Press release
Alliant Energy Announces First Quarter 2020 Results
MADISON, Wis., May 07, 2020 (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., May 07, 2020 (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 the three months ended March 31 as follows:\n GAAP EPS Non-GAAP EPS 2020 2019 2020 2019Utilities and Corporate Services$0.72 $0.52 $0.72 $0.52 American Transmission Company (ATC) Holdings 0.03 0.03 0.03 0.03 Non-utility and Parent (0.05) (0.02) (0.03) (0.02)Alliant Energy Consolidated$0.70 $0.53 $0.72 $0.53 “In this uncertain environment of the global COVID-19 pandemic, our company continues to focus on providing the critical, reliable service our customers depend on, while emphasizing the health and welfare of our employees, customers and communities,” said John Larsen, Alliant Energy Chairman, President and CEO. “Based upon our forecasted impacts of COVID-19, and planned mitigation measures, we are reaffirming 2020 earnings guidance of $2.34 to $2.48 per share.” Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.72 per share of GAAP EPS in the first quarter of 2020, which was $0.20 per share higher than the first quarter of 2019. The primary drivers of higher EPS were higher earnings due to Interstate Power and Light Company’s (IPL’s) and Wisconsin Power and Light Company’s (WPL’s) increasing rate base. These items were partially offset by lower electric and gas sales volumes largely caused by warmer than normal temperatures in early 2020 and higher depreciation expense. First quarter 2020 EPS was not significantly impacted as a result of COVID-19. Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated ($0.05) per share of GAAP EPS in the first quarter of 2020, which was a ($0.03) per share earnings decrease compared to the first quarter of 2019. The primary driver of lower EPS was a $0.02 per share credit loss charge related to legacy guarantees associated with an affiliate of Whiting Petroleum Corporation (Whiting Petroleum). Earnings Adjustments - Non-GAAP EPS for the three months ended March 31, 2020 excludes charges of $0.02 per share related to the credit loss charge described above for Alliant Energy’s Non-utility and Parent. Non-GAAP adjustments, which relate to material ...