Alliant Energy (LNT) Q3 2024 earnings summary

Executive summary

• Q3 2024 ongoing/diluted EPS was $1.15, up from $1.02–$1.05 in Q3 2023, driven by higher revenue from capital investments and favorable tax timing, partially offset by higher expenses and temperature impacts.

• 2024 earnings guidance narrowed to $2.99–$3.06 per share; 2025 guidance introduced at $3.15–$3.25 per share, with a 2025 dividend target of $2.03 per share, a 6% increase.

• Strategic focus on economic development, customer-centricity, and clean energy transition, with major data center projects expected to drive significant load growth.

• Key customer investments included new solar facilities, energy storage projects, and transfer of renewable tax credits for cash.

• Major regulatory developments included IPL's approved rate increases and WPL's deferral of incremental solar construction costs.

Financial highlights

• Q3 2024 net income attributable to common shareowners was $295 million, up from $259 million in Q3 2023; nine-month net income was $540 million, down from $582 million year-over-year.

• Q3 2024 operating income was $313 million, compared to $322 million in Q3 2023.

• Q3 2024 effective income tax rate was (27%), reflecting significant tax credits and non-cash charges.

• Q3 2024 electric utility revenue was $999 million; gas utility revenue was $49 million.

• IPL's Q3 2024 net income was $190 million (up from $170 million); WPL's Q3 2024 net income was $114 million (up from $107 million).

Outlook and guidance

• 2025 EPS guidance midpoint is 6% above 2024, with long-term EPS growth target reaffirmed at 5%–7%.

• 2025 dividend target set at $2.03 per share, up 6% from 2024.

• 2025–2028 capital expenditures projected at $11 billion, with $2.2–$3.0 billion annually, focused on renewables, battery storage, and grid investments.

• Load growth from new data centers expected to boost peak demand by nearly 20% over five years, with potential for further upside.

• Projected 2024–2032 electric sales CAGR of 3–5%.