WEC Energy Group beats expectations for Q1

Profit and revenue rise despite lower electricity use

WEC Energy Group headquarters building
WEC Energy Group's Milwaukee corporate headquarters.

Milwaukee-based WEC Energy Group today reported first quarter net income of $356.9 million, or $1.12 per diluted share, up from $346.5 million, or $1.09 per share, in the first quarter of 2016.

WEC Energy Group headquarters building
WEC Energy Group’s Milwaukee corporate headquarters.

Operating income was $617.3 million, up from $589.3 million in the same period a year ago.

The utility company’s revenue was $2.3 billion in the first quarter, up 5 percent from $2.2 billion in the first quarter of 2016. The figure beat the Seeking Alpha analyst consensus revenue projection by $60 million.

Retail deliveries of electricity for WEC’s Wisconsin and Michigan facilities was down 1.1 percent year-over-year, excluding the iron ore mines in Michigan’s Upper Peninsula. Residential electricity use was down 2.1 percent.

Small commercial and industrial electricity consumption was flat from last year’s first quarter. Large commercial and industrial customers used 1.2 percent less electricity year-over-year, excluding the iron ore mines.

Adjusted on a weather-normal basis, retail electricity deliveries were up 0.6 percent, excluding the mines.

“Our continued focus on financial discipline and operating efficiencies contributed to a solid first quarter,” said Allen Leverett, chief executive officer.

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Molly Dill, former BizTimes Milwaukee managing editor.

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