Alliant Energy to Announce Q3 Earnings: Analysts Predict Growth
Alliant Energy Corporation (LNT), based in Madison, Wisconsin, is a major player in the energy sector, providing regulated electric and natural gas services throughout the Midwest. Currently, the company has a market cap of $15.9 billion. On Thursday, Oct. 31, Alliant Energy is set to release its Q3 earnings report after the market closes.
Expectations for Earnings Growth
Analysts are predicting that LNT will report a profit of $1.09 per share, reflecting a 3.8% increase from the $1.05 reported in the same quarter last year. Historically, the company has had a mixed performance, having missed Wall Street’s earnings estimates in three out of the last four quarters, while surpassing expectations once. In the most recent quarter, LNT’s adjusted earnings were $0.57 per share, which fell short of the consensus estimate by 19.7%.
Fiscal Projections for 2024
Looking ahead to fiscal 2024, analysts anticipate LNT will achieve earnings per share (EPS) of $3.05, which represents an 8.2% increase compared to $2.82 in fiscal 2023.
Stock Performance and Analysis
Year-to-date, LNT stock has increased by 19.6%. However, this growth lags behind the broader S&P 500 Index’s ($SPX) 22.7% gains and the Utilities Select Sector SPDR Fund’s (XLU) 28.9% gain in the same period.
After announcing its mixed Q2 earnings results on Aug. 1, LNT’s stock edged up just 1%. The company reported revenue of $894 million, a slight decline of 1.9% year-over-year. This was accompanied by increased total operating expenses, which reached $764 million, driven by rising costs in electric transmission services and heightened depreciation and amortization. Consequently, LNT’s operating income plummeted 40% annually to $130 million.
On a positive note, LNT’s cash and cash equivalents surged to $92 million as of June 30, up from $62 million at the end of 2023. Cash flow from operating activities also improved, reaching $562 million in the first half of 2024, a significant increase from $311 million during the same period last year. Conversely, long-term debt (excluding the current portion) rose to $8.9 billion, compared to $8.2 billion at the end of 2023.
Analyst Ratings and Future Outlook
The consensus outlook for LNT stock remains cautiously optimistic, reflecting a “Moderate Buy” rating. Out of 12 analysts covering the stock, five recommend a “Strong Buy,” while seven suggest a “Hold.”
LNT’s average analyst price target stands at $62.55, indicating a potential upside of 1.9% from its current trading levels.
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On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
