Milwaukee-based WEC Energy Group Inc. today reported increased profit and sales in the fourth quarter of 2015. Still, the results didn’t quite match up to analysts’ predictions because of a warmer than average winter in WEC’s service area.
The energy company, which operates six principal utilities serving 4.4 million customers across four states, reported fourth quarter net income of $179.9 million, or 57 cents per share, up from $121.7 million, or 53 cents per share, in the fourth quarter of 2014.
Operating income was $380.2 million, up from $243.5 million in the same period a year ago.
Revenue totaled $1.8 billion, up from $1.2 billion in the fourth quarter of 2014.
According to WEC, the average daily temperatures this winter have been 26 percent warmer than in the fourth quarter of 2014.
“We delivered solid results in the final quarter of 2015 despite record warmth that limited customer demand for heating throughout December,” said Gale Klappa, chairman and chief executive of WEC.
The results included WEC’s integration of Chicago-based Integrys Energy Group. WEC said Wisconsin Energy’s standalone earnings excluding acquisition costs and Integrys earnings would have been 63 cents per share, up from 56 cents per share in the fourth quarter of 2014.
The analyst consensus prediction was 64 cents per share for the fourth quarter.
“Since the close of the acquisition, 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 execution and with our longer-term planning as we continue to deliver tangible benefits to our customers, to the communities we serve, and to the stockholders who count on us to create value.”
For the full year, WEC reported net income of $640.3 million, or $2.34 per share, up from $588.3, or $2.59 per share, in 2014.
Full-year operating income was $1.3 billion, up from $1.1 billion the previous year.
And 2015 revenue totaled $4.7 billion, up from $4 billion in 2014.
WEC Energy has about $29 billion in assets, 8,500 employees and 55,000 stockholders of record.
WEC Energy Group's Milwaukee corporate headquarters.[/caption]
The energy company, which operates six principal utilities serving 4.4 million customers across four states, reported fourth quarter net income of $179.9 million, or 57 cents per share, up from $121.7 million, or 53 cents per share, in the fourth quarter of 2014.
Operating income was $380.2 million, up from $243.5 million in the same period a year ago.
Revenue totaled $1.8 billion, up from $1.2 billion in the fourth quarter of 2014.
According to WEC, the average daily temperatures this winter have been 26 percent warmer than in the fourth quarter of 2014.
“We delivered solid results in the final quarter of 2015 despite record warmth that limited customer demand for heating throughout December,” said Gale Klappa, chairman and chief executive of WEC.
The results included WEC’s integration of 