Alliant Energy Corporation (LNT) has reported a 28.22 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $131 million, or $0.57 a share in the quarter, compared with $182.50 million, or $0.79 a share for the same period last year.
Revenue during the quarter went up marginally by 2.86 percent to $924.60 million from $898.90 million in the previous year period. Gross margin for the quarter expanded 56 basis points over the previous year period to 55.81 percent. Total expenses were 82.41 percent of quarterly revenues, up from 73.76 percent for the same period last year. That has resulted in a contraction of 866 basis points in operating margin to 17.59 percent.
Operating income for the quarter was $162.60 million, compared with $235.90 million in the previous year period.
“The third quarter non-GAAP results were in line with our expectations. With close to normal weather on a year to date basis, we are narrowing 2016 adjusted earnings per share guidance to a midpoint of $1.88 which is consistent with the midpoint of the 2016 earnings guidance issued in November 2015,” said Patricia Kampling, Alliant Energy chairman, president and chief executive officer. “Looking forward to next year, I am pleased to announce the Board of Directors has approved a 7% increase to our annual common stock dividend target. The 2017 annual common stock dividend target is $1.26 per share.”
For fiscal year 2016, the company expects diluted earnings per share to be in the range of $1.84 to $1.92.
Operating cash flow declines
Alliant Energy Corporation has generated cash of $654 million from operating activities during the nine month period, down 5.94 percent or $41.30 million, when compared with the last year period.
The company has spent $771.80 million cash to meet investing activities during the nine month period as against cash outgo of $613 million in the last year period.
Cash flow from financing activities was almost stable for the quarter at $196.70 million, when compared with the previous year period.
Cash and cash equivalents stood at $84.70 million as on Sep. 30, 2016, down 39.15 percent or $54.50 million from $139.20 million on Sep. 30, 2015.
Working capital turns negative
Working capital of Alliant Energy Corporation has turned negative to $411.60 million on Sep. 30, 2016 from positive $96.90 million on Sep. 30, 2015. Current ratio was at 0.70 as on Sep. 30, 2016, down from 1.10 on Sep. 30, 2015.
Days sales outstanding went down to 15 days for the quarter compared with 37 days for the same period last year.
Debt moves up
Alliant Energy Corp has witnessed an increase in total debt over the last one year. It stood at $4,369.20 million as on Sep. 30, 2016, up 10.11 percent or $401.30 million from $3,967.90 million on Sep. 30, 2015. Total debt was 33.53 percent of total assets as on Sep. 30, 2016, compared with 31.60 percent on Sep. 30, 2015. Debt to equity ratio was at 1.08 as on Sep. 30, 2016, up from 1.01 as on Sep. 30, 2015. Interest coverage ratio deteriorated to 3.33 for the quarter from 5.08 for the same period last year.
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