Alliant Energy reports fall in first quarter profit on unfavorable weather

Alliant Energy

02/05/2024 23:28

May 2 (Reuters) - Utility firm Alliant Energy  LNT.O  on
Thursday reported a fall in first quarter profit weighed down by
unfavorable weather and higher financing expenses.
    Warmer-than-usual winter in the areas where Alliant Energy
operates dragged down customers' need for electricity and gas to
keep themselves warm during the colder months.
    Alliant is based in Madison, Wisconsin, operates in the
Midwest and serves roughly 1 million electric and 425,000
natural gas customers.
    The utility firm said electric and gas sales decreased about
$0.08 per share and $0.04 per share, respectively in the quarter
ended March. 31, from the previous year due to the warmer
weather.
    The company's higher financing expense impacted earnings by
$0.04 per share in the quarter from a year earlier.
    The company reported a profit of $158 million or 62 cents
per share for the first quarter, compared with $163 million or
65 cents per share from a year earlier.

 (Reporting by Kabir Dweit and Tanay Dhumal in Bengaluru;
Editing by Tasim Zahid)
 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))