Alliant Energy misses second-quarter profit estimates on lower demand

Alliant Energy

01/08/2024 23:54

Aug 1 (Reuters) - Utility firm Alliant Energy  LNT.O 
missed Wall Street estimates for second-quarter profit on
Thursday, hurt by higher operating costs and weak cooling demand
earlier in the quarter.     
    Madison, Wisconsin-based Alliant serves roughly 1 million
electric and 425,000 natural gas customers in Iowa and
Wisconsin. 
        The company said it saw lower-than-normal heating degree
days, a measurement used by utilities to gauge power demand,
during the quarter, while its residential gas deliveries also
fell by 11.8%.
  
        Alliant also saw a 9.9% increase in operating expenses
from a year ago, driven by an asset impairment charge for its
Interstate Power and Light Company units' Lansing power
generating station in Iowa.
  
    It reaffirmed its full-year earnings forecast of $2.99 -
$3.13 per share. 
    The company reported adjusted earnings of 57 cents per
share, missing estimates of 64 cents per share, as per LSEG
data. 
    
        
  

 (Reporting by Seher Dareen and Sourasis Bose in Bengaluru;
Editing by Tasim Zahid)
 ((Seher.Dareen@thomsonreuters.com;))