Alliant Energy Corporation (NYSE:LNT) Q3 2019 Earnings Conference Call Transcript
Nov 07, 2019 • 10:00 am ET
Thank you for holding, ladies and gentlemen, and welcome to your Alliant Energy's Third Quarter 2019 Earnings Conference Call. [Operator Instructions].
I would now like to turn the call over to your host, Susan Gille, Investor Relations Manager at Alliant Energy.
Good morning. I would like to thank all of you on the call and webcast for joining us today. We appreciate your participation. With me here today are John Larsen, Chairman, President and CEO; and Robert Durian, Senior Vice President and CFO; as well as other members of the senior management team. Following prepared remarks by John and Robert, we will have time to take questions from the investment community.
We issued a news release last night, announcing Alliant Energy's third quarter and year-to-date financial results, updated our 2019 earnings guidance range, and announced the 2020 earnings guidance and common dividend target. The earnings release also provided our annual capital expenditure plan through 2023. This release, as well as supplemental slides that are referenced during today's call are available on the investor page of our website at www.alliantenergy.com.
Before we begin, I need to remind you the remarks we make on this call and our answers to your questions include forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters discussed in Alliant Energy's press release issued last night and in our filings with the Securities and Exchange Commission. We disclaim any obligation to update these forward-looking statements.
In addition, this presentation contains references to non-GAAP financial measures. The reconciliation between non-GAAP and GAAP measures are provided in the earnings release and our quarterly report on Form 10-Q, which is available on our website at www.alliantenergy.com.
At this point, I will turn the call over to John.
John O. Larsen
Thank you, Sue. Good morning, everyone, and thank you for joining us. I look forward to sharing highlights of our strong year-to-date financial and operational performance, along with sharing key elements of our plan to power what's next for our customers and communities. Robert will provide more details on our financial results, our financing plans, and our capital expenditure plan.
Last night in our earnings release, we increased our earnings guidance for 2019, based on the sales performance experienced so far this year, which has been largely driven by weather. Our updated guidance reflects a $0.06 per share increase from the previous midpoint. We are forecasting another year of 5% to 7% growth, our ninth year in a row, and a track record we intend to keep up. For 2020, we expect earnings between $2.34 and $2.48 per share. The midpoint of this range dollars, $2.41, is a 7% increase from our forecasted 2019 temperature-normalized earnings per share of $2.25.
Keeping with our plan to grow dividends commensurate with earnings growth, our Board of Directors has approved a 7% increase in our targeted annual common stock dividend to $1.52 per share. Later in this call, Robert will share more