Alliant Energy reported a solid QQ3 2024 with revenue of $1.081 billion and net income of $295 million, translating to earnings per share of $1.15. Year-over-year (YoY) revenue grew 0.37%, while net income climbed 13.9% and EPS rose 12.8%, supported by a favorable mix of operating activities and margin resilience. Operating margins remained robust at approximately 28.9%, and EBITDA was $542 million, underscoring strong cash-generation capability within a regulated framework. QoQ, the quarter delivered a pronounced improvement in profitability (net income up ~239% QoQ), aided by higher operating leverage and favorable non-operating items. Free cash flow reported as $351 million reflects meaningful operating cash generation, although the balance sheet shows a high but manageable leverage profile for a capital-intensive utility with substantial rate-base investments.
From a balance-sheet and liquidity perspective, Alliant holds total assets of about $22.83 billion and total liabilities around $15.86 billion, yielding equity of roughly $6.97 billion. Cash and cash equivalents stood at about $827 million at quarter-end, with current and quick ratios of 0.86x and 0.72x respectively, signaling ongoing liquidity considerations in a regulated, capital-intensive industry. Net debt approximated $9.85 billion, with a debt-to-capitalization ratio near 60.5% and a debt-to-equity ratio around 1.53, indicating a leveraged but conventional capital structure for a utility operator with a large rate-base base.
Looking ahead, the company benefits from its regulated earnings profile and rate-base growth potential, but remains exposed to regulatory outcomes, interest-rate movements, and weather-driven demand. Management commentary (where available) typically emphasizes continued capital investment in generation, transmission, and distribution as a driver of earnings stability; investors should monitor rate-case outcomes, capital allocation discipline, weather normalization, and any shifts in allowed returns. Overall, Alliant presents a stable, moderately leveraged, earnings-driven utility opportunity with solid cash flow, yet with the typical regulatory and interest-rate risk inherent to the sector.