Alliant Energy's (LNT) Q2 Earnings & Revenues Miss Estimates

Core Viewpoint - Alliant Energy Corporation reported disappointing second-quarter 2024 results, with operating earnings and revenues falling short of expectations and declining year-over-year Financial Performance - Operating earnings for Q2 2024 were 57 cents per share, missing the Zacks Consensus Estimate of 71 cents by 19.7% and down 10.9% from 64 cents per share in the same quarter last year [1] - Revenues totaled $0.89 billion, missing the Zacks Consensus Estimate of $1.09 billion by 18.08% and decreased 1.9% from $0.91 billion in the year-ago quarter [2] Operational Highlights - Total operating expenses increased to $764 million, up 9.9% from $695 million in the prior year, driven by higher electric transmission service expenses and increased depreciation and amortization [3] - Operating income fell to $130 million, down 40% from the previous year's figure [3] - Interest expenses rose to $108 million, a 12.5% increase compared to the prior-year period [3] Customer and Sales Metrics - Retail electric customers increased by 0.8% and retail gas customers by 0.6% year-over-year [4] - Total utility electric sales were 7,702 thousand megawatt-hours (MWh), down 0.9% from the previous year [4] - Total utility gas sold and transported was 34,832 thousand dekatherms, up 8.6% year-over-year [4] Financial Update - Cash and cash equivalents stood at $92 million as of June 30, 2024, compared to $62 million as of December 31, 2023 [5] - Long-term debt (excluding the current portion) increased to $8.9 billion as of June 30, 2024, from $8.2 billion at the end of 2023 [5] - Cash flow from operating activities for the first half of 2024 was $562 million, compared to $311 million in the same period last year [5] 2024 Guidance - Alliant Energy reaffirmed its 2024 earnings guidance in the range of $2.99-$3.13 per share, considering average temperature, cost controls, and a consolidated effective tax rate of 10% [6] - The Zacks Consensus Estimate for earnings is $3.08 per share, which is higher than the midpoint of the company's guided range [6] Zacks Rank - Alliant Energy currently holds a Zacks Rank 2 (Buy) [7]