Alliant Energy reports fall in first quarter profit on unfavorable weather
May 2 (Reuters) -Utility firm Alliant Energy LNT.O on Thursday reported a fall in first quarter profit weighed downby unfavorable weather and higher financing expenses.
Warmer-than-usual winter in the areas where Alliant Energy operates dragged down customers' need for electricity and gas to keep themselves warm during the colder months.
Alliant is based in Madison, Wisconsin, operates in the Midwest and serves roughly 1 million electric and 425,000 natural gas customers.
The utility firm said electric and gas sales decreased about $0.08 per share and $0.04 per share, respectively in the quarter ended March. 31, from the previous year due to the warmer weather.
The company's higher financing expense impacted earnings by $0.04 per share in the quarter from a year earlier.
The company reported a profit of $158 million or 62 cents per share for the first quarter, compared with $163 million or 65 cents per share from a year earlier.
Reporting by Kabir Dweit and Tanay Dhumal in Bengaluru; Editing by Tasim Zahid
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