Wisconsin Energy Corp. reports 11.8% net income increase

Special to The Freeman

July 30, 2014

MILWAUKEE Wisconsin Energy Corp. reported a second-quarter net income of $133 million, an increase of 11.8 percent over $119 million a year earlier.

The Milwaukee-based utility company said its second-quarter revenue was $1.04 billion compared with $1.01 billion in the same quarter of 2013.

"With our continued focus on cost control, productivity, and customer satisfaction, we delivered solid results in the second quarter despite a cool, rainy June that significantly reduced demand for air conditioning across the region," said Gale Klappa, chairman and chief executive officer.

Residential electricity use dropped by 3.8 percent from the second quarter of 2013. For the first six months of 2014, Wisconsin Energy had net income of $340.6 million, or $1.50 per share, compared with $295.6 million, or $1.28, a year earlier.