Alliant Energy reports Q4 profit miss on lower retail electric, gas sales

Alliant Energy

15/02/2024 23:48

Feb 15 (Reuters) - Utility firm Alliant Energy  LNT.O 
missed Wall Street estimates for fourth-quarter profit on
Thursday, as lower retail electric and gas sales and higher
asset depreciation expenses offset a drop in operating costs.
    Through its subsidiaries - Interstate Power and Light
Company and Wisconsin Power and Light Company - Alliant provides
regulated energy service to 995,000 electric and 425,000 natural
gas customers across Iowa and Wisconsin.
    Retail electric sales fell 2.7% in the quarter ended Dec.
31, while retail gas sales slumped 18% from a year earlier. The
company also saw a marginal increase in total number of utility
customers.
    The Madison, Wisconsin-based firm's quarterly operating
expenses fell 13.4% from last year to $788 million. Unlike
Alliant, its peers Southern Co  SO.N  and WEC Energy  WEC.N 
benefited from lower operating expenses in this quarter, beating
profit estimates.
    On an adjusted basis, Alliant earned 48 cents per share in
the fourth quarter, compared with analysts' estimates of 55
cents per share, according to LSEG data.

 (Reporting by Mrinalika Roy in Bengaluru; Editing by Rashmi
Aich)
 ((mrinalika.roy@thomsonreuters.com;))