Alliant Energy Posts 3Q Loss, Cuts 2009 Outlook

MADISON, Wis. (AP) — Alliant Energy Corp. on Friday posted a third-quarter loss mainly due to a hefty special charge, and the company cut its full-year outlook.

Alliant also was hurt by cooler weather and weak economic conditions that hurt industrial and wholesale demand. As customers continued to feel the credit strain, Alliant captured far fewer contracts for wind farm projects. Higher expenses across multiple segments further squeezed margins.

For the period ended Sept. 30, the energy services provider posted a net loss of $44.3 million, or 40 cents per share, compared with earnings of $108.5 million, or 98 cents per share during the same period last year.

Excluding a one-time charge of $1.16 per share related to a tender offer for senior notes, adjusted earnings amounted to 76 cents per share in the latest quarter.

Analysts polled by Thomson Reuters estimated a profit of 87 cents per share, on average. Analysts typically exclude one-time items from their estimates.

Revenue declined 10 percent to $885.7 million, down from $980.3 million in the prior-year period.

As the company expects the challenges to persist, it cut its full-year outlook to between $1.75 per share and $1.90 per share. The company previously forecast income between $1.80 per share and $2 per share. Analysts forecast full-year earnings of $1.97 per share.

Shares of Alliant slipped 14 cents to $26.67in afternoon trading.