Alliant posts slightly lower earnings

Alliant Energy on Friday reported slightly lower third-quarter earnings per share that still beat analysts' estimates and raised the lower end of the range for its earnings this year.

The Madison, Wis.-based corporate parent of Interstate Power and Light in Cedar Rapids recorded net income of $155.9 million, or $1.40 per share, for the quarter that ended on Sept. 30, down from $160.2 million, or $1.43 per share, for the third quarter of 2013. Analysts had expected earnings of $1.39 per share.

Consolidated revenue, including regulated utility and nonregulated subsidiaries, slipped to $843.1 million in the third quarter from $866.6 million in the same period of 2013.

Patricia Kampling, Alliant chairwoman, president and CEO, called the third-quarter results 'solid.”

'With three quarters of the year behind us, I am pleased to report that our weather-normalized earnings are in line with our original 2014 earnings guidance,” Kampling said. 'However, taking into account the 8-cents-per-share positive weather impact year-to-date, we have increased the midpoint of our 2014 earnings guidance,”

Alliant is estimating annual net income in the range of $3.40 to $3.55 per share, up from earlier guidance of $3.25 to $3.55 per share.

Alliant on Thursday said it plans to file an application in early 2015 with the Wisconsin Public Service Commission to build a natural gas-fueled power plant near Beloit. The facility would generate 650 megawatts of electricity, enough to power more than 500,000 homes, at an estimated cost of $725 million to $775 million.

Expected to be ready to operate in early 2019, the new plant will be located next to the existing 675-megawatt, natural gas-fueled Riverside Power Plant on land owned by the utility.

Alliant's Iowa utility began construction in June of a similar 650 megawatt natural gas-fueled power plant in Marshalltown.