Alliant Energy Corp. (LNT) is a public utility holding company with operations in Iowa, Wisconsin, Minnesota, North and South Dakota, Nebraska, Oklahoma, and Manitoba, Canada.
The company generated more than 90% of its revenue from electric utilities with 38% of revenue from residential, 25% from commercial, and 28% from industrial sources during the third quarter of 2020. The Interstate Power and Light (IPL) segment accounted for about 60% of total revenue while the Wisconsin Power and Light Company (WPL) segment accounted for about 40% during the quarter.
In terms of its energy mix, the company generates 41% of its energy from gas, 34% from renewable energy, and 25% from coal. By 2030, the company hopes to transition to a 53% renewable, 40% gas, and 7% coal energy mix.
Falling Revenue Beats Expectations
Alliant Energy’s third quarter revenue fell 7.1% over the prior year to $920 million, but surpassed consensus analyst estimates by $17.23 million. On the bottom line, the company’s 94 cents in non-GAAP earnings per share surpassed estimates by five cents per share. The company also narrowed and raised its 2020 guidance to $2.40 to $2.46 per share.
Following the better than expected financial results, the company raised its quarterly dividend by 5.9% to $0.4025, which represents a 3.2% forward yield. The dividend is payable on February 16, 2021 to shareholders on record as of January 29, 2021.
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