Alliant Energy, corporate parent of Interstate Power and Light in Cedar Rapids, on Tuesday reported lower fourth-quarter earnings that beat analysts' estimates and reaffirmed its guidance for 2014.
The Madison, Wis.-based holding company posted net income of $61.2 million, or 55 cents per share, excluding non-recurring items, in the quarter that ended on Dec. 31, down from $71.1 million, or 62 cents per share, in the same quarter of 2012. Analysts polled by Thomson Reuters had projected a consensus 51 cents per share for the final quarter of 2013.
Fourth-quarter net income attributable to common shareowners declined to $65.5 million, or 59 cents per share, from $68.3 million, or 62 cents per share, in the fourth quarter of 2012.
Operating revenues rose 10.9 percent to $832.6 million in the fourth quarter of 2013 from $750.9 million in the final quarter of 2012. Fourth-quarter revenues topped Thomson Reuters analysts' consensus estimate of $772.68 million.
For the year, Alliant Energy reported earnings of $360.4 million, or $3.25 per share, excluding non-recurring items, up from $333.1 million, or $3,01 per share, in 2012. Revenues rose to $3.3 billion in 2014 from $3.1 billion in 2012.
Patricia Kampling, Alliant Energy chairwoman, said 2013 was a good year for Alliant Energy financially and operationally.
"Financially, weather-normalized earnings increased 7 percent over 2012, at the top end of our projected long-term growth rate of 5 to 7 percent," Kampling said. "Operationally, we remain focused on our mission to safely deliver reliable power, and exceptional customer service, even during the extreme weather conditions we have been experiencing.
"Our large construction projects continue to be on time and at or below budget. Construction of the Marshalltown Generating Station is expected to begin in the second quarter of this year."
Alliant Energy earnings were boosted by higher retail electric and natural gas sales. The weather impact on electric and gas sales for the year was 17 cents per share in 2013 and 12 cents per share in 2012.For 2014, Alliant Energy is projecting consolidated earnings in the range of $3.25 to $3.55 per share.