Alliant Energy posts higher profit

CEDAR RAPIDS - Alliant Energy posted higher second-quarter earnings that beat analysts' estimates and revenues that were lower, but in line with analysts' projections.

The Madison, Wis.-based utility holding company recorded net income of $67.6 million, or 60 cents per share, for the three-month period that ended on June 30, compared with $$61.8 million, or 56 cents per share, for the same quarter of 2014.

Analysts for Thomson Reuters were anticipating net income of 67 cents per share.

Operating revenue declined to $717.2 million in the second quarter from $750.3 million in the comparable period last year. Analysts were expecting revenue of $719.61 million.

Alliant Energy attributed the higher earnings to lower retail electric customer billing credits at Interstate Power and Light and lower energy efficiency cost recovery amortizations at Wisconsin Power and Light.

Interstate Power and Light is providing customer billing credits to its Iowa retail electric customers of $105 million over the 2014-2016 period in connection with a retail electric base rate freeze through 2016. In 2015, the utility will credit customer bills by about $25 million and the credits will occur on bills throughout the year.

Alliant Energy reaffirmed its earnings guidance of $3.45 to $3.75 per share for all of 2015.

In a conference call with analysts, Patricia Kampling, Alliant Energy president and CEO, said the company has a strategic plan to meet requirements under the federal Clean Power Plan for a 32 percent reduction of carbon emissions industrywide by 2030.

'We have completed many components of that plan, including constructing more than 650 megawatts of wind power, spending over $1 billion to add emission controls to our largest and most efficient generating stations, and deciding to close or convert to natural gas several of our older, less efficient generating stations,” Kampling said.