Alliant Energy Corporation (NYSE:LNT) Q1 2017 Earnings Conference Call Transcript
May 04, 2017 • 10:00 am ET
Thank you for holding. Ladies and gentlemen, welcome to the Alliant Energy First Quarter 2017 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. I would now like to turn the conference over to your host, Susan Gille, Manager of Investor Relations at Alliant Energy.
Good morning. I would like to thank you all of you on the call and on 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 first quarter 2017 earnings.
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 Statement)
At this point, I'll turn the call over to Pat.
Good morning, and thank you for joining us. Today, I'm pleased to share with you our first quarter 2017 results and I will also share several major milestones that occurred in April. Next, Robert will provide the details on our results as well as review our regulatory schedule. Like other utilities in the region we enjoyed a mild winter, but it did lower our first quarter results by $0.04 per share. This winter was even warmer than last year, in which we realized $0.02 per share lower earnings when compared to normal temperatures.
Therefore, mild temperatures led to a negative first quarter variance from last year of $0.02 per share. Despite the mild temperatures, we achieved solid earnings this quarter of $0.43 per share, which was the same as the first quarter of 2016. With the exception of the mild weather these results were in line with our expectations. Robert will provide more details regarding the quarter's results a bit later. And with these financial results, we reaffirm our 2017 earnings guidance range of $1.92 to $2.06 per share. Earnings growth objective remains at 5% to 7% annually through 2020 based on non-GAAP 2016 earnings per share of $1.88.
This long-term growth objective continues to be supported by the utilities' robust capital expenditure plans, modest sales growth and constructive regulatory outcomes. We achieved several milestones and advanced our strategy in early April. First, Marshalltown Generating Station began commercial operations on April 1. Second, the Franklin County Wind Farm was transferred to IPL also on April 1. And third, IPL filed an electric rate review on April 3, and interim rates went into effect on April 13. Marshalltown was completed on time and below budget, with a full load testing heat rate of 6,610 Btu per kilowatt hour, better than the contractual guarantee, and makes it one of the most efficient units in the world.
Marshalltown's ability's to quickly ramp up or ramp down energy production complements Iowa's vast