Wisconsin Energy posts fourth quarter and full-year results for 2013

MILWAUKEE, Feb. 6, 2014 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today reported net income of $144.3 million or 63 cents a share for the fourth quarter of 2013.  This compares with net income of $98.8 million or 43 cents a share for the fourth quarter of 2012. 

Fourth quarter 2013 revenues were $1.18 billion, up from $1.07 billion recorded in the corresponding quarter a year ago.  For the full year 2013, revenues rose to $4.52 billion from $4.25 billion in 2012. 

Net income for the full year totaled $577.4 million or $2.51 a share -- compared to $546.3 million or $2.35 a share for 2012.  Major factors contributing to the year's strong performance include colder winter temperatures, effective cost management, and the impact of share repurchases.

Residential use of electricity in 2013 was down by 2.1 percent -- the result of cooler summer weather. Consumption of electricity by small commercial and industrial customers was level with 2012. 

Electricity deliveries to large commercial and industrial customers -- excluding the iron ore mines in Michigan's Upper Peninsula ­-- declined by 2.6 percent for the year but rose by 1.1 percent in the fourth quarter.

"After a sluggish start, energy demand from our large commercial and industrial customers strengthened during the latter part of the year," said Gale Klappa, chairman and chief executive.  "As the year progressed, we saw strength in several sectors -- including paper manufacturing, chemical production, primary metals, and transportation equipment.  In addition, customer growth continued during 2013."

At the end of December, the company was serving 2,600 more electric customers and 5,800 more natural gas customers than the previous year. 

"2013 was an exceptional year for Wisconsin Energy," noted Klappa.  "We achieved milestones in network reliability and customer satisfaction.  We were named the most reliable utility in America.  We completed a new biomass-fueled generating plant on time and on budget ­-- adding diversity to our portfolio of renewable energy projects.  And we delivered another year of solid earnings growth while making 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 1:00 p.m. Central time on Feb. 6, 2014.  The presentation will review 2013 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 10489174.  Access also may be gained through the company's website (wisconsinenergy.com).  Select 'Fourth Quarter, Year-End 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 fourth quarter and year-end performance.  The materials will be available at 6:30 a.m. Central time on Feb. 6, 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 Feb. 20, 2014.  Domestic callers should dial 855-859-2056.  International callers should dial 404-537-3406.  The replay conference ID is 10489174.

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 over $14 billion of assets, 4,300 employees and approximately 40,000 stockholders of record.

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SOURCE Wisconsin Energy