UPDATE: Alliant Energy Q1 Net Profit Drops 51%

Alliant Energy Corp LNT reported a 51% drop in its first-quarter income. Alliant's quarterly profit fell to $38.9 million, or $0.36 per share, from $79.7 million, or $0.65 per share, in the year-ago period. Excluding special items, Alliant's earnings from continuing operations came in at $0.50 per share. Alliant's operating revenue declined 13% to $765.7 million. However, analysts were expecting earnings of $0.63 per share on revenue of $822 million. Alliant's operating margin declined to 12.5% from 14.5%. Alliant shares closed at $44.66 yesterday.