(Madison, Wis.)– Alliant Energy Corporation has lowered its earnings outlook, blaming last month’s flooding in Iowa for lost sales and heavy clean-up costs.
The Madison, Wisconsin-based utility said Tuesday it expects annual earnings per share to drop 20 cents.
The company previously expected yearly earnings to range from $2.55 to $2.75 per share.
The flooding prompted the evacuation of nine square miles of Cedar Rapids. Two Alliant power plants that were shut down aren’t expected to reopen until later this year.
A company spokesman says the earnings loss was due to lost sales from customers who were unable to receive service, and clean-up costs not covered by insurance.
Shares of Alliant fell seven cents, or 0.21 percent, to clost at $33.63 Tuesday.
(Story from the Associated Press.).
