Press release
Alliant Energy Announces 2020 Results
MADISON, Wis., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP)
About this update from Alliant Energy Corporation
[{"type":"text","content":"MADISON, Wis., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for 2020 and 2019 as follows: GAAP EPS Non-GAAP EPS 2020 2019 2020 2019Utilities and Corporate Services$2.36 $2.22 $2.36 $2.22 American Transmission Company (ATC) Holdings 0.14 0.14 0.14 0.12 Non-utility and Parent (0.03) (0.03) (0.07) (0.03)Alliant Energy Consolidated$2.47 $2.33 $2.43 $2.31 “Despite the events of an unprecedented year, we once again delivered strong earnings growth through solid execution of our purpose-driven strategy. In 2020, we completed our historic wind expansion and announced plans to invest in over 1,400 megawatts of solar, continuing to be one of the industry leaders in the advancement of renewable energy,” said John Larsen, Alliant Energy Chairman, President and CEO. “Consistent with our 5 to 7% long-term earnings growth goal, our 2020 temperature normalized non-GAAP earnings per share increased 7% over calendar year 2019.” Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $2.36 per share of GAAP EPS in 2020, which was $0.14 per share higher than 2019. The primary driver of higher EPS was higher earnings resulting from Interstate Power and Light Company’s (IPL’s) and Wisconsin Power and Light Company’s (WPL’s) increasing rate base. This item was partially offset by higher depreciation expense, lower allowance for funds used during construction, equity dilution, and higher WPL electric fuel-related costs, net of recoveries. Earnings Adjustments - Non-GAAP EPS for 2020 excludes $0.02 per share related to credit loss adjustments on a guarantee for an affiliate of Whiting Petroleum Corporation (Whiting Petroleum) and $0.02 per share related to a tax valuation allowance adjustment, both for Alliant Energy’s Non-utility and Parent. Non-GAAP EPS for 2019 excludes earnings of $0.02 per share related to ATC return on equity (ROE) reserve adjustments due to a Federal Energy Regulatory Commission decision in the fourth quarter of 2019 regarding Midcontinent Independent System Operator, Inc. transmission owners’ authorized ROE. Non-GAAP adjustments, which relate to material charges or income that are ...