S&P 500 (NYSE:SPY) component Wisconsin Energy Corporation (NYSE:WEC) reported net income above Wall Street’s expectations for the first quarter. Wisconsin Energy Corporation, through its subsidiaries, conducts operations mainly in: a utility energy and non-utility energy.
Wisconsin Energy Earnings Cheat Sheet for the First Quarter
Results: Net income for Wisconsin Energy Corporation rose to $170.9 million (73 cents/share) vs. $129.7 million (55 cents/share) in the same quarter a year earlier. A rise of 31.8% from the year earlier quarter.
Revenue: Rose 5.8% to $1.33 billion YoY.
Actual vs. Wall St. Expectations: WEC beat the mean analyst estimate of 66 cents/share. Estimates ranged from 63 cents per share to 68 cents per share.
Quoting Management: “Commercial operation of the second expansion unit at Oak Creek – which took place in January of this year – was a milestone event for the company’s Power the Future plan. The plan required more than $3 billion of investment in energy infrastructure that will provide reliable power for our customers for many years to come,” said Gale Klappa, Wisconsin Energy’s chairman, president and chief executive officer.
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 6.1% and in the third quarter of the last fiscal year, the figure rose 91.8%.
Competitors to Watch: DTE Energy Company (NYSE:DTE), CMS Energy Corporation (NYSE:CMS), Integrys Energy Group, Inc. (NYSE:TEG), The Empire District Electric Co. (NYSE:EDE), Alliant Energy Corporation (NYSE:LNT), Avista Corporation (NYSE:AVA), SCANA Corporation (NYSE:SCG), CH Energy Group, Inc. (NYSE:CHG), Ameren Corporation (NYSE:AEE), and Dominion Resources, Inc. (NYSE:D)
Stock Performance: Shares of WEC are up 0.3% from a previous close of $31.18.