Alliant Energy beats third-quarter profit estimates on higher rates
Oct 31 (Reuters) -Utility Alliant Energy LNT.O beat Wall Street expectations for third-quarter profit on Thursday, helped by higher electricity rates and growth in customers.
U.S. utilities have been seeking to raise customer power bills in 2024 to fund infrastructure upgrades, as the country's electrical grids face extreme weather events and growing demand due to industry electrification and data center expansions.
In late 2023, Alliant's Wisconsin unit got regulatory approval to increase the annual base rate by $49 million and $13 million for its retail electric and gas businesses, respectively.
Alliant serves roughly 1 million electric and 427,000 natural gas customers in Iowa and Wisconsin.
It added more than 10,000 customers combined for gas and utility segments.
However, the company said it saw lower-than-normal heating degree days, a measurement used by utilities to gauge power demand, during the reported quarter.
Its utility electric sales decreased by 2% to 8.86 million megawatt-hours.
Alliant lowered the top end of its full-year earnings forecast range to $2.99 to $3.06 per share, from a prior view of $2.99 to $3.13 per share.
The company also forecast 2025 earnings in the range of $3.15 to $3.25 per share.
The Madison, Wisconsin-based firm posted an adjusted profit of $1.15 per share for the July-September quarter, compared with analysts' estimates of $1.10 per share.
Reporting by Vallari Srivastava and Sourasis Bose in Bengaluru; Editing by Shailesh Kuber
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