Wisconsin Energy Corp. reported third quarter net income of $156.1 million, or 67 cents per share, up from $129.8 million, or 55 cents per share, in the same period a year ago.
The Milwaukee-based parent company of WeEnergies reported quarterly operating revenues of$1.04 billion, down slightly from $1.05 billion a year earlier.
Factors contributing to the positive third quarter earnings performance included lower operation and maintenance costs, warm summer temperatures, stronger recovery of fuel costs, and the positive impact of the company’s share repurchase program.
“Our third quarter performance was strengthened by near record energy demand in early July as temperatures rose to the 100-degree mark across the region,” said Gale Klappa, chairman, president and chief executive officer. “However, high humidity and warmer than normal temperatures persisted throughout the third quarter last year. So our residential sales registered a small decline compared to the third quarter a year ago,” Klappa added.
Wisconsin Energy is the focus of the cover story of the latest edition of BizTimes Milwaukee magazine.
