Alliant Energy misses on earnings, tops on revenue

Regional electric and natural gas utility Alliant Energy posted higher second-quarter earnings that missed analysts' estimates and revenues from continuing operations that topped projections.

The Madison, Wis.-based corporate parent of Interstate Power and Light in Cedar Rapids reported net income of $83.9 million, or 37 cents per share, for the quarter that ended on June 30, up from $67.6 million, or 30 cents per share, for the same period in 2015. Thomson Reuters analysts were expecting earning of 38 cents per share.

Revenues from continuing operations were $754.6 million in the second quarter, up from $717.2 million in the same quarter last year. That topped analysts' revenue estimate of $733.7 million.

In a phone call with analysts Tuesday, Alliant Energy Chairman Patricia Kampling said the company plans to invest over $1.1 billion in construction this year, with almost half focused on its distribution system. Kampling said $300 million will be invested in electric distribution and $200 million will go for improvements and expansion of the natural gas side of the business.

Kampling said the Marshalltown natural gas-fired generating facility is progressing well and is approximately 85 percent complete. Total capital expenditures for the project are anticipated to be approximately $700 million, excluding the allowance for funds used during construction and distribution costs.

'Marshalltown is on time and on budget and is expected to go in service in the spring of 2017,” Kampling said.

Alliant Energy last week announced plans to invest $1 billion in additional wind generation in Iowa. Interstate Power and Light has filed an advanced rate-making principles application with the Iowa Utilities Board for fast approval to add owned and operated wind resources of up to 500 megawatts.

A portion of the wind generation likely will be located near the utility's existing Whispering Willow site in Franklin County. Kampling said the company also is pursuing additional land options.

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