|
— |
|
— |
|
107 |
|
|
91 |
|
Corporate Services |
4 |
|
|
4 |
|
|
— |
|
— |
|
4 |
|
|
4 |
|
Subtotal for Utilities and Corporate Services |
281 |
|
|
249 |
|
|
— |
|
— |
|
281 |
|
|
249 |
|
ATC Holdings |
9 |
|
|
5 |
|
|
— |
|
— |
|
9 |
|
|
5 |
|
Non-utility and Parent |
(31 |
) |
|
(27 |
) |
|
8 |
|
8 |
|
(23 |
) |
|
(19 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted, or non-GAAP, earnings for the three months ended September 30 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 |
Non-utility and Parent: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables provide a summary of Alliant Energy’s results for the nine months ended September 30: |
|||||||||||||||
EPS: |
GAAP EPS |
|
Adjustments |
|
Non-GAAP EPS |
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
1.06 |
|
|
0.98 |
|
|
— |
|
— |
|
1.06 |
|
|
0.98 |
|
Corporate Services |
0.04 |
|
|
0.05 |
|
|
— |
|
— |
|
0.04 |
|
|
0.05 |
|
Subtotal for Utilities and Corporate Services |
2.41 |
|
|
2.33 |
|
|
— |
|
— |
|
2.41 |
|
|
2.33 |
|
ATC Holdings |
0.10 |
|
|
0.09 |
|
|
— |
|
— |
|
0.10 |
|
|
0.09 |
|
Non-utility and Parent |
(0.20 |
) |
|
(0.11 |
) |
|
0.03 |
|
0.03 |
|
(0.17 |
) |
|
(0.08 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (in millions): |
GAAP Income (Loss) |
|
Adjustments |
|
Non-GAAP Income (Loss) |
||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
IPL |
|
|
|
|
|
|
$— |
|
$— |
|
|
|
|
|
|
WPL |
267 |
|
|
247 |
|
|
— |
|
— |
|
267 |
|
|
247 |
|
Corporate Services |
10 |
|
|
11 |
|
|
— |
|
— |
|
10 |
|
|
11 |
|
Subtotal for Utilities and Corporate Services |
608 |
|
|
585 |
|
|
— |
|
— |
|
608 |
|
|
585 |
|
ATC Holdings |
26 |
|
|
22 |
|
|
— |
|
— |
|
26 |
|
|
22 |
|
Non-utility and Parent |
(52 |
) |
|
(28 |
) |
|
8 |
|
8 |
|
(44 |
) |
|
(20 |
) |
Alliant Energy Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted, or non-GAAP, earnings for the nine months ended September 30 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 |
Non-utility and Parent: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLIANT ENERGY CORPORATION |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||||||
|
|
|
|
||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
(in millions, except per share amounts) |
||||||||||
Revenues: |
|
|
|
|
|
|
|
||||
Electric utility |
|
|
|
|
|
|
|
|
|
|
|
Gas utility |
47 |
|
|
62 |
|
|
400 |
|
|
418 |
|
Other utility |
13 |
|
|
11 |
|
|
38 |
|
|
35 |
|
Non-utility |
22 |
|
|
23 |
|
|
66 |
|
|
70 |
|
|
1,077 |
|
|
1,135 |
|
|
3,066 |
|
|
3,147 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||
Electric production fuel and purchased power |
231 |
|
|
274 |
|
|
553 |
|
|
633 |
|
Electric transmission service |
154 |
|
|
157 |
|
|
438 |
|
|
428 |
|
Cost of gas sold |
12 |
|
|
26 |
|
|
226 |
|
|
242 |
|
Other operation and maintenance: |
|
|
|
|
|
|
|
||||
Energy efficiency costs |
13 |
|
|
11 |
|
|
46 |
|
|
35 |
|
Non-utility Travero |
15 |
|
|
17 |
|
|
47 |
|
|
51 |
|
Other |
132 |
|
|
144 |
|
|
406 |
|
|
406 |
|
Depreciation and amortization |
170 |
|
|
169 |
|
|
503 |
|
|
501 |
|
Taxes other than income taxes |
28 |
|
|
28 |
|
|
87 |
|
|
82 |
|
|
755 |
|
|
826 |
|
|
2,306 |
|
|
2,378 |
|
Operating income |
322 |
|
|
309 |
|
|
760 |
|
|
769 |
|
Other (income) and deductions: |
|
|
|
|
|
|
|
||||
Interest expense |
99 |
|
|
83 |
|
|
289 |
|
|
235 |
|
Equity income from unconsolidated investments, net |
(14 |
) |
|
(5 |
) |
|
(45 |
) |
|
(37 |
) |
Allowance for funds used during construction |
(28 |
) |
|
(10 |
) |
|
(71 |
) |
|
(34 |
) |
Other |
1 |
|
|
— |
|
|
2 |
|
|
— |
|
|
58 |
|
|
68 |
|
|
175 |
|
|
164 |
|
Income before income taxes |
264 |
|
|
241 |
|
|
585 |
|
|
605 |
|
Income tax expense |
5 |
|
|
14 |
|
|
3 |
|
|
26 |
|
Net income attributable to Alliant Energy common shareowners |
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||
Basic |
253.5 |
|
|
251.0 |
|
|
252.1 |
|
|
250.8 |
|
Diluted |
253.8 |
|
|
251.3 |
|
|
252.4 |
|
|
251.1 |
|
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
ALLIANT ENERGY CORPORATION |
|||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||
|
|
|
|
|
September 30,
|
|
December 31,
|
|
(in millions) |
||
ASSETS: |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
|
|
|
Other current assets |
1,166 |
|
1,230 |
Property, plant and equipment, net |
16,633 |
|
16,247 |
Investments |
594 |
|
559 |
Other assets |
2,305 |
|
2,107 |
Total assets |
|
|
|
LIABILITIES AND EQUITY: |
|
|
|
Current liabilities: |
|
|
|
Current maturities of long-term debt |
|
|
|
Commercial paper |
451 |
|
642 |
Other short-term borrowings |
50 |
|
— |
Other current liabilities |
1,025 |
|
1,313 |
Long-term debt, net (excluding current portion) |
8,429 |
|
7,668 |
Other liabilities |
3,814 |
|
3,856 |
Alliant Energy Corporation common equity |
6,726 |
|
6,276 |
Total liabilities and equity |
|
|
|
ALLIANT ENERGY CORPORATION |
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||
|
|
|
|
||
|
Nine Months Ended September 30, |
||||
|
2023 |
|
2022 |
||
|
(in millions) |
||||
Cash flows from operating activities: |
|
|
|
||
Cash flows from operating activities excluding accounts receivable sold to a third party |
|
|
|
|
|
Accounts receivable sold to a third party |
(357 |
) |
|
(393 |
) |
Net cash flows from operating activities |
622 |
|
|
485 |
|
Cash flows used for investing activities: |
|
|
|
||
Construction and acquisition expenditures: |
|
|
|
||
Utility business |
(1,201 |
) |
|
(873 |
) |
Other |
(92 |
) |
|
(69 |
) |
Cash receipts on sold receivables |
306 |
|
|
358 |
|
Proceeds from sales of partial ownership interest in West Riverside |
120 |
|
|
— |
|
Other |
(85 |
) |
|
(15 |
) |
Net cash flows used for investing activities |
(952 |
) |
|
(599 |
) |
Cash flows from financing activities: |
|
|
|
||
Common stock dividends |
(341 |
) |
|
(322 |
) |
Proceeds from issuance of common stock, net |
201 |
|
|
19 |
|
Proceeds from issuance of long-term debt |
1,158 |
|
|
1,238 |
|
Payments to retire long-term debt |
(404 |
) |
|
(379 |
) |
Net change in commercial paper and other short-term borrowings |
(141 |
) |
|
(132 |
) |
Contributions from noncontrolling interest |
— |
|
|
29 |
|
Distributions to noncontrolling interest |
— |
|
|
(29 |
) |
Other |
42 |
|
|
(3 |
) |
Net cash flows from financing activities |
515 |
|
|
421 |
|
Net increase in cash, cash equivalents and restricted cash |
185 |
|
|
307 |
|
Cash, cash equivalents and restricted cash at beginning of period |
24 |
|
|
40 |
|
Cash, cash equivalents and restricted cash at end of period |
|
|
|
|
|
KEY FINANCIAL AND OPERATING STATISTICS |
|||
|
September 30, 2023 |
|
September 30, 2022 |
Common shares outstanding (000s) |
255,179 |
|
251,022 |
Book value per share |
|
|
|
Quarterly common dividend rate per share |
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Utility electric sales (000s of megawatt-hours) |
|
|
|
|
|
|
|
||||
Residential |
2,100 |
|
|
2,088 |
|
|
5,525 |
|
|
5,747 |
|
Commercial |
1,727 |
|
|
1,709 |
|
|
4,782 |
|
|
4,847 |
|
Industrial |
2,789 |
|
|
2,810 |
|
|
7,948 |
|
|
8,065 |
|
Industrial - co-generation customers |
205 |
|
|
181 |
|
|
750 |
|
|
645 |
|
Retail subtotal |
6,821 |
|
|
6,788 |
|
|
19,005 |
|
|
19,304 |
|
Sales for resale: |
|
|
|
|
|
|
|
||||
Wholesale |
795 |
|
|
774 |
|
|
2,172 |
|
|
2,172 |
|
Bulk power and other |
1,409 |
|
|
985 |
|
|
3,756 |
|
|
2,989 |
|
Other |
14 |
|
|
16 |
|
|
43 |
|
|
46 |
|
Total |
9,039 |
|
|
8,563 |
|
|
24,976 |
|
|
24,511 |
|
Utility retail electric customers (at September 30) |
|
|
|
|
|
|
|
||||
Residential |
844,056 |
|
|
838,799 |
|
|
|
|
|
||
Commercial |
145,542 |
|
|
144,728 |
|
|
|
|
|
||
Industrial |
2,410 |
|
|
2,437 |
|
|
|
|
|
||
Total |
992,008 |
|
|
985,964 |
|
|
|
|
|
||
Utility gas sold and transported (000s of dekatherms) |
|
|
|
|
|
|
|
||||
Residential |
1,277 |
|
|
1,370 |
|
|
17,540 |
|
|
20,748 |
|
Commercial |
1,634 |
|
|
1,758 |
|
|
12,774 |
|
|
14,451 |
|
Industrial |
372 |
|
|
456 |
|
|
1,583 |
|
|
2,085 |
|
Retail subtotal |
3,283 |
|
|
3,584 |
|
|
31,897 |
|
|
37,284 |
|
Transportation / other |
29,776 |
|
|
30,982 |
|
|
88,167 |
|
|
83,241 |
|
Total |
33,059 |
|
|
34,566 |
|
|
120,064 |
|
|
120,525 |
|
Utility retail gas customers (at September 30) |
|
|
|
|
|
|
|
||||
Residential |
380,114 |
|
|
377,926 |
|
|
|
|
|
||
Commercial |
44,609 |
|
|
44,441 |
|
|
|
|
|
||
Industrial |
326 |
|
|
329 |
|
|
|
|
|
||
Total |
425,049 |
|
|
422,696 |
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
Estimated margin increases (decreases) from impacts of temperatures (in millions) - |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
Electric margins |
|
|
|
|
|
|
|
|
|
|
|
Gas margins |
(1 |
) |
|
— |
|
|
(8 |
) |
|
6 |
|
Total temperature impact on margins |
|
|
|
|
|
|
( |
) |
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2023 |
|
2022 |
|
Normal |
|
2023 |
|
2022 |
|
Normal |
Heating degree days (HDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
93 |
|
116 |
|
3,751 |
|
4,679 |
|
4,233 |
|
70 |
|
136 |
|
139 |
|
3,990 |
|
4,723 |
|
4,481 |
Cooling degree days (CDDs) (a) |
|
|
|
|
|
|
|
|
|
|
|
|
659 |
|
604 |
|
555 |
|
933 |
|
903 |
|
806 |
|
548 |
|
508 |
|
502 |
|
755 |
|
784 |
|
697 |
| (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/20231102276975/en/
Media Hotline: (608) 458-4040
Investor Relations: Susan Gille (608) 458-3956
Source: Alliant Energy Corporation
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