Thursday, energy services provider Alliant Energy Corporation (LNT) reported an increase in fourth quarter earnings, which also topped analysts' estimates, despite lower revenues. The Madison, Wisconsin-based company also provided an earnings forecast for fiscal 2010.
Net income attributable to Alliant Energy common share owners increased to $53.6 million from $50.6 million in the corresponding period last year. Earnings per share rose to $0.49 from $0.46 per share in the same period last year and came in above the $0.45 per share projected by four analysts polled by Thomson Reuters. Analysts estimates typically exclude special items.
Income from continuing operations increased to $57 million or $0.48 per share from $55.7 million or $0.46 per share in the corresponding period last year.
Alliant subsidiary Interstate Power and Light Co. earnings declined to $15.2 million from $24.9 million a year-earlier. The company's other subsidiary Wisconsin Power and Light Co. earnings increased to $24.8 million from $23.4 million in the year-ago period. Non-regulated earnings surged to $8.9 million from $1.2 million in the same quarter of the previous year. Parent earnings rose to $3.4 million from $1.5 million in the corresponding period last year.
Quarterly revenues were $854.9 million, down from $882 million in the same period of the previous year. Electric revenues rose to $574.7 million from $552.9 million in the year-ago quarter. Gas revenues were $163.5 million, down from $207.3 million in the same period of the previous year. Non-regulated revenues increased to $93.2 million from $84 million in the prior year period.
For the twelve-month period, net income attributable to Alliant Energy common share owners slid to $111 million or $1.01 per share from $288 million or $2.61 per share last year.
Excluding items, the company's earnings from continuing operations were $1.96 per share, which was $0.58 per share lower than 2008. Revenues declined to $3.43 billion from $3.68 billion last year. Street analysts expected the company to earn $1.86 per share on revenues of $3.48 billion for 2009.
Looking ahead, the company expects capital expenditure for 2010 to be $875 million. For 2011 and 2012 capital expenditure is estimated to be $865 million and $780 million respectively.
Further, for 2010, Alliant Energy expects earnings per share to be in the range of $2.45 to $2.75 per share. Street analysts presently expect the company to report earnings of $2.53 per share for the year. Utility earnings per share is estimated to be in the range of $2.35 - $2.55. Non-regulated and Parent earnings is expected to be in the range of $0.10 - $0.20 per share.
LNT closed Wednesday's regular trading session at $31.44.
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