Wisconsin Energy posts third quarter and nine month results

Special 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 percent.

Electricity use by large commercial and industrial customers - excluding the iron ore mines in Michigan's Upper Peninsula - was 0.1 percent higher. 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.

www.wisconsinenergy.com