Alliant Energy Corporation LNT reported third-quarter 2024 operating earnings of $1.15 per share, which beat the Zacks Consensus Estimate of $1.11 by 3.6%. The bottom line also rose 9.5% from the year-ago quarter’s $1.05 per share.

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LNT’s Revenues
 

Revenues totaled $1.081 billion, which beat the Zacks Consensus Estimate of $1.080 billion by 0.1%. The top line also increased 0.4% from the year-ago quarter’s $1.077 billion.

LNT’s Operational Highlights
 

Total operating expenses were $768 million in the quarter, up 1.7% from $755 million in the year-ago period. This was due to higher electric transmission service expenses, higher cost of gas sold, and increased depreciation and amortization expenses.

Operating income totaled $313 million, down 2.8% from the year-ago reported figure.

Interest expenses amounted to $114 million, 15.2% higher than the actual of the prior-year period.

The company’s retail electric and retail gas customers increased 0.8% and 0.6%, respectively, year over year.

LNT reported total utility electric sales of 8,856 thousand megawatt-hours (MWh), down 2% from the year-ago quarter’s reported figure.

Total utility gas sold and transported was 33,520 thousand dekatherms, up 1.4% year over year.

LNT’s Financial Update
 

Cash and cash equivalents amounted to $827 million as of Sept. 30, 2024 compared with $62 million as of Dec. 31, 2023.

Long-term debt (excluding the current portion) totaled $9.25 billion as of Sept. 30, 2024, higher than $8.23 billion recorded as of Dec. 31, 2023.

Cash flow from operating activities in the first nine months of 2024 totaled $913 million compared with $622 million in the year-ago period.

LNT’s 2024 Guidance
 

Alliant Energy narrowed its 2024 earnings guidance in the range of $2.99-$3.06 per share compared to its earlier guidance range of $2.99-$3.13. The projection considers the average temperature in its service territories, execution of cost controls and the consolidated effective tax rate of 15%. The Zacks Consensus Estimate for earnings is pegged at $3.05 per share, higher than the midpoint of the company’s guided range.

LNT’s Zacks Rank
 

Alliant Energy currently carries a Zacks Rank #4 (Sell).

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

Recent Utility Releases
 

CenterPoint Energy, Inc. CNP reported third-quarter 2024 adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate of 36 cents by 13.9%. The bottom line also deteriorated by 22.5% from the year-ago figure.

CNP generated revenues of $1.86 billion, which missed the Zacks Consensus Estimate of $1.88 billion by 1.2%. The top line also came in 0.2% lower than the year-ago reported figure.

NextEra Energy, Inc. NEE reported third-quarter 2024 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 98 cents by 5.1%. The bottom line also improved nearly 12.8% year over year.  

In the third quarter, NextEra Energy’s operating revenues were $7.56 billion, which lagged the Zacks Consensus Estimate of $8.45 billion by 10.5%. However, the top line improved 5.5% year over year.

Avangrid, Inc. AGR reported third-quarter 2024 earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 33 cents by 66.7%. The bottom line also increased 104% from the year-ago figure of 27 cents.

Operating revenues amounted to $2.08 billion, which beat the Zacks Consensus Estimate of $2.01 billion by 3.7%. The top line also increased 5.5% from $1.97 billion reported in the comparable period of 2023.

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