Wisconsin Energy posts 2014 first quarter results
MILWAUKEE, April 30, 2014 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today reported net income of $207.6 million or 91 cents a share for the first quarter of 2014. This compares with net income of $176.6 million or 76 cents a share for the first quarter of 2013.
First quarter 2014 revenues were $1.7 billion. Revenues totaled $1.3 billion in the corresponding quarter last year.
Severe winter temperatures drove record demand for natural gas over the first three months of 2014. The company delivered more natural gas to customers than during any other quarter in history – breaking the previous record set in the first quarter of 2008 by 11 percent.
In addition, retail demand for electricity across the region rose by 3.9 percent over last year's first quarter.
"Our gas and electric delivery networks and our generating fleet – including our newest units at Oak Creek and Port Washington – performed exceptionally well during the harshest weather conditions we've seen in more than 30 years," said Gale Klappa, chairman and chief executive officer. "The investments we've made in modern, efficient infrastructure made a real difference for our customers this winter," Klappa added.
Residential use of electricity rose by 5.8 percent in this year's first quarter. Consumption of electricity by small commercial and industrial customers increased by 3.8 percent. Electricity use by large commercial and industrial customers - excluding the iron ore mines in Michigan's Upper Peninsula - was 1.8 percent higher.
On a weather-normalized basis, retail consumption of electricity - excluding the iron ore mines - increased by 1.7 percent.
At the end of March, the company was serving approximately 3,200 more electric customers and 6,200 more natural gas customers than a year ago.
Earnings per share listed in this news release are on a fully diluted basis.
Conference call
A conference call is scheduled for 1 p.m. Central time on April 30, 2014. The presentation will review 2014 first quarter earnings and will discuss the company's outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 866-439-9410 up to 15 minutes before the call begins. International callers may dial 706-643-5658. The conference ID is 24693038. Access also may be gained through the company's website (wisconsinenergy.com). Select 'First Quarter Earnings Release and Conference Call' and then select 'Go to webcast.' In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its first quarter performance. The materials will be available at 6:30 a.m. Central time on April 30, 2014.
Replay
A replay will be available on the website and by phone after the presentation. Access to the webcast replay will be available on the website about two hours after the presentation. Access to a phone replay also will be available approximately two hours after the presentation and remain accessible through May 15, 2014. Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 24693038.
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 nearly $15 billion of assets, 4,300 employees and approximately 40,000 stockholders of record.
Tables follow
| WISCONSIN ENERGY CORPORATION |
|||||
| CONSOLIDATED CONDENSED INCOME STATEMENTS |
|||||
| (Unaudited) |
|||||
| Three Months Ended March 31 |
|||||
| 2014 |
2013 |
||||
| (Millions of Dollars, Except Per Share Amounts) |
|||||
| Operating Revenues |
$ |
1,695.0 |
$ |
1,275.2 |
|
| Operating Expenses |
|||||
| Fuel and purchased power |
318.6 |
271.0 |
|||
| Cost of gas sold |
591.5 |
270.1 |
|||
| Other operation and maintenance |
275.4 |
288.1 |
|||
| Depreciation and amortization |
100.6 |
95.5 |
|||
| Property and revenue taxes |
30.6 |
29.5 |
|||
| Total Operating Expenses |
1,316.7 |
954.2 |
|||
| Treasury Grant |
3.5 |
— |
|||
| Operating Income |
381.8 |
321.0 |
|||
| Equity in Earnings of Transmission Affiliate |
17.3 |
16.6 |
|||
| Other Income, net |
1.1 |
4.4 |
|||
| Interest Expense, net |
62.3 |
65.0 |
|||
| Income Before Income Taxes |
337.9 |
277.0 |
|||
| Income Tax Expense |
130.3 |
100.4 |
|||
| Net Income |
$ |
207.6 |
$ |
176.6 |
|
| Earnings Per Share |
|||||
| Basic |
$ |
0.92 |
$ |
0.77 |
|
| Diluted |
$ |
0.91 |
$ |
0.76 |
|
| Weighted Average Common Shares Outstanding (Millions) |
|||||
| Basic |
225.8 |
228.9 |
|||
| Diluted |
227.7 |
231.2 |
|||
| Dividends Per Share of Common Stock |
$ |
0.39 |
$ |
0.34 |
|
| WISCONSIN ENERGY CORPORATION |
|||||
| CONSOLIDATED CONDENSED BALANCE SHEETS |
|||||
| (Unaudited) |
|||||
| March 31, 2014 |
December 31, 2013 |
||||
| (Millions of Dollars) |
|||||
| Assets |
|||||
| Property, Plant and Equipment, Net |
$ |
10,941.7 |
$ |
10,906.6 |
|
| Investments |
|||||
| Equity investment in transmission affiliate |
409.6 |
402.7 |
|||
| Other |
35.8 |
36.1 |
|||
| Total Investments |
445.4 |
438.8 |
|||
| Current Assets |
|||||
| Cash and cash equivalents |
27.6 |
26.0 |
|||
| Accounts receivable, net |
605.8 |
406.0 |
|||
| Accrued revenues |
289.2 |
321.1 |
|||
| Materials, supplies and inventories |
234.9 |
329.4 |
|||
| Current deferred tax asset, net |
261.4 |
310.0 |
|||
| Prepayments and other |
126.1 |
158.6 |
|||
| Total Current Assets |
1,545.0 |
1,551.1 |
|||
| Deferred Charges and Other Assets |
|||||
| Regulatory assets |
1,098.0 |
1,108.5 |
|||
| Goodwill |
441.9 |
441.9 |
|||
| Other |
328.8 |
322.5 |
|||
| Total Deferred Charges and Other Assets |
1,868.7 |
1,872.9 |
|||
| Total Assets |
$ |
14,800.8 |
$ |
14,769.4 |
|
| Capitalization and Liabilities |
|||||
| Capitalization |
|||||
| Common equity |
$ |
4,322.0 |
$ |
4,233.0 |
|
| Preferred stock of subsidiary |
30.4 |
30.4 |
|||
| Long-term debt |
4,348.8 |
4,363.2 |
|||
| Total Capitalization |
8,701.2 |
8,626.6 |
|||
| Current Liabilities |
|||||
| Long-term debt due currently |
343.8 |
342.2 |
|||
| Short-term debt |
422.2 |
537.4 |
|||
| Accounts payable |
435.0 |
342.6 |
|||
| Accrued payroll and benefits |
73.3 |
96.9 |
|||
| Other |
150.3 |
177.3 |
|||
| Total Current Liabilities |
1,424.6 |
1,496.4 |
|||
| Deferred Credits and Other Liabilities |
|||||
| Regulatory liabilities |
874.4 |
879.1 |
|||
| Deferred income taxes - long-term |
2,699.0 |
2,634.0 |
|||
| Deferred revenue, net |
651.9 |
664.2 |
|||
| Pension and other benefit obligations |
169.5 |
173.2 |
|||
| Other |
280.2 |
295.9 |
|||
| Total Deferred Credits and Other Liabilities |
4,675.0 |
4,646.4 |
|||
| Total Capitalization and Liabilities |
$ |
14,800.8 |
$ |
14,769.4 |
|
| WISCONSIN ENERGY CORPORATION |
|||||
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
|||||
| (Unaudited) |
|||||
| Three Months Ended March 31 |
|||||
| 2014 |
2013 |
||||
| (Millions of Dollars) |
|||||
| Operating Activities |
|||||
| Net income |
$ |
207.6 |
$ |
176.6 |
|
| Reconciliation to cash |
|||||
| Depreciation and amortization |
103.7 |
98.2 |
|||
| Deferred income taxes and investment tax credits, net |
111.6 |
101.8 |
|||
| Working capital and other |
(37.8) |
(46.3) |
|||
| Cash Provided by Operating Activities |
385.1 |
330.3 |
|||
| Investing Activities |
|||||
| Capital expenditures |
(129.2) |
(133.6) |
|||
| Investment in transmission affiliate |
(3.9) |
(1.3) |
|||
| Other, net |
(6.0) |
(10.4) |
|||
| Cash Used in Investing Activities |
(139.1) |
(145.3) |
|||
| Financing Activities |
|||||
| Common stock repurchased under benefit plans, net |
(18.8) |
(28.1) |
|||
| Common stock repurchased under repurchase plan |
(18.6) |
(11.1) |
|||
| Dividends paid on common stock |
(88.1) |
(77.8) |
|||
| Change in debt, net |
(124.1) |
(86.4) |
|||
| Other, net |
5.2 |
7.5 |
|||
| Cash Used in Financing Activities |
(244.4) |
(195.9) |
|||
| Change in Cash |
1.6 |
(10.9) |
|||
| Cash at Beginning of Period |
26.0 |
35.6 |
|||
| Cash at End of Period |
$ |
27.6 |
$ |
24.7 |
|
| Wisconsin Energy Corporation |
|||||
| Normalized Retail Electric Sales (a) |
|||||
| Delivery Sales |
|||||
| First Quarter |
Annual (b) |
||||
| 2014 Actual vs. 2013 Actual |
2014 Normalized vs. 2013 Normalized |
2014 Budget vs. 2013 Normalized |
|||
| Residential |
5.8% |
1.7% |
0.4% |
||
| Small Commercial/Industrial |
3.8% |
1.8% |
0.3% |
||
| Large Commercial/Industrial (ex. Mines) |
1.8% |
1.8% |
0.9% |
||
| Total Large Commercial/Industrial |
1.6% |
1.6% |
0.4% |
||
| Total Retail Sales |
3.6% |
1.7% |
0.4% |
||
| Retail (ex. Mines) |
3.9% |
1.7% |
0.5% |
||
| Energy Sales |
|||||
| First Quarter |
Annual (b) |
||||
| 2014 Actual vs. 2013 Actual |
2014 Normalized vs. 2013 Normalized |
2014 Budget vs. 2013 Normalized |
|||
| Residential |
5.8% |
1.7% |
0.4% |
||
| Small Commercial/Industrial |
3.4% |
1.3% |
0.1% |
||
| Large Commercial/Industrial (ex. Mines) |
(0.5)% |
(0.5)% |
(0.8)% |
||
| Total Large Commercial/Industrial |
(23.6)% |
(23.6)% |
(14.4)% |
||
| Total Retail Sales |
(5.5)% |
(7.5)% |
(4.7)% |
||
| Retail (ex. Mines) |
3.0% |
0.9% |
(0.1)% |
||
| (a) Normalized - 20 year average weather adjusted. |
||||||||
| (b) Actual results may differ materially from these forecasts because of seasonal, economic and other factors. |
SOURCE Wisconsin Energy Corporation
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