Wisconsin Energy posts fourth quarter and full-year results for 2012

MILWAUKEE, Jan. 30, 2013 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today reported net income from continuing operations of $98.8 million or 43 cents a share for the fourth quarter of 2012.  This compares with net income from continuing operations of $114.1 million or 49 cents a share for the fourth quarter of 2011. 

Fourth quarter 2012 revenues were $1.07 billion, compared with $1.11 billion in the corresponding quarter a year ago.  For the full year 2012, revenues were $4.25 billion, compared to $4.49 billion in 2011. 

Net income from continuing operations for the full year totaled $546.3 million or $2.35 a share -- up from $512.8 million or $2.18 a share in 2011.  Major factors contributing to the year's strong performance include lower operation and maintenance expenses, favorable summer weather, and positive recovery of fuel costs.

For the year, consumption of electricity by small commercial and industrial customers rose by 0.7 percent.  Residential electricity use grew by 0.5 percent.

Compared to 2011, electricity use by large commercial and industrial customers dropped by 2.8 percent.  The decline in this customer segment was driven primarily by a planned outage at a major iron ore mine.  The mine returned to normal operation in September. 

"Overall, sales to our large commercial and industrial customers came in better than forecast," said Gale Klappa, chairman, president, and chief executive.  "Based on customer input, we had expected a decline in sales.  As the year progressed, however, we saw strength in several sectors -- including food products, chemical manufacturing, metal fabrication and plastics."

During the year, customer growth continued at a modest pace.  At the end of December, the company was serving 3,200 more electric customers and 5,800 more natural gas customers than the previous year. 

"By virtually every meaningful measure, 2012 was an exceptional year for Wisconsin Energy," noted Klappa.  "We achieved milestones in customer satisfaction, employee safety and network reliability.  We delivered solid earnings growth and made significant progress toward a dividend payout that is more competitive with our peers."

Earnings per share listed in this news release are on a fully diluted basis.

Conference call
A conference call is scheduled for 1:30 p.m. Central time on Jan. 30, 2013.  The presentation will review 2012 fourth quarter and year-end earnings and will discuss the company's outlook for the future.  

All interested parties, including stockholders, news media and 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 80336760.  Access also may be gained through the company's website (wisconsinenergy.com).  Click 'Fourth Quarter, Year-End Earnings Release and Conference Call' and then click 'Go to webcast.'  In conjunction with this earnings announcement, Wisconsin Energy will post on its website a package of detailed financial information on its fourth quarter and year-end performance.  The materials will be available at 6:30 a.m. Central time on Jan. 30, 2013.

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 Feb. 13, 2013.  Domestic callers should dial 855-859-2056.  International callers should dial 404-537-3406.  The replay conference ID is 80336760.

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 approximately 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 Corporation (wisconsinenergy.com), a component of the S&P 500, has nearly $14 billion of assets, approximately 4,600 employees and more than 41,000 stockholders of record.

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SOURCE Wisconsin Energy Corporation