We Energies earnings fall 8% after cool summer
- Wisconsin Energies reported that its third quarter 2014 earnings fell 8% due mostly to a cool summer that required less energy consumption from air conditioning.
- The company says its net income for Q3 was $126.3 million or $0.56 per share, down from $137.5 million, $0.60 per share, a year ago. Analysts had forecasted earnings of $0.52 per share.
- The Milwaukee Journal-Sentinel reports that analysts forecast full year earnings of $2.61 per share, up $0.10 from 2013. The company is predicting earnings between $2.60 to $2.64 per share.
Wisconsin Energies, better known by the moniker We Energies, serves more than 1.1 million customers in Wisconsin and the surrounding states. Despite losing ground compared to last year, the utility beat analyst estimates and Gale Klappa, the chairman and chief executive, said she was pleased with her company's performance.
"Despite a very cool summer—with the high temperature in Milwaukee never reaching 90 degrees—we delivered solid results," she said in a statement reported by the Journal-Sentinel
We Energies spent $4.1 million in Q3 on its proposed $9.1 billion acquisition of Integrys Energy Group Inc. which lowered earnings by a penny per share. Michigan political leaders are protesting the purchase, saying it would leave the company with too much control over generation and transmission in the Upper Peninsula.
- Milwaukee Journal-Sentinel Cool summer slows electricity sales, Wisconsin Energy earnings fall 8%
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