Press release
Alliant Energy Announces Second Quarter 2020 Results
MADISON, Wis., Aug. 06, 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., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) consolidated unaudited earnings per share (EPS) for the three months ended June 30 as follows:\n 2020 2019 Utilities and Corporate Services$0.48 $0.38 American Transmission Company (ATC) Holdings0.04 0.03 Non-utility and Parent0.02 (0.01) Alliant Energy Consolidated$0.54 $0.40 “Our purpose-driven strategy has once again delivered solid results. We recently released our new Corporate Responsibility Report highlighting dozens of stories of how we are living our values as we deliver on our environmental goals and serving the social needs of the communities we call home, which have been even more important during the first half of this year,” said John Larsen, Alliant Energy Chairman, President and CEO. “With continued focus on cost management to offset COVID-19 impacts on sales, we are affirming our 2020 earnings guidance range.” Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.48 per share of GAAP EPS in the second quarter of 2020, which was $0.10 per share higher than the second quarter of 2019. The primary drivers of higher EPS were higher earnings resulting from IPL’s and WPL’s increasing rate base, as well as favorable temperature impacts on electric sales for the quarter. These items were partially offset by higher depreciation expense and timing of income taxes. Alliant Energy’s temperature-normalized retail electric sales in the second quarter decreased for commercial and industrial customers, partially offset by an increase for residential customers mainly due to the COVID-19 pandemic. The resulting modest decrease in retail electric sales was primarily mitigated by cost reduction measures. Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated $0.02 per share of GAAP EPS in the second quarter of 2020, which was a $0.03 per share earnings increase compared to the second quarter of 2019. The higher EPS was primarily driven by the timing of income taxes. Details regarding GAAP EPS variances between the second quarters of 2020 and 2019 for Alliant Energy are as follows: Variance Higher revenue requirements primarily due to increasing rate ...