(RTTNews) - Electricity and natural gas distributor Alliant Energy Corp. (LNT: News ) reported Friday a loss for the third quarter, reflecting a hefty charge related to its tender offer. On an adjusted basis, earnings plunged year-on-year and came much below analysts' estimate, hurt by weak performacne at the utility business on cool weather and lower industrial and wholesale sales. The company also lowered its earnings guidance range for the full year.

For the third quarter, net loss was $44.3 million or $0.40 per share, compared to net income of $108.5 million or $0.98 per share in the previous year.

Total loss from continuing operations was $43.3 million or $0.39 per share, compared to profit of $109.1 million or $0.99 per share in the same quarter last year.

The results included a charge of $128.2 million, or $1.16 per share, related to the Alliant Energy's tender offer for the Exchangeable Senior Notes due 2030.

Excluding charges, total earnings dipped to $84.9 million or $0.77 a share from $109.1 million or $0.99 a share in the year-ago period. On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share for the third quarter. Analysts' estimates typically exclude special items.

Under utility operations, earnings from Interstate Power and Light Co., or IPL, climbed to $69.0 million or $0.63 a share from $59.3 million or $0.54 a share last year, while earnings from Wisconsin Power and Light Co., or WPL, more than halved to $20.2 million or $0.18 a share from $41.8 million from $0.38 a share.
Bill Harvey, Alliant Energy's chief executive, said, "The quarter's results show that WPL continues to significantly under-earn, and the wind development market has not yet benefited from the intended impacts of either the American Recovery and Reinvestment Act of 2009, or pending legislation intended to increase growth in the renewable energy market place. We expect a brighter 2010 driven by anticipated constructive outcomes from the pending WPL and IPL rate cases, and an expected resurgence of the wind development market."

The company noted that earnings for its utility business were adversely impacted by cool weather and lower industrial and wholesale sales due to unfavorable economic conditions.

Cooling degree days for the third quarter of 2009 were 59% and 51% below normal in the service territories of IPL and WPL, respectively. Alliant said that the historically cool weather was responsible for about $0.19 per share dip in electric margins when compared to margins that would result from normal weather.

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