Executive Summary
Alliant Energy reported Q2 2024 results that reflect the company’s regulated-utility earnings model, tempered by margin pressures and a pronounced debt load. Revenue stood at $894 million, down 1.97% year-over-year and 13.29% quarter-over-quarter, with gross profit of $347 million (gross margin 38.8%). Operating income was $130 million (operating margin ~14.5%), and net income reached $87 million (net margin ~9.7%), translating to $0.34 per share diluted. EBITDA was $350 million (margin ~39.1%). The quarterly performance underscores the ongoing challenge of financing costs and capex intensity within a rate-regulated framework, even as cash flow from operations remained robust at $255 million. The balance sheet shows a sizable leverage footprint (long-term debt: $9.0B; total debt: $9.756B) and a modest liquidity profile (current ratio 0.66, cash and equivalents ~$93M). While the company generated free cash flow aligned with its operating cash flow, the dividend payout remains elevated relative to earnings with a payout ratio above 1x and a modest dividend yield of 0.94%. The investment thesis hinges on regulatory recoveries and rate-base growth to underpin earnings resilience, against a backdrop of higher financing costs and capital expenditure.
Key Performance Indicators
QoQ: -13.29% | YoY:-1.97%
QoQ: -21.49% | YoY:-15.78%
QoQ: -41.44% | YoY:-40.09%
QoQ: -44.94% | YoY:-45.63%
QoQ: -45.16% | YoY:-46.88%
Key Insights
Revenue: $894.0M; YoY -1.97% | QoQ -13.29% ; Gross Profit: $347.0M; Gross Margin 38.8% ; Operating Income: $130.0M; Operating Margin 14.54% ; EBITDA: $350.0M; EBITDA Margin 39.15% ; Net Income: $87.0M; Net Margin 9.73% ; EPS: $0.34 (Diluted: $0.34) ; Cash from Operations: $255.0M ; Free Cash Flow: $255.0M ; Cash & Equivalents: $92.0M ; Total Assets: $21.84B ; Total Liabilities: $15.05B ; Total Equity: $6.79B ; Long‑term Debt: $9.00B ; Debt: $9.756B ; Net Debt: $9.664B ; Current Ratio: 0.66...
Financial Highlights
Revenue: $894.0M; YoY -1.97% | QoQ -13.29% ; Gross Profit: $347.0M; Gross Margin 38.8% ; Operating Income: $130.0M; Operating Margin 14.54% ; EBITDA: $350.0M; EBITDA Margin 39.15% ; Net Income: $87.0M; Net Margin 9.73% ; EPS: $0.34 (Diluted: $0.34) ; Cash from Operations: $255.0M ; Free Cash Flow: $255.0M ; Cash & Equivalents: $92.0M ; Total Assets: $21.84B ; Total Liabilities: $15.05B ; Total Equity: $6.79B ; Long‑term Debt: $9.00B ; Debt: $9.756B ; Net Debt: $9.664B ; Current Ratio: 0.66 ; Quick Ratio: 0.48 ; Dividend Yield: 0.94% ; P/E: 37.5 ; P/BV: 1.92 ; P/S: 14.59
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
894.00M |
-1.97% |
-13.29% |
| Gross Profit |
347.00M |
-15.78% |
-21.49% |
| Operating Income |
130.00M |
-40.09% |
-41.44% |
| Net Income |
87.00M |
-45.63% |
-44.94% |
| EPS |
0.34 |
-46.88% |
-45.16% |
Key Financial Ratios
operatingProfitMargin
21.3%
operatingCashFlowPerShare
$1
freeCashFlowPerShare
$-0.76
dividendPayoutRatio
141.4%
Management Commentary
No QQ2 2024 earnings call transcript data provided in the package. Consequently, management quotes and call-specific nuances could not be extracted. If/when a transcript is supplied, the highlights should group themes such as strategy execution (rate-base growth and capex recovery), operational efficiency, and market/regulatory conditions.
Forward Guidance
No explicit forward guidance is contained in the provided data. Given the utility model, investors should monitor: (1) regulatory rate-case developments and allowed ROE for IPL and WPL; (2) pace and recoverability of capital expenditures, including renewable additions (e.g., wind assets) and infrastructure upgrades; (3) financing costs and debt maturity profiles influencing interest expense and coverage ratios; (4) weather- and commodity-driven demand variability. A baseline expectation is for regulated earnings to stabilize around rate-base growth with potential upside from efficient capex execution, while a downside risk exists if regulatory outcomes constrain allowed returns or if financing costs remain elevated. Monitoring indicators: rate-case decisions, capex-to-revenue trajectories, debt refinancing plans, and weather-adjusted demand trends.