MILWAUKEE, Jan. 16, 2014 /PRNewswire/ -- The boards of directors of Wisconsin Energy Corporation (NYSE: WEC) and Wisconsin Electric Power Company today declared quarterly dividends.
The Wisconsin Energy board of directors declared a quarterly cash dividend of 39 cents a share on the company's common stock, up from the current dividend rate of 38.25 cents a share. This raises the annual dividend by 3 cents from $1.53 a share to $1.56 a share. The dividend is payable March 1, 2014, to stockholders of record on Feb. 14, 2014. This marks the 286th consecutive quarter – dating back to 1942 – that the company will have paid a dividend to its stockholders.
"Today's action by our board and the dividend increases announced in 2013 represent important milestones toward making our dividend payout more competitive with our peers across the utility industry," said Gale Klappa, chairman and chief executive officer.
At their meeting today, the directors also reaffirmed a policy that targets a dividend payout ratio trending to 65-70 percent of earnings in 2017.
The Wisconsin Electric board of directors today declared a quarterly dividend of 90 cents a share on the Preferred Stock, 3.60% Series, payable March 1, 2014, to stockholders of record on Feb. 14, 2014. The board also declared a quarterly dividend of $1.50 a share on the Six Per Cent Preferred Stock payable April 30, 2014, to stockholders of record on April 14, 2014.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and 1.1 million natural gas customers in Wisconsin. The company's principal utility is We Energies. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.
Wisconsin Energy (wisconsinenergy.com), a component of the S&P 500, has more than $14 billion of assets, approximately 4,500 employees and more than 41,000 stockholders of record.
Wisconsin Electric Power Co., doing business as We Energies, is a subsidiary of Wisconsin Energy Corporation. The company serves more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 460,000 natural gas customers in Wisconsin. Visit the We Energies website at we-energies.com.
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding dividend payments, dividend payout ratios and other matters. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans" "possible," "potential," "projects," "should," "targets" or similar terms or variations of these terms.
Actual results may differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; continued industry consolidation; the company's ability to mitigate the impact of Michigan customers switching to an alternative electric supplier; timing, resolution and impact of future rate cases and other regulatory decisions; availability of the company's generating facilities and/or distribution systems; varying weather conditions; catastrophic weather-related or terrorism-related damage; cyber-security threats; unanticipated changes in fuel and purchased power costs; environmental incidents; key personnel changes; energy conservation efforts; customers moving to self-generation; construction risks; the impact of any legislative and regulatory changes; current and future litigation and regulatory investigations; equity and bond market fluctuations; the financial performance of the American Transmission Company; changes in accounting standards; and other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended Dec. 31, 2012, as updated in Item 1A in Part II of the company's Form 10-Q for the quarter ended September 30, 2013, and in subsequent reports filed with the Securities and Exchange Commission.
The company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Wisconsin Energy Corporation