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Alliant Energy 8-K Report, Financial Results (Feb 16, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 16, 2024
Period End
February 15, 2024
Security
LNT
In the record · 2016–202610-K1110-Q338-K136

LNT filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 136 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Dec ’18Dec ’18
  2. Leadership change8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Jan ’23Jan ’23
  4. Material agreement8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed February 16, 2024. Cited figures are marked; the original filing is the authoritative source.

Alliant Energy Corporation (Nasdaq: LNT) reported unaudited full-year 2023 results in a press release furnished as Exhibit 99.1 to this combined Form 8-K, filed jointly with Interstate Power and Light Company and Wisconsin Power and Light Company.

GAAP earnings per share were $2.78a in 2023, compared with $2.73 in 2022. Temperature-normalized non-GAAP EPS was $2.88 in 2023 versus $2.73 in 2022, which the company describes as 5.5% growth. Net income attributable to common shareowners was $703 million in 2023 versus $686 million in 2022, and the company affirmed its 2024 EPS guidance range of $2.99 to $3.13 per share.

The main drivers of the 2023 GAAP EPS change were revenue requirements and higher AFUDC from capital investments, which contributed $0.26b per share, and lower other operation and maintenance expenses at IPL and WPL, which contributed $0.07. These were offset mainly by higher financing expense of $0.21 per share, lower sales from net temperature impacts of $0.13, and higher depreciation expense of $0.07. The release notes that interest expense rose as long-term debt increased to fund capital expenditures, including the Wisconsin solar expansion program.

Long-term debt, net, rose to $8.225 billionc at year-end 2023 from $7.668 billion, and capital expenditures for the utility business were $1.731 billion in 2023. The 2024 guidance assumes normal temperatures, constructive regulatory outcomes, and a consolidated effective tax rate of (7%). The company also said it expects to complete approximately 1,500 megawatts of solar generation in 2024.

The Non-utility and Parent segment posted a GAAP loss of $0.22d per share, mainly due to higher interest expense. The filing's text references an earnings conference call held on February 16, 2024.

02—Key points

Key Highlights

  1. GAAP EPS of $2.78 in 2023, up from $2.73 in 2022; temperature-normalized non-GAAP EPS of $2.88, representing 5.5% growth
  2. 2024 EPS guidance of $2.99 to $3.13 per share affirmed
  3. Utilities and Corporate Services GAAP EPS of $2.86 in 2023 versus $2.74 in 2022, driven by revenue requirements and AFUDC from capital investments
  4. Interest expense rose to $394 million in 2023 from $325 million in 2022, contributing to $0.21 per share of higher financing expense
  5. Net temperature impacts reduced 2023 EPS by $0.06 per share on the company's non-GAAP basis, compared with a $0.07 per share gain in 2022
  6. Long-term debt, net, increased to $8.225 billion at December 31, 2023 from $7.668 billion a year earlier
  7. The company expects to complete approximately 1,500 megawatts of zero-fuel cost, zero-emissions solar generation in 2024

03—Questions

Frequently Asked Questions

  1. How did Alliant Energy perform in 2023 relative to its earnings target?

    The company reported GAAP EPS of $2.78 for 2023 and temperature-normalized non-GAAP EPS of $2.88, which it describes as 5.5% growth over 2022. The release states this was the 14th consecutive year the company delivered on its 5-7% temperature-normalized non-GAAP EPS growth range.

  2. What is the 2024 earnings outlook?

    Alliant Energy affirmed 2024 EPS guidance of $2.99 to $3.13 per share. The guidance assumes normal temperatures, constructive and timely regulatory outcomes, execution of capital expenditure and financing plans, and a consolidated effective tax rate of (7%).

  3. What drove the change in GAAP earnings in 2023?

    Revenue requirements and higher AFUDC from capital investments added $0.26 per share, and lower other operation and maintenance expenses at IPL and WPL added $0.07. Higher financing expense reduced EPS by $0.21, lower sales from net temperature impacts reduced EPS by $0.13, and higher depreciation expense reduced EPS by $0.07.

  4. Why did the Non-utility and Parent segment report a loss?

    The Non-utility and Parent segment reported GAAP EPS of $(0.22) in 2023, $0.09 lower than 2022. The release attributes the decline primarily to higher interest expense.

  5. How is the company financing its capital program?

    The release says total long-term debt increased due to additional financings in 2023, largely to fund capital expenditures including the Wisconsin solar expansion program. Common stock dividends were $456 million in 2023, and proceeds from issuance of long-term debt totaled $1.455 billion.

04—Continue

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