Alliant Energy projected earnings and revenue hurt by mild winter

A relatively mild winter resulted in lower first-quarter earnings and revenue for Alliant Energy, corporate parent of Interstate Power and Light in Cedar Rapids.

Madison, Wis.-based Alliant posted net income of $96.6 million, or 87 cents a share, on revenues of $897.4 million compared with net income of $108 million, or 97 cents a share. Analysts had forecast a profit of 91 cents per share.

Revenue for the quarter that ended on March 31 were $952.8 million, compared with $897.4 million in the first quarter of 2014. Analysts were expecting revenue of $908.13 million.

'We had a solid quarter that was in line with our expectations,” said Patricia Kampling, Alliant chairwoman, president and CEO, in a news release announcing the quarterly results.

Alliant said this year's milder winter added 4 cents per share to earnings, compared with last year's severe winter that added 12 cents per share. Temperatures in Alliant's service area were 8 percent to 10 percent colder than normal this winter, compared with 20 percent to 25 percent colder than normal a year ago.

Alliant's non-regulated and corporate parent operations generated 1 cent per share of earnings from continuing operations in the first quarter of 2015, which was 6 cents per share lower than the first quarter of 2014.

The timing of effective tax rate adjustments at Alliant contributed to the lower quarter-over-quarter earnings.

Interstate Power and Light is under a base electric rate freeze through 2016. The utility will provide billing credits to customers totaling $105 million over the 2014-2016 period as a part of a rate case.