Wisconsin Energy Q2 Earnings Beat Estimates (WEC)
Energy company Wisconsin Energy Corporation (WEC) reported its second quarter and first half financial results on Wednesday.
The Milwaukee, WI-based company posted second quarter net income of $119 million, or 52 cents per share, which was flat from $119.3 million, or 51 cents per share, a year ago. Analysts expected to see earnings of 46 cents per share.
Revenue increased to $1.01 billion from $944.7 last year, and beat analysts’ estimate of $958.21 million.
For the first half of 2013, WEC reported earnings of $295.6 million, or $1.28 per share, up from $291.4 million, or $1.25 per share, a year ago.
Gale Klappa, chairman, president and CEO of WEC noted, “strong natural gas sales during a cooler than normal spring and the impact of the company’s share repurchase program were positive factors contributing to our solid results for this year’s second quarter.”
“A cool June, however, significantly reduced demand for air conditioning across the region,” Klappa added. “By comparison, June temperatures last year were much warmer than normal.”
Wisconsin Energy shares were down 25 cents, or 0.57%, during Wednesday morning trading. The stock is up 18% YTD.
The Bottom Line
Shares of Wisconsin Energy Corporation (WEC) have a 3.52% yield based on Wednesday morning’s price of $43.50.
Wisconsin Energy Corporation (WEC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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