Alliant Energy 1st-quarter earnings, revenue beat estimates
Cooler weather a factor in company's higher results
Alliant Energy, corporate parent of Interstate Power and Light in Cedar Rapids, on Friday reported first-quarter adjusted earnings and revenue that topped analysts' forecasts.
The Madison, Wis.-based utility holding company posted net income of $76.3 million, or 72 cents per share, for the quarter that ended on March 31, up 52.3 percent from $50.1 million, or 50 cents per share, in the first quarter of 2012. Analysts were expecting a profit of 61 cents per share.
Alliant recorded first-quarter revenue of $859.6 million, up 12.3 percent from $765.7 million in the same quarter of 2012. Analysts forecast revenue of $765.4 million.
The company attributed the higher first-quarter results to a number of factors, including cooler weather that had a positive impact on electric and sales and higher income from Interstate Power's tax benefit riders. The latter use income tax benefits from certain tax initiatives to provide retail electric and gas customers in Iowa credits on their electric bills.Alliant will hold its annual shareholders meeting Thursday at the Cedar Rapids Marriott.