WEC Energy Group posts higher profit in first combined quarter

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

Milwaukee-based WEC Energy Group today reported third quarter net income of $182.5 million, or 58 cents per share, up from $126.3 million, or 56 cents per share, in the third quarter of 2014.

The energy company’s operating income totaled $345.7 million, up from $246.1 million in the same period a year ago.

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

WEC’s revenue was $1.7 billion in the third quarter, up from $1 billion in the third quarter of 2014.

Residential electricity use was up 11.5 percent year-over-year, when comparing We Energies customers only.

“We delivered solid results through an unusual pattern of summer weather – a cool July, a cool August, followed by an unseasonably warm September,” said Gale Klappa, chairman and chief executive officer of WEC.

WEC Energy Group, which was formed when Wisconsin Energy Corp. acquired Integrys Energy Group on June 29, serves 4.4 million customers in Wisconsin, Illinois, Michigan and Minneosta. It has $29 billion in assets and 9,000 employees.

“Since the close of the acquisition at the end of the second quarter, we’ve made significant progress in focusing our six operating utilities on world-class reliability, customer satisfaction, and financial discipline,” Klappa said. “I’m very pleased with our post-acquisition work, and we remain highly confident that the merger will deliver tangible benefits to our customers, to the communities we serve, and to the stockholders who count on us to create value.”

Last week, the company cut about 2 percent of its workforce as part of its integration of the two firms.

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Molly Dill, former BizTimes Milwaukee managing editor.

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