Alliant Energy Corporation (NYSE:LNT) Q4 2016 Earnings Conference Call Transcript

Feb 24, 2017 • 10:00 am ET

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Alliant Energy Corporation (NYSE:LNT) Q4 2016 Earnings Conference Call Transcript

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Presentation
Operator
operator

Thank you for holding, ladies and gentlemen. And welcome to the Alliant Energy's year-end and fourth-quarter 2016 earnings conference call. At this time, all lines are in a listen-only mode. Today's conference is being recorded. At this time, I would like to turn the conference over to your host, Susan Gille, Manager of Investor Relations at Alliant Energy. Please go ahead.

Executive
Susan Gille

Good morning. I would like to thank all of you on the call and the webcast for joining us today. We appreciate your participation. With me here today are Pat Kampling, Chairman, President and Chief Executive Officer; and Robert Durian, Vice President, CFO and Treasurer; as well as other members of the senior management team. Following prepared remarks by Pat and Robert, we will have time to take questions from the investment community.

We issued a news release last night announcing Alliant Energy's year-end and fourth-quarter 2016 earnings. We released 2017 earnings guidance and provided updated 2017 through 2020 capital expenditure guidance. This release, as well as supplemental slides that will be referenced during today's call, are available on the Investor page of our website at www.alliantenergy.com.

(Forward-Looking Cautionary Statements) In addition, this presentation contains non-GAAP financial measures. A reconciliation between the non-GAAP and GAAP measures are provided in the earnings release, which is available on our website at www.alliantenergy.com.

At this point, I'll turn the call over to Pat.

Executive
Pat Kampling

Good morning, and thank you for joining us for our year-end earnings call. Today, I'm pleased to share with you an overview of our 2016 results and our outlook for 2017. I will also share with you our progress in advancing cleaner energy, improving the power grid, and offering customers innovative products and options. Next, Robert will provide details on our 2016 results and 2017 guidance, as well as review our regulatory schedule and comment on potential federal tax reform.

We had another good year, achieving $1.88 non-GAAP earnings per share, consistent with the midpoint of our 2016 earnings guidance. This represents a 5% increase over comparable 2015 results on a non-GAAP temperature-normalized basis. Although 2016 had its share of interesting temperature swings, it was on average normal for the year, so there is no need to temperature-normalize our 2016 results. Also, please note on slide 2 the 2016 non-GAAP results exclude the impact of the Franklin County charge of $0.23 per share recorded in the third quarter.

We also issued earnings guidance for 2017 with a midpoint of $1.99 per share, a 6% increase over 2016's non-GAAP results, driven by earnings on our growing utility investments. Our earnings growth objective remains at 5% to 7% through 2020, based on non-GAAP 2016 earnings per share of $1.88. This long-term growth objective is supported by continued robust capital expenditure plans, modest sales growth, constructive regulatory outcomes, and is on a temperature-normalized basis.

We continue to make solid progress in providing cost-effective clean energy for our customers while building a smarter, more robust grid. We have a dynamic planning process that gives