Wisconsin Energy posts third quarter and nine month results
to The Freeman
Oct. 29, 2014
MILWAUKEE – Wisconsin Energy (NYSE: WEC) reported a net
income of $126.3
million or 56 cents a share for the third quarter of
2014. This compares with net income
of $137.5 million or 60 cents a share for the third
quarter of 2013.
Costs related to the acquisition of Integrys Energy
reduced earnings by one cent per
share in this year’s third quarter. Excluding the effect
of this item, adjusted earnings in
the third quarter of 2014 were 57 cents per share.
Third quarter 2014 revenues totaled $1.03 billion.
Revenues were $1.05 billion in the
same quarter last year.
For the first nine months of 2014, the company recorded
net income of $466.9 million or
$2.05 a share - up from $433.1 million or $1.88 a share
in the corresponding period a
year ago. Costs related to the acquisition of Integrys
Energy reduced year to date
earnings by three cents per share.
Residential use of electricity dropped by 7.9 percent
from last year’s third quarter.
Consumption of electricity by small commercial and
industrial customers was down by 1.4
Electricity use by large commercial and
industrial customers - excluding the iron
ore mines in Michigan's Upper Peninsula - was 0.1
On a weather-normal basis, retail consumption of
electricity rose by 1.8 percent.
At the end of September 2014, the company was serving
approximately 4,400 more
electric customers and nearly 6,700 more natural gas
customers than a year ago.