Milwaukee-based WEC Energy Group Inc. today reported its first quarterly earnings.
The company was formed by Milwaukee-based Wisconsin Energy Corp.’s recent $9 billion acquisition of Chicago-based Integrys Energy Group, which closed on June 29. The second quarter results don’t include Integrys’ financial performance.
Second quarter net income was $80.9 million, or 35 cents per share, down from $133 million, or 58 cents per share, in the second quarter of 2014.
The company attributed the decrease to acquisition-related costs, which had a 24-cent impact on earnings.
Operating income was $165.8 million, down from $240.7 million in the second quarter of 2014.
Revenue totaled $991 million in the quarter, down from $1 billion in the same period a year ago.
Residential electricity use was down 5 percent year-over-year. Small commercial and industrial use was up 2.3 percent. And large commercial and industrial use, excluding iron ore mines in Michigan, was down 1.4 percent.
“With our continued focus on cost control, productivity and customer satisfaction, we delivered solid results in the second quarter despite a very cool June that virtually eliminated customer demand for air conditioning across the region,” said Gale Klappa, chairman and chief executive of WEC.
Klappa took the opportunity to reflect on the acquisition of Integrys and look ahead to the company’s future.
“Completing the acquisition of Integrys in late June, just 53 weeks after we announced the transaction, marks a major milestone for our company – a transformational step that will deliver clear and compelling benefits for our customers and stockholders for years to come,” Klappa said.
“Our focus going forward will be on world-class reliability, financial discipline, and exceptional customer care.
“We project our capital investments over the next decade on necessary infrastructure upgrades will be nearly double our standalone plan. And our track record of on time, on budget construction will serve us well as we move forward with the energy and environmental projects that our region needs.”