Alliant Energy Corporation
) reported first-quarter 2013 operating earnings of 72 cents per
share, up 16.1% from the Zacks Consensus Estimate of 62 cents.
Earnings were 22 cents higher than the year-ago figure of 50
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Earnings benefited from a harsh winter, which cast a positive
impact on the demand for electricity and natural gas. In
addition, higher income from Interstate Power and Light Company's
(IPL) tax benefit riders also benefited the bottom line.
Total revenue at the end of the first quarter were $859.6
million, up 12.3% from $765.7 million in the year-ago period.
Revenues were also 15.4% higher than the Zacks Consensus Estimate
of $745 million.
Highlights of the Release
Total operating expenses were $738.9 million, up 10.3% from
$670.1 million incurred in the year-ago period. The increase in
expenses was primarily due to higher electric production fuel and
energy purchases, escalation in electric transmission service
costs and an increase in cost of goods sold.
Operating income was $120.7 million, up 26.2% from $95.6 million
in the year-ago quarter. Operating income benefited from the
growth in the top line.
Interest expenses increased to $42.6 million from $38.9 million
in the year-ago quarter.
The cash position of the company improved from prior-year levels.
Cash and cash equivalents as of Mar 31, 2012 were $53.4 million
versus $21.2 million as of Dec 31, 2012.
Long-term debt was $3.12 billion as of Mar 31, 2013 compared with
$3.14 billion as of Dec 31, 2012.
Cash flow from operating activities in first quarter 2013 was
$198.6 million versus $215 million in first quarter 2012.
Alliance Energy reiterated its earnings per share guidance for
2013 in the band of $2.95 to $3.25.
Other Company Releases
Entergy Corporation (
) reported earnings of 94 cents per share in the first quarter,
in line with the Zacks Consensus Estimate.
CMS Energy Corp. (
) reported first-quarter 2013 operating earnings of 53 cents per
share, 15.2% higher than the Zacks Consensus Estimate of 46
Northeast Utilities (
) reported earnings of 73 cents in the first quarter of 2013, up
12.3% from the Zacks Consensus Estimate of 65 cents.
Alliant Energy reported solid results in the reported quarter,
surpassing our expectation. The company's ability to increase its
retail electricity and gas customers is commendable.
Based in Madison, Wis., Alliant Energy Corporation was founded in
1917. The company provides services to one million electric and
415,000 natural gas consumers located in Iowa, Wisconsin and
Minnesota. With a market cap of $5.84 billion the company has
4,055 full time employees. Alliant Energy retains a Zacks Rank #3