Milwaukee-based electricity and natural gas provider WEC Energy Group Inc. today reported an earnings boost from the newly integrated Integrys.
[caption id="attachment_123597" align="alignright" width="300"] WEC Energy Group's Milwaukee corporate headquarters.[/caption]
The energy company, formed when Wisconsin Energy Corp. acquired Integrys Energy Group in June 2015, operates six principal utilities serving 4.4 million customers across four states. The addition of Integrys had a favorable impact in the first quarter, as WEC reported net income of $346.5 million, or $1.09 per share, up from $195.8 million, or 86 cents per share, for the legacy Wisconsin Energy Corp. company in the first quarter of 2015.
When separated, the legacy Wisconsin Energy company would have had first quarter net income of $192.8 million, down from $195.8 million in last year’s first quarter, due to milder winter temperatures.
Operating income was $589.3 million in the quarter, up from $358.8 million in the same period last year.
Consolidated first-quarter revenue totaled $2.2 billion, up from $1.4 billion for the legacy Wisconsin Energy in the first quarter of 2015. An additional $980 million in revenue from Integrys drove the increase.
“We delivered solid results—particularly in light of the mild winter temperatures that reduced demand for electricity and natural gas across the Midwest,” said Allen Leverett, chief executive officer.
WEC Energy has about $29 billion in assets, 8,500 employees and 55,000 stockholders of record.