Adjusted (non-GAAP) EPS | GAAP EPS from | ||||||||||
from Continuing Operations | Continuing Operations | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Utilities, ATC and Corporate Services | $1.70 | $1.50 | $1.66 | $1.50 | |||||||
Non-regulated and Parent | (0.07) | (0.10) | (0.07) | (0.10) | |||||||
Alliant Energy Consolidated | $1.63 | $1.40 | $1.59 | $1.40 | |||||||
'We are consistently producing financial and operational results in line with our expectations,' said
Utilities, ATC and Corporate Services -
Non-regulated and Parent -
Earnings Adjustments - Non-GAAP EPS for the three months ended
Details regarding GAAP EPS from continuing operations variances between the third quarters of 2015 and 2014 for
Q3 2015 | Q3 2014 | Variance | ||||||
Utilities, ATC and Corporate Services: | ||||||||
Lower retail electric customer billing credits at IPL | ($0.03) | ($0.14) | $0.11 | |||||
Higher estimated temperature-normalized retail electric sales | 0.06 | |||||||
Lower energy efficiency cost recovery amortizations at WPL | — | (0.06) | 0.06 | |||||
Estimated temperature impact on electric sales | (0.01) | (0.06) | 0.05 | |||||
Higher electric transmission service expense at WPL | (0.04) | |||||||
Dilution impact of shares issued in 2015 | (0.04) | — | (0.04) | |||||
Voluntary employee separation charges | (0.04) | — | (0.04) | |||||
Lower operation and maintenance expense | 0.04 | |||||||
Other | (0.04) | |||||||
Total Utilities, ATC and Corporate Services | $0.16 | |||||||
Non-regulated and Parent: | ||||||||
Electric and gas tax benefit riders impact at Parent (timing between quarters) | $0.02 | |||||||
Other | 0.01 | |||||||
Total Non-regulated and Parent | $0.03 | |||||||
Lower retail electric customer billing credits at IPL - IPL is providing customer billing credits to its
Higher estimated temperature-normalized retail electric sales - Third quarter 2015 temperature-normalized retail electric sales, were over 2% higher than third quarter 2014, excluding the impacts of the
Higher electric transmission service expense at WPL - Included in WPL's base rate settlement for 2015 and 2016 was an increase in transmission expenses primarily due to the anticipated allocation of system support resource costs from the
Voluntary employee separation charges - With Alliant Energy's continued focus to keep costs manageable for its customers, it is reshaping the organization to be leaner. Approximately 2% of total
2015 Earnings Guidance
Revised | Previous | ||
Utilities, ATC and Corporate Services | $3.45-$3.55 | $3.40 - $3.60 | |
Non-regulated and Parent | 0.05-0.10 | 0.05 - 0.15 | |
Alliant Energy Consolidated | $3.50-$3.65 | $3.45 - $3.75 |
Drivers for
- Ability of IPL and WPL to earn their authorized rates of return
- Stable economy and resulting implications on utility sales
- Normal temperatures and operating conditions for the remainder of the year in its utility service territories
- Continuing cost controls and operational efficiencies
- Execution of IPL's and WPL's capital expenditure and financing plans
- Anticipated change to ATC's authorized return on equity to 11.5%, inclusive of a 50 basis point incentive adder
- Consolidated effective tax rate of 15%
The 2015 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, discontinued operations, further impacts from anticipated changes to ATC's authorized return on equity, losses from the sales of the
2016 Earnings Guidance
Utilities, ATC and Corporate Services | $3.55 - $3.80 |
Non-regulated and Parent | 0.05 - 0.10 |
Alliant Energy Consolidated | $3.60 - $3.90 |
Drivers for
- Ability of IPL and WPL to earn their authorized rates of return
- Stable economy and resulting implications on utility sales
- Normal temperatures and operating conditions in its utility service territories
- Continuing cost controls and operational efficiencies
- Execution of IPL's and WPL's capital expenditure and financing plans
- Anticipated change to ATC's authorized return on equity to 11.5%, inclusive of a 50 basis point incentive adder
-
Projected retirement plan valuations at
December 31, 2015 - Consolidated effective tax rate of 16%
The 2016 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, discontinued operations, further impacts from anticipated changes to ATC's authorized return on equity, future changes in laws or regulations, adjustments made to deferred tax assets and liabilities from valuation allowances and organizational structure changes, pending lawsuits and disputes, federal and state income tax audits and other
'In 2016, we expect to see earnings improvement from our increasing rate base while our customers will not see an increase in retail electric or gas base rates,' said Kampling. 'With the continued improvement in our earnings and constructive regulatory outcomes, we are pleased to announce that our 2016 dividend target will increase by 7%, or
2016 Annual Common Stock Dividend Target
Projected Capital Expenditures
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||
Generation: | ||||||||||||||
IPL's Marshalltown Generating Station | $280 | $190 | $10 | $— | $— | |||||||||
WPL's proposed Riverside Energy Center expansion | 10 | 100 | 325 | 240 | 30 | |||||||||
Environmental compliance | 145 | 100 | 70 | 60 | 25 | |||||||||
Other | 120 | 175 | 170 | 135 | 140 | |||||||||
Distribution: | ||||||||||||||
Electric systems | 280 | 280 | 355 | 430 | 470 | |||||||||
Gas systems | 95 | 200 | 150 | 210 | 165 | |||||||||
Other | 120 | 90 | 170 | 175 | 260 | |||||||||
Total Capital Expenditures(a) | $1,050 | $1,135 | $1,250 | $1,250 | $1,090 |
(a) | Cost estimates represent Alliant Energy's estimated portion of total escalated construction expenditures. |
Earnings Conference Call
A conference call to review the third quarter 2015 results, updated 2015 earnings guidance, 2016 earnings guidance, 2016 common stock dividend target and projected capital expenditures is scheduled for
About
Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements can be identified by words such as 'forecast,' 'expect,' 'guidance,' or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Actual results could be materially affected by the following factors, among others:
- federal and state regulatory or governmental actions, including the impact of energy, tax, financial and health care legislation, and regulatory agency orders;
- IPL's and WPL's ability to obtain adequate and timely rate relief to allow for, among other things, the recovery of fuel costs, operating costs, transmission costs, deferred expenditures, capital expenditures, and remaining costs related to electric generating units (EGUs) that may be permanently closed, earning their authorized rates of return, and the payments to their parent of expected levels of dividends;
- the ability to continue cost controls and operational efficiencies;
-
the impact of IPL's retail electric base rate freeze in
Iowa during 2015 and 2016; -
the impact of WPL's retail electric and gas base rate freeze in
Wisconsin during 2015 and 2016; - weather effects on results of utility operations, including impacts of temperature changes in IPL's and WPL's service territories on customers' demand for electricity and gas;
- the impact of the economy in IPL's and WPL's service territories and the resulting impacts on sales volumes, margins and the ability to collect unpaid bills;
- the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL's and WPL's service territories on system reliability, operating expenses and customers' demand for electricity;
- the impact of energy efficiency, franchise retention, customer- and third party-owned generation and customer disconnects on sales volumes and margins;
- the impact that price changes may have on IPL's and WPL's customers' demand for electric, gas and steam services and their ability to pay their bills;
-
developments that adversely impact the ability to implement the strategic plan, including unanticipated issues with new emission controls equipment for various coal-fired EGUs of IPL and WPL, IPL's construction of the
Marshalltown Generating Station , WPL's proposed Riverside Energy Center expansion, various replacements, modernization, and expansion of IPL's and WPL's electric and gas distribution systems,Alliant Energy Resources, LLC's electricity output and selling price of such output from itsFranklin County wind farm, and the potential decommissioning of certain EGUs of IPL and WPL; - issues related to the availability and operations of EGUs, including start-up risks, breakdown or failure of equipment, performance below expected or contracted levels of output or efficiency, operator error, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental costs through rates;
- disruptions in the supply and delivery of coal, natural gas and purchased electricity;
- changes in the price of delivered coal, natural gas and purchased electricity due to shifts in supply and demand caused by market conditions and regulations, and the ability to recover and to retain the recovery of related changes in purchased power, fuel and fuel-related costs through rates in a timely manner;
- impacts on equity income from unconsolidated investments due to potential changes to ATC's authorized return on equity;
-
issues associated with environmental remediation and environmental compliance, including compliance with the Consent Decree between WPL, the
U.S. Environmental Protection Agency (EPA ) and theSierra Club , the Consent Decree between IPL, theEPA , theSierra Club , theState of Iowa andLinn County inIowa , the coal combustion residuals rule, future changes in environmental laws and regulations, including theEPA's regulations for carbon dioxide emissions reductions from new and existing fossil-fueled EGUs, and litigation associated with environmental requirements; -
the ability to defend against environmental claims brought by state and federal agencies, such as the
EPA , state natural resources agencies or third parties, such as theSierra Club , and the impact on operating expenses of defending and resolving such claims; - the ability to recover through rates all environmental compliance and remediation costs, including costs for projects put on hold due to uncertainty of future environmental laws and regulations;
- impacts that storms or natural disasters in IPL's and WPL's service territories may have on their operations and recovery of, and rate relief for, costs associated with restoration activities;
- the direct or indirect effects resulting from terrorist incidents, including physical attacks and cyber attacks, or responses to such incidents;
- the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns;
-
the direct or indirect effects resulting from breakdown or failure of equipment in the operation of gas distribution systems, such as leaks, explosions and mechanical problems, and compliance with gas distribution safety regulations, such as those that may be issued by the
Pipeline and Hazardous Materials Safety Administration ; - risks associated with implementation of a new customer billing and information system, which is currently expected to be completed by the end of the first quarter of 2016;
-
impacts of IPL's future tax benefits from
Iowa rate-making practices, including deductions for repairs expenditures and allocation of mixed service costs, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; -
any material post-closing adjustments related to any past asset divestitures, including the sales of IPL's
Minnesota electric and natural gas distribution assets andRMT, Inc. , which could result from, among other things, warranties, parental guarantees or litigation; - continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies;
- inflation and interest rates;
-
changes to the creditworthiness of counterparties with which
Alliant Energy , IPL and WPL have contractual arrangements, including participants in the energy markets and fuel suppliers and transporters; -
issues related to electric transmission, including operating in
Regional Transmission Organization energy and ancillary services markets, the impacts of potential future billing adjustments and cost allocation changes from Regional Transmission Organizations and recovery of costs incurred; - current or future litigation, regulatory investigations, proceedings or inquiries, including the flood damage lawsuit pending against CRANDIC;
Alliant Energy's ability to sustain its dividend payout ratio goal;- employee workforce factors, including changes in key executives, collective bargaining agreements and negotiations, work stoppages or restructurings;
- access to technological developments;
- changes in technology that alter the channels through which electric customers buy or utilize power;
- material changes in retirement and benefit plan costs;
- the impact of performance-based compensation plans accruals;
- the effect of accounting pronouncements issued periodically by standard-setting bodies, including a new revenue recognition standard, which is currently expected to be adopted in 2018;
- the impact of changes to production tax credits for wind farms;
- the impact of adjustments made to deferred tax assets and liabilities from state apportionment assumptions;
- the ability to utilize tax credits and net operating losses generated to date, and those that may be generated in the future, before they expire;
- the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cashflows; and
- factors listed in the '2015 Earnings Guidance' and '2016 Earnings Guidance' sections of this press release.
For more information about potential factors that could affect
Without limitation, the expectations with respect to 2015 and 2016 earnings guidance, 2016 annual common stock dividend target, and 2015 through 2024 capital expenditures guidance in this press release are forward-looking statements and are based in part on certain assumptions made by
Note: Unless otherwise noted, all 'per share' references in this release refer to earnings per diluted share.
ALLIANT ENERGY CORPORATION | |||||||||||||||||
THIRD QUARTER EARNINGS SUMMARY (Unaudited) | |||||||||||||||||
The following tables provide a summary of Alliant Energy's results for the three months ended September 30: | |||||||||||||||||
EPS: | Three Months | ||||||||||||||||
GAAP EPS | Adjustments | Non-GAAP EPS | |||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
IPL | $1.04 | $0.92 | $0.02 | $— | $1.06 | $0.92 | |||||||||||
WPL | 0.60 | 0.56 | 0.02 | — | 0.62 | 0.56 | |||||||||||
AE Transco Investments, LLC and Corporate Services | 0.02 | 0.02 | — | — | 0.02 | 0.02 | |||||||||||
Subtotal for Utilities, ATC and Corporate Services | 1.66 | 1.50 | 0.04 | — | 1.70 | 1.50 | |||||||||||
Non-regulated and Parent | (0.07) | (0.10) | — | — | (0.07) | (0.10) | |||||||||||
EPS from continuing operations | 1.59 | 1.40 | 0.04 | — | 1.63 | 1.40 | |||||||||||
EPS from discontinued operations | — | (0.02) | — | — | — | (0.02) | |||||||||||
Alliant Energy Consolidated | $1.59 | $1.38 | $0.04 | $— | $1.63 | $1.38 | |||||||||||
Earnings (in millions): | Three Months | ||||||||||||||||
GAAP Income (Loss) | Adjustments | Non-GAAP Income (Loss) | |||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
IPL | $117.4 | $102.5 | $2.8 | $— | $120.2 | $102.5 | |||||||||||
WPL | 67.5 | 61.6 | 1.9 | — | 69.4 | 61.6 | |||||||||||
AE Transco Investments, LLC and Corporate Services | 3.2 | 2.6 | — | — | 3.2 | 2.6 | |||||||||||
Subtotal for Utilities, ATC and Corporate Services | 188.1 | 166.7 | 4.7 | — | 192.8 | 166.7 | |||||||||||
Non-regulated and Parent | (8.1) | (11.5) | — | — | (8.1) | (11.5) | |||||||||||
Earnings from continuing operations | 180.0 | 155.2 | 4.7 | — | 184.7 | 155.2 | |||||||||||
Loss from discontinued operations | (0.1) | (1.9) | — | — | (0.1) | (1.9) | |||||||||||
Alliant Energy Consolidated | $179.9 | $153.3 | $4.7 | $— | $184.6 | $153.3 |
Adjusted, or non-GAAP, earnings for 2015 do not include the following items (after-tax) that were included in the reported GAAP earnings: | |||||||||||
Non-GAAP Income (Loss) Adjustments (in millions) | Non-GAAP EPS Adjustments | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Utilities, ATC and Corporate Services: | |||||||||||
Voluntary employee separation charges | $4.7 | — | $0.04 | — | |||||||
Total Utilities, ATC and Corporate Services | $4.7 | $— | $0.04 | $— | |||||||
ALLIANT ENERGY CORPORATION | |||||||||||||||||
NINE MONTHS ENDED SEPTEMBER 30 EARNINGS SUMMARY (Unaudited) | |||||||||||||||||
The following tables provide a summary of Alliant Energy's results for the nine months ended September 30: | |||||||||||||||||
EPS: | Nine Months | ||||||||||||||||
GAAP EPS | Adjustments | Non-GAAP EPS | |||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
IPL | $1.62 | $1.48 | $0.08 | $— | $1.70 | $1.48 | |||||||||||
WPL | 1.34 | 1.36 | 0.02 | — | 1.36 | 1.36 | |||||||||||
AE Transco Investments, LLC and Corporate Services | 0.08 | 0.07 | — | — | 0.08 | 0.07 | |||||||||||
Subtotal for Utilities, ATC and Corporate Services | 3.04 | 2.91 | 0.10 | — | 3.14 | 2.91 | |||||||||||
Non-regulated and Parent | 0.03 | 0.03 | — | — | 0.03 | 0.03 | |||||||||||
EPS from continuing operations | 3.07 | 2.94 | 0.10 | — | 3.17 | 2.94 | |||||||||||
EPS from discontinued operations | (0.01) | (0.02) | — | — | (0.01) | (0.02) | |||||||||||
Alliant Energy Consolidated | $3.06 | $2.92 | $0.10 | $— | $3.16 | $2.92 | |||||||||||
Earnings (in millions): | Nine Months | ||||||||||||||||
GAAP Income (Loss) | Adjustments | Non-GAAP Income (Loss) | |||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | ||||||||||||
IPL | $181.9 | $164.3 | $9.6 | $— | $191.5 | $164.3 | |||||||||||
WPL | 151.1 | 151.0 | 1.9 | — | 153.0 | 151.0 | |||||||||||
AE Transco Investments, LLC and Corporate Services | 9.2 | 7.0 | — | — | 9.2 | 7.0 | |||||||||||
Subtotal for Utilities, ATC and Corporate Services | 342.2 | 322.3 | 11.5 | — | 353.7 | 322.3 | |||||||||||
Non-regulated and Parent | 3.3 | 3.0 | — | — | 3.3 | 3.0 | |||||||||||
Earnings from continuing operations | 345.5 | 325.3 | 11.5 | — | 357.0 | 325.3 | |||||||||||
Loss from discontinued operations | (1.4) | (2.2) | — | — | (1.4) | (2.2) | |||||||||||
Alliant Energy Consolidated | $344.1 | $323.1 | $11.5 | $— | $355.6 | $323.1 |
Adjusted, or non-GAAP, earnings for 2015 do not include the following items (after-tax) that were included in the reported GAAP earnings: |
Non-GAAP Income (Loss) Adjustments (in millions) | Non-GAAP EPS Adjustments | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Utilities, ATC and Corporate Services: | |||||||||||
Losses on sales of IPL's Minnesota distribution assets | $6.8 | — | $0.06 | — | |||||||
Voluntary employee separation charges | 4.7 | — | 0.04 | — | |||||||
Total Utilities, ATC and Corporate Services | $11.5 | $— | $0.10 | $— | |||||||
ALLIANT ENERGY CORPORATION | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
(in millions, except per share amounts) | |||||||||||
Operating revenues: | |||||||||||
Utility: | |||||||||||
Electric | $835.8 | $771.2 | $2,147.5 | $2,090.9 | |||||||
Gas | 38.0 | 47.2 | 288.1 | 364.8 | |||||||
Other | 13.4 | 12.2 | 44.6 | 50.6 | |||||||
Non-regulated | 11.7 | 12.5 | 33.3 | 39.9 | |||||||
898.9 | 843.1 | 2,513.5 | 2,546.2 | ||||||||
Operating expenses: | |||||||||||
Electric production fuel and purchased power | 245.8 | 230.8 | 646.9 | 683.6 | |||||||
Electric transmission service | 127.6 | 114.0 | 367.7 | 333.6 | |||||||
Cost of gas sold | 13.6 | 21.8 | 166.3 | 228.7 | |||||||
Other operation and maintenance: | |||||||||||
Energy efficiency costs | 15.3 | 23.5 | 48.7 | 78.8 | |||||||
Losses on sales of Minnesota electric and gas distribution assets | — | — | 11.6 | — | |||||||
Voluntary employee separation charges | 7.9 | — | 7.9 | — | |||||||
Other | 127.9 | 135.5 | 388.1 | 405.0 | |||||||
Depreciation and amortization | 99.3 | 97.1 | 299.9 | 288.4 | |||||||
Taxes other than income taxes | 25.6 | 25.6 | 78.6 | 75.8 | |||||||
663.0 | 648.3 | 2,015.7 | 2,093.9 | ||||||||
Operating income | 235.9 | 194.8 | 497.8 | 452.3 | |||||||
Interest expense and other: | |||||||||||
Interest expense | 46.4 | 44.6 | 139.5 | 134.9 | |||||||
Equity income from unconsolidated investments, net | (11.1) | (11.5) | (28.9) | (34.2) | |||||||
Allowance for funds used during construction | (9.7) | (8.3) | (25.1) | (25.8) | |||||||
Interest income and other | (0.1) | (0.2) | (0.4) | (1.8) | |||||||
25.5 | 24.6 | 85.1 | 73.1 | ||||||||
Income from continuing operations before income taxes | 210.4 | 170.2 | 412.7 | 379.2 | |||||||
Income taxes | 27.8 | 12.4 | 59.5 | 46.2 | |||||||
Income from continuing operations, net of tax | 182.6 | 157.8 | 353.2 | 333.0 | |||||||
Loss from discontinued operations, net of tax | (0.1) | (1.9) | (1.4) | (2.2) | |||||||
Net income | 182.5 | 155.9 | 351.8 | 330.8 | |||||||
Preferred dividend requirements of IPL | 2.6 | 2.6 | 7.7 | 7.7 | |||||||
Net income attributable to Alliant Energy common shareowners | $179.9 | $153.3 | $344.1 | $323.1 | |||||||
Weighted average number of common shares outstanding (basic and diluted) | 113.2 | 110.8 | 112.5 | 110.8 | |||||||
Earnings per weighted average common share attributable to Alliant Energy common shareowners (basic and diluted): | |||||||||||
Income from continuing operations, net of tax | $1.59 | $1.40 | $3.07 | $2.94 | |||||||
Loss from discontinued operations, net of tax | — | (0.02) | (0.01) | (0.02) | |||||||
Net income | $1.59 | $1.38 | $3.06 | $2.92 | |||||||
Amounts attributable to Alliant Energy common shareowners: | |||||||||||
Income from continuing operations, net of tax | $180.0 | $155.2 | $345.5 | $325.3 | |||||||
Loss from discontinued operations, net of tax | (0.1) | (1.9) | (1.4) | (2.2) | |||||||
Net income | $179.9 | $153.3 | $344.1 | $323.1 | |||||||
Dividends declared per common share | $0.55 | $0.51 | $1.65 | $1.53 |
ALLIANT ENERGY CORPORATION | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||
September 30, | December 31, 2014 | ||||
(in millions) | |||||
ASSETS: | |||||
Current assets: | |||||
Cash and cash equivalents | $139.2 | $56.9 | |||
Other current assets | 948.5 | 986.2 | |||
Property, plant and equipment, net | 9,366.5 | 8,938.4 | |||
Investments | 353.1 | 344.9 | |||
Other assets | 1,751.3 | 1,759.5 | |||
Total assets | $12,558.6 | $12,085.9 | |||
LIABILITIES AND EQUITY: | |||||
Current liabilities: | |||||
Current maturities of long-term debt | $3.0 | $183.0 | |||
Commercial paper | 109.1 | 141.3 | |||
Other current liabilities | 878.7 | 890.4 | |||
Long-term debt, net (excluding current portion) | 3,855.8 | 3,606.7 | |||
Other liabilities | 3,765.9 | 3,624.0 | |||
Equity: | |||||
Alliant Energy Corporation common equity | 3,745.2 | 3,438.7 | |||
Cumulative preferred stock of IPL | 200.0 | 200.0 | |||
Noncontrolling interest | 0.9 | 1.8 | |||
Total equity | 3,946.1 | 3,640.5 | |||
Total liabilities and equity | $12,558.6 | $12,085.9 |
ALLIANT ENERGY CORPORATION | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||
Nine Months Ended September 30, | |||||
2015 | 2014 | ||||
(in millions) | |||||
Cash flows from operating activities | $695.3 | $763.9 | |||
Cash flows used for investing activities: | |||||
Construction and acquisition expenditures: | |||||
Utility business | (678.9) | (587.4) | |||
Alliant Energy Corporate Services, Inc. and non-regulated businesses | (47.5) | (45.1) | |||
Proceeds from Minnesota electric and natural gas distribution asset sales | 138.1 | — | |||
Other | (24.7) | (7.9) | |||
Net cash flows used for investing activities | (613.0) | (640.4) | |||
Cash flows used for financing activities: | |||||
Common stock dividends | (185.1) | (169.3) | |||
Proceeds from issuance of common stock, net | 145.4 | — | |||
Proceeds from issuance of long-term debt | 250.7 | 2.9 | |||
Payments to retire long-term debt | (182.0) | (47.7) | |||
Net change in commercial paper | (32.2) | 74.4 | |||
Other | 3.2 | 17.4 | |||
Net cash flows used for financing activities | — | (122.3) | |||
Net increase in cash and cash equivalents | 82.3 | 1.2 | |||
Cash and cash equivalents at beginning of period | 56.9 | 9.8 | |||
Cash and cash equivalents at end of period | $139.2 | $11.0 |
KEY FINANCIAL AND OPERATING STATISTICS | |||||
September 30, 2015 | September 30, 2014 | ||||
Common shares outstanding (000s) | 113,360 | 110,936 | |||
Book value per share | $33.04 | $30.97 | |||
Quarterly common dividend rate per share | $0.55 | $0.51 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Utility electric sales (000s of MWh) (a) | |||||||||||
Residential | 2,047 | 1,945 | 5,679 | 5,830 | |||||||
Commercial | 1,694 | 1,643 | 4,816 | 4,820 | |||||||
Industrial | 3,091 | 3,098 | 8,917 | 8,880 | |||||||
Retail subtotal | 6,832 | 6,686 | 19,412 | 19,530 | |||||||
Sales for resale: | |||||||||||
Wholesale | 1,028 | 921 | 2,663 | 2,709 | |||||||
Bulk power and other | 378 | 80 | 1,051 | 276 | |||||||
Other | 28 | 34 | 102 | 112 | |||||||
Total | 8,266 | 7,721 | 23,228 | 22,627 | |||||||
Utility retail electric customers (at September 30) (b) | |||||||||||
Residential | 815,715 | 848,733 | |||||||||
Commercial | 134,362 | 138,890 | |||||||||
Industrial | 2,609 | 2,866 | |||||||||
Total | 952,686 | 990,489 | |||||||||
Utility gas sold and transported (000s of Dth) (a) | |||||||||||
Residential | 1,204 | 1,452 | 19,475 | 22,347 | |||||||
Commercial | 1,616 | 1,746 | 13,879 | 15,458 | |||||||
Industrial | 541 | 620 | 2,092 | 2,377 | |||||||
Retail subtotal | 3,361 | 3,818 | 35,446 | 40,182 | |||||||
Transportation / other | 18,772 | 14,910 | 57,213 | 46,521 | |||||||
Total | 22,133 | 18,728 | 92,659 | 86,703 | |||||||
Utility retail gas customers (at September 30) (b) | |||||||||||
Residential | 363,887 | 370,085 | |||||||||
Commercial | 44,691 | 45,624 | |||||||||
Industrial | 398 | 432 | |||||||||
Total | 408,976 | 416,141 | |||||||||
Estimated margin increases (decreases) from impacts of temperatures (in millions) - | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Electric margins | ($1) | ($11) | $— | $7 | |||||||
Gas margins | (1) | — | 1 | 8 | |||||||
Total temperature impact on margins | ($2) | ($11) | $1 | $15 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2015 | 2014 | Normal (c) | 2015 | 2014 | Normal (c) | ||||||||||||
Heating degree days (HDDs) (c) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 83 | 160 | 140 | 4,355 | 5,063 | 4,258 | |||||||||||
Madison, Wisconsin (WPL) | 98 | 183 | 173 | 4,653 | 5,255 | 4,512 | |||||||||||
Cooling degree days (CDDs) (c) | |||||||||||||||||
Cedar Rapids, Iowa (IPL) | 530 | 407 | 535 | 730 | 670 | 756 | |||||||||||
Madison, Wisconsin (WPL) | 503 | 387 | 474 | 664 | 620 | 656 |
(a) | In July 2015 and April 2015, IPL completed the sales of its Minnesota electric and gas distribution assets, respectively. Following the electric sale, Minnesota electric sales were reported as wholesale versus retail. |
(b) | Customer count decreases were largely due to sale of IPL's Minnesota electric and natural gas distribution assets in 2015. |
(c) | HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. |
Photo - http://photos.prnewswire.com/prnh/20020405/LNTLOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alliant-energy-announces-third-quarter-2015-results-2016-earnings-guidance-and-increased-annual-common-stock-dividend-target-for-2016-300173697.html
SOURCE
Media, Scott Reigstad, (608) 458-3145, or Investors, Susan Gille (608) 458-3956
distributed by |