MADISON, Wis. - Alliant Energy (NASDAQ:LNT) Corporation (NASDAQ: LNT) reported a slight dip in first-quarter earnings per share (EPS) but exceeded revenue expectations, according to the company's latest financial release.
For the first quarter ended March 31, 2024, the energy provider posted adjusted EPS of $0.62, marginally below the analyst consensus of $0.63. However, the company's revenue outperformed analyst estimates, coming in at $1.03 billion against the expected $1.02 billion.
Compared to the same quarter last year, Alliant Energy saw a decrease in GAAP EPS from $0.65 in 2023 to $0.62 in 2024. The company attributes the lower EPS to reduced retail electric and gas sales due to warmer temperatures, alongside higher financing and depreciation expenses. These were partially offset by higher revenue requirements from capital investments at Wisconsin Power and Light Company (WPL).
Despite the slight earnings miss, Alliant Energy's President and CEO, Lisa Barton, expressed confidence in the company's performance. "We had a solid start to the year in light of historically mild weather," Barton stated. "Our results were in line with our expectations, allowing us to reaffirm our 2024 earnings guidance and positioning us well to reach our long-term growth objectives."
Looking ahead, Alliant Energy reaffirmed its full-year 2024 earnings guidance range of $2.99 to $3.13 per share. The midpoint of this guidance, $3.06, is set against the backdrop of assumptions such as the ability of Interstate Power and Light Company (IPL) and WPL to earn their authorized rates of return, normal temperatures in utility service territories, and the execution of capital expenditure and financing plans.
The company's reaffirmed guidance and revenue beat did not significantly impact the stock movement, as no percentage was provided, indicating a relatively stable investor response to the earnings release.
Alliant Energy remains focused on growth and executing strategic priorities, including a significant milestone in diversifying its energy mix. "We are approaching a significant milestone in diversifying our energy mix, with the successful commissioning of the final project in our 1.1 gigawatt solar investment in Wisconsin," Barton added, highlighting the company's commitment to expanding its renewable energy portfolio.
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