Cool June contributes to flat 2Q income for Wisconsin Energy

Wisconsin Energy today reported net income from continuing operations of $119 million or 52 cents a share for the second quarter of 2013. This compares with net income from continuing operations of $119.3 million or 51 cents a share for the second quarter of 2012.

 
Second quarter 2013 revenues were $1.01 billion, up 7 percent from $944.7 million in the same quarter last year.

For the first six months of 2013, the company recorded net income from continuing operations of $295.6 million or $1.28 a share — up from $291.4 million or $1.25 a share in the first six months of 2012.

“Strong natural gas sales during a cooler than normal spring and the impact of the company’s share repurchase program were positive factors contributing to our solid results for this year’s second quarter,” said Gale Klappa, chairman, president and chief executive officer. “A cool June, however, significantly reduced demand for air conditioning across the region. By comparison, June temperatures last year were much warmer than normal.”

Residential use of electricity dropped by 6.9 percent from last year’s second quarter. Consumption of electricity by small commercial and industrial customers was down by 1.4 percent. 

At the end of June, the company was serving approximately 3,900 more electric customers and 6,800 more natural gas customers than a year ago.

“From network reliability to customer satisfaction to financial performance, the company continues to perform at a high level,” said Klappa. “With the first half of 2013 now in the books, we’re pleased with our progress.”

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