Wisconsin Energy posts 2014 second quarter and first half results

MILWAUKEE, July 30, 2014 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today reported net income of $133.0 million or 58 cents a share for the second quarter of 2014.  This compares with net income of $119.0 million or 52 cents a share for the second quarter of 2013.  Costs related to the acquisition of Integrys Energy reduced earnings by one cent per share in this year's second quarter.

Second quarter 2014 revenues were $1.04 billion.  Revenues totaled $1.01 billion in the same quarter last year.

For the first six months of 2014, the company recorded net income of $340.6 million or $1.50 a share – up from $295.6 million or $1.28 a share in the corresponding period a year ago.

"With our continued focus on cost control, productivity, and customer satisfaction, we delivered solid results in the second quarter – despite a cool, rainy June that significantly reduced demand for air conditioning across the region," said Gale Klappa, chairman and chief executive officer.

Residential use of electricity dropped by 3.8 percent from last year's second quarter.  Consumption of electricity by small commercial and industrial customers was down 2.1 percent.  Electricity use by large commercial and industrial customers – excluding the iron ore mines in Michigan's Upper Peninsula – was 2.1 percent higher.

On a weather-normal basis, retail consumption of electricity increased by 2.9 percent.

At the end of June 2014, the company was serving approximately 3,200 more electric customers and 6,400 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 July 30, 2014.  The presentation will review 2014 second 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 74061608.  Access also may be gained through the company's website (wisconsinenergy.com).  Select 'Second 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 second quarter and first half performance.  The materials will be available at 6:30 a.m. Central time on July 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 by 5:00 p.m. Central time on July 30, 2014.  Access to a phone replay also will be available after the presentation and remain accessible through Aug. 13, 2014.  Domestic callers should dial 855-859-2056.  International callers should dial 404-537-3406.  The replay conference ID is 74061608.

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

SOURCE Wisconsin Energy Corporation