Alliant Energy (LNT) Q2 2024 earnings summary

Executive summary

• Q2 2024 GAAP EPS was $0.34, down from $0.64 in Q2 2023, with ongoing EPS at $0.57, reflecting non-recurring charges including a $60 million asset valuation charge for IPL's Lansing Generating Station and higher expenses.

• Net income attributable to common shareowners was $87 million for Q2 2024, down from $160 million in Q2 2023, with revenues of $894 million, a decrease from $912 million.

• Announced 32 industrial growth projects in Iowa and Wisconsin in 2024, totaling nearly $900 million in capital expenditures and creating about 900 local jobs.

• Leadership transition announced, with John Larsen retiring and Lisa Barton leading as CEO.

• Regulatory progress, data center growth, and customer value initiatives are expected to support long-term growth objectives, especially in Iowa and Wisconsin.

Financial highlights

• Q2 2024 ongoing EPS was $0.57, compared to $0.64 in Q2 2023; GAAP EPS was $0.34, with non-GAAP adjustments mainly due to asset valuation and retirement charges.

• Cash flows from operations increased to $562 million in the first half of 2024, up from $311 million in 2023.

• Adjusted operations and maintenance expenses reduced by $20 million in the first half of 2024 year-over-year.

• Revenue requirements from capital investments at WPL contributed $0.12 per share.

• Operating income for Q2 2024 was $130 million, down from $217 million in Q2 2023.

Outlook and guidance

• 2024 ongoing EPS guidance reaffirmed at $2.99–$3.13, assuming normal weather, cost controls, and constructive regulatory outcomes.

• Long-term 5%-7% earnings growth target maintained.

• IPL's rate review settlement includes a $185 million annual retail electric base rate increase and a $10 million gas base rate increase, with final rates expected October 1, 2024.

• WPL expects construction costs for 1,100 MW of new solar generation to exceed prior estimates by $195 million, with regulatory deferral approved.

• Forecasted consolidated effective tax rate of approximately (10%).