Alliant Energy Announces First Quarter 2021 Results

2021-05-07

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MADISON, Wis., May 06, 2021 (GLOBE NEWSWIRE) -- Alliant Energy Corporation (NASDAQ: LNT) today announced U.S. generally accepted accounting principles (GAAP) and non-GAAP consolidated unaudited earnings per share (EPS) for the three months ended March 31 as follows: “We had a solid start to the year with more than 25% of our 2021 guidance midpoint coming in the first quarter, and we are reaffirming our 2021 guidance range of $2.50 to $2.64” said John Larsen, Alliant Energy Chair, President and CEO. “We are also excited to have achieved another major milestone in our purpose-driven clean energy transition, receiving approval last month for the first 675 megawatts of our nearly 1,100 megawatt proposed solar expansion in Wisconsin.” Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $0.66 per share of GAAP EPS in the first quarter of 2021, which was $0.06 per share lower than the first quarter of 2020. The primary drivers of lower EPS were timing of income tax expense, higher depreciation expense and lower allowance for funds used during construction in the first quarter of 2021. These impacts were partially offset by higher earnings resulting from IPL’s and WPL’s increasing rate base and higher electric and gas sales volumes largely caused by colder temperatures in the first quarter of 2021 compared to last year. Non-utility and Parent - Alliant Energy’s Non-utility and Parent operations generated ($0.01) per share of GAAP EPS in the first quarter of 2021, which was a $0.04 per share earnings increase compared to the first quarter of 2020. The higher EPS was primarily driven by a $0.02 per share credit loss charge in the first quarter of 2020 related to guarantees associated with an affiliate of Whiting Petroleum Corporation (Whiting Petroleum). Earnings Adjustments - Non-GAAP EPS for the three months ended March 31, 2020 excludes charges of $0.02 per share related to the credit loss charge described above for Alliant Energy’s Non-utility and Parent. Non-GAAP adjustments, which relate to material charges or income that are not normally associated with ongoing operations, are provided as a supplement to results reported in accordance with GAAP. Details regarding GAAP EPS variances between the first quarters of 2021 and 2020 for Alliant Energy are as follows: Higher revenue requirements primarily due to increasing rate base - In 2020, IPL received a final order from the Iowa Utilities Board (IUB) to increase annual rates for its Iowa retail electric customers based on a 2020 forward-looking Test Period. Effective with the implementation of final rates covering the 2020 forward-looking Test Period on February 26, 2020, IPL began recovering a return of, as well as earning a return on, its new wind generation placed in service in 2019 and 2020 from its retail electric customers through a renewable energy rider. Other applicable costs and tax benefits associated with the new wind generation, excluding operation and maintenance expenses, are also included in the rider. The renewable energy rider factor is updated on an annual basis using forecasted rate base and costs for the current year. The 2021 renewable energy rider factor includes the full impact of the wind expansion completed in 2020, resulting in increased earnings for 2021. IPL recognized a $0.04 per share increase in the first quarter of 2021 due to the higher revenue requirements from increasing rate base related to the new wind generation and electric distribution investments. This increasing rate base at IPL also resulted in higher depreciation expense and lower allowance for funds used during construction in the first quarter 2021. In December 2020, the Public Service Commission of Wisconsin issued an order authorizing WPL to maintain its current retail electric and gas base rates, authorized return on equity, regulatory capital structure and earnings sharing mechanism through the end of 2021. WPL will utilize anticipated fuel-related cost savings and excess deferred income tax benefits in 2021 to offset the revenue requirement impacts of increasing electric and gas rate base. WPL recognized a $0.04 per share increase in the first quarter of 2021 due to higher revenue requirements from increasing electric and gas rate base. This increasing rate base at WPL was primarily attributable to its Kossuth wind farm, which was placed in service in October 2020, and the expansion of its gas distribution system in Western Wisconsin, which was placed in service in November 2020. This increasing rate base at WPL also resulted in higher depreciation expense and lower allowance for funds used during construction in the first quarter 2021. Timing of income tax expense - Income tax expense is recorded each quarter based on an estimated annual effective tax rate and the proportion of full year earnings generated each quarter, which is expected to cause fluctuations in the amount of tax expense quarter-over-quarter throughout 2021. In the first quarter of 2021, the timing variance impact was a decrease of $0.05 per share compared to the first quarter of 2020. The timing variance is expected to be reversed by the end of the year. Estimated temperature impact on retail electric and gas sales - Alliant Energy’s retail electric and gas sales modestly increased in the first quarter of 2021 due to impacts of colder than normal temperatures on customer demand. The estimated temperature impacts on retail electric and gas sales was a $0.01 per share increase in the first quarter of 2021, compared to a $0.03 per share decrease in the first quarter of 2020. Credit loss charge on guarantees for affiliate of Whiting Petroleum in 2020 - A wholly-owned subsidiary of Alliant Energy continues to guarantee the partnership obligations of an affiliate of Whiting Petroleum under multiple general partnership agreements. The partnership obligations include costs associated with the future abandonment of certain facilities owned by the partnerships. Alliant Energy recorded a $0.02 per share charge in the first quarter of 2020 related to expected credit losses related to the guarantees. 2021 Earnings Guidance Alliant Energy’s consolidated EPS guidance of $2.50 - $2.64 for 2021 remains unchanged. Drivers for Alliant Energy’s 2021 earnings guidance include, but are not limited to: The 2021 earnings guidance does not include the impacts of any material non-cash valuation adjustments, regulatory-related charges or credits, reorganizations or restructurings, future changes in laws, regulations or regulatory policies, adjustments made to deferred tax assets and liabilities from valuation allowances, changes in credit loss liabilities related to guarantees, pending lawsuits and disputes, federal and state income tax audits and other Internal Revenue Service proceedings, or changes in GAAP and tax methods of accounting that may impact the reported results of Alliant Energy. Earnings Conference Call A conference call to review the first quarter 2021 results is scheduled for Friday, May 7th at 9:00 a.m. central time. Alliant Energy Chair, President and Chief Executive Officer John Larsen, and Executive Vice President and Chief Financial Officer Robert Durian will host the call. The conference call is open to the public and can be accessed in two ways. Interested parties may listen to the call by dialing 888-394-8218 (United States or Canada) or 323-794-2149 (International), passcode 4175543. Interested parties may also listen to a webcast at . In conjunction with the information in this earnings announcement and the conference call, Alliant Energy posted supplemental materials on its website. A replay of the call will be available through May 14, 2021, at 888-203-1112 (United States or Canada) or 719-457-0820 (International), passcode 4175543. An archive of the webcast will be available on the Company’s Web site at for 12 months. About Alliant Energy Corporation Alliant Energy is the parent company of two public utility companies - Interstate Power and Light Company and Wisconsin Power and Light Company - and of Alliant Energy Finance, LLC, the parent company of Alliant Energy’s non-utility operations. Alliant Energy is an energy-services provider with utility subsidiaries serving approximately 975,000 electric and 420,000 natural gas customers. Providing its customers in the Midwest with regulated electricity and natural gas service is the Company’s primary focus. Alliant Energy, headquartered in Madison, Wisconsin, is a component of the S&P 500 and is traded on the Nasdaq Global Select Market under the symbol LNT. For more information, visit the Company’s Web site at . 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: For more information about potential factors that could affect Alliant Energy’s business and financial results, refer to Alliant Energy’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), including the section therein titled “Risk Factors,” and its other filings with the SEC. Without limitation, the expectations with respect to 2021 earnings guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy’s ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Use of Non-GAAP Financial Measures To provide investors with additional information regarding Alliant Energy’s financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the three months ended March 31, 2020 excluding a credit loss charge on guarantees for an affiliate of Whiting Petroleum. Alliant Energy believes this non-GAAP financial measure is useful to investors because it provides an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provides additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy’s management also uses income, as adjusted, to determine performance-based compensation. In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three months ended March 31, 2021 and 2020. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy’s operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. This press release references year-over-year variances in utility electric margins and utility gas margins. Utility electric margins and utility gas margins are non-GAAP financial measures that will be reported and reconciled to the most directly comparable GAAP measure, operating income, in our first quarter 2021 Form 10-Q. The tax impact adjustment represents the impact of the tax effect of the pre-tax non-GAAP adjustment excluded from non-GAAP net income. The tax impact of the non-GAAP adjustment is calculated based on the estimated consolidated statutory tax rate. Reconciliations of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow. Note: Unless otherwise noted, all “per share” references in this release refer to earnings per diluted share. ALLIANT ENERGY CORPORATIONEARNINGS SUMMARY (Unaudited) The following tables provide a summary of Alliant Energy’s results for the three months ended March 31: Adjusted, or non-GAAP, earnings for the three months ended March 31 do not include the following item that was included in the reported GAAP earnings: KEY FINANCIAL AND OPERATING STATISTICS

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