WASHINGTON (dpa-AFX) - Alliant Energy Corp. (LNT) announced that it expects to record losses of approximately $0.09 per share in the third quarter of 2011 relating to its RMT Inc. business within non-regulated operations.
The company said that the losses are largely due to issues RMT is experiencing with one of its solar subcontractors. Schedule delays, abandonment of work by the original subcontractor, and the need to hire another subcontractor to complete the project work have resulted in significant additional costs for RMT.
The company stated that RMT has filed a lawsuit against the subcontractor; however Alliant Energy is currently unable to predict the outcome of this lawsuit and thus, RMT has not recognized any potential benefits from the recovery of damages.
The company currently believes that these unanticipated losses will not cause the Company's consolidated earnings to fall outside of the 2011 consolidated earnings guidance range.
In August, the company had said that it reaffirmed its fiscal 2011 earnings outlook in a range of $2.75 - $3.00 per share. The guidance excludes an impairment charge incurred in the first quarter of 2011 and the non-GAAP adjustments in the second quarter of 2011. Analysts polled by Thomson Reuters expect the company to report earnings of $2.96 per share for fiscal 2011. Analysts' estimates typically exclude special items.
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