Alliant Energy posts lower net income

From an article by Judy Newman in the Wisconsin State Journal:

Non-cash tax impacts contributed to lower earnings for Alliant Energy during the first three months of 2010, the Madison utility holding company said Tuesday.

Alliant Energy reported net income of $43.4 million, or 39 cents a share, on revenue of $891.3 million for the first quarter of 2010, down from net income of $72.6 million, or 66 cents a share, on revenue of $949.9 million for the 2009 first quarter.

Analysts had expected earnings of 51 cents a share, according to Thomson Reuters.

Higher rates helped boost net income by $5.7 million for Wisconsin Power & Light, the Madison utility subsidiary, the company said. But Iowa subsidiary, Interstate Power & Light, had a $32 million drop in net income, mainly due to a tax change enacted by the Wisconsin Legislature in 2009 that benefited IPL last year.

Excluding one-time tax impacts, utility earnings were up 15 cents a share over the 2009 first quarter, said Bill Harvey, Alliant chairman, president and chief executive officer.