Alliant (LNT) Energy Announces 5.5% Growth in 2023 Earnings

By Tamara Parker • Friday, February 16 09:57 • Permanent Link

Alliant Energy Corporation (NASDAQ: LNT) has announced its 2023 results, revealing a GAAP earnings per share of $2.78, compared to $2.73 in 2022. The temperature-normalized non-GAAP earnings per share were $2.88 in 2023, marking a 5.5% growth from the previous year's $2.73. The company has also affirmed its 2024 earnings guidance range of $2.99 - $3.13 per share.

Lisa Barton, President and CEO of Alliant Energy, expressed confidence in the company's performance, stating, "For the 14th year in a row, we delivered on our 5-7% temperature normalized non-GAAP EPS growth range. Looking forward to 2024, we are excited to complete approximately 1,500 megawatts of zero-fuel cost, zero-emissions solar generation for our customers and continuing to deliver on our commitments to our investors."

Alliant Energy's utilities and corporate services operations generated $2.86 per share of GAAP EPS in 2023, driven by revenue requirements and allowance for funds used during construction (AFUDC) from capital investments, along with lower operation and maintenance expenses. However, this was partially offset by higher financing expense, lower retail electric and gas sales due to net temperature impacts, and higher depreciation expense.

On the other hand, the non-utility and parent operations saw a decrease in GAAP EPS to $(0.22) per share in 2023, primarily due to higher interest expense.

The company's 2024 earnings guidance includes assumptions related to the ability of its utilities to earn their authorized rates of return, normal temperatures in its utility service territories, regulatory outcomes, stable economy, capital expenditure and financing plans, cost controls, and a consolidated effective tax rate of (7%).

Alliant Energy is set to host a conference call on February 16, 2024, to review its 2023 results, where company executives will discuss the performance and outlook.

About Alliant Energy Corporation: Alliant Energy is the parent company of two public utility companies, serving approximately 1,000,000 electric and 425,000 natural gas customers. The company's core purpose is to serve customers and build stronger communities.

At the close of the recent announcement, Alliant Energy's shares were trading at a price of $48.11, reflecting a move of -0.6%.

The company's full 8-K submission is available here.

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