WISCONSIN ENERGY CORP 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
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
(Unaudited)
Three Months Ended June 30 Six Months Ended June 30
-------------------------- ------------------------
2014 2013 2014 2013
---- ---- ---- ----
(Millions of Dollars, Except Per Share Amounts)
Operating Revenues $1,043.7 $1,012.3 $2,738.7 $2,287.5
Operating Expenses
Fuel and purchased power 292.5 276.1 611.1 547.1
Cost of gas sold 125.9 115.2 717.4 385.3
Other operation and
maintenance 256.0 265.4 531.4 553.5
Depreciation and
amortization 101.4 96.7 202.0 192.2
Property and revenue
taxes 30.3 29.4 60.9 58.9
---- ---- ---- ----
Total Operating Expenses 806.1 782.8 2,122.8 1,737.0
Treasury Grant 3.1 - 6.6 -
--- --- --- ---
Operating Income 240.7 229.5 622.5 550.5
Equity in Earnings of
Transmission Affiliate 17.5 17.3 34.8 33.9
Other Income, net 8.1 5.8 9.2 10.2
Interest Expense, net 59.0 63.3 121.3 128.3
---- ---- ----- -----
Income Before Income
Taxes 207.3 189.3 545.2 466.3
Income Tax Expense 74.3 70.3 204.6 170.7
Net Income $133.0 $119.0 $340.6 $295.6
====== ====== ====== ======
Earnings Per Share
Basic $0.59 $0.52 $1.51 $1.29
Diluted $0.58 $0.52 $1.50 $1.28
Weighted Average Common Shares
Outstanding (Millions)
Basic 225.5 228.4 225.6 228.6
Diluted 227.6 230.5 227.7 230.8
Dividends Per Share of
Common Stock $0.39 $0.34 $0.78 $0.68
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30, 2014 December 31,
2013
------------- -------------
(Millions of Dollars)
Assets
------
Property, Plant and Equipment,
Net $11,024.0 $10,906.6
Investments
Equity investment in
transmission affiliate 416.8 402.7
Other 35.3 36.1
---- ----
Total Investments 452.1 438.8
Current Assets
Cash and cash equivalents 33.4 26.0
Accounts receivable, net 404.9 406.0
Accrued revenues 174.8 321.1
Materials, supplies and
inventories 304.3 329.4
Current deferred tax asset, net 199.3 310.0
Prepayments and other 168.8 158.6
----- -----
Total Current Assets 1,285.5 1,551.1
Deferred Charges and Other Assets
Regulatory assets 1,094.9 1,108.5
Goodwill 441.9 441.9
Other 321.4 322.5
----- -----
Total Deferred Charges and
Other Assets 1,858.2 1,872.9
Total Assets $14,619.8 $14,769.4
========= =========
Capitalization and Liabilities
------------------------------
Capitalization
Common equity $4,367.1 $4,233.0
Preferred stock of subsidiary 30.4 30.4
Long-term debt 4,587.5 4,363.2
------- -------
Total Capitalization 8,985.0 8,626.6
Current Liabilities
Long-term debt due currently 45.1 342.2
Short-term debt 410.1 537.4
Accounts payable 288.5 342.6
Accrued payroll and benefits 70.4 96.9
Other 166.7 177.3
----- -----
Total Current Liabilities 980.8 1,496.4
Deferred Credits and Other Liabilities
Regulatory liabilities 854.9 879.1
Deferred income taxes - long-
term 2,714.6 2,634.0
Deferred revenue, net 639.7 664.2
Pension and other benefit
obligations 169.3 173.2
Other 275.5 295.9
----- -----
Total Deferred Credits and
Other Liabilities 4,654.0 4,646.4
Total Capitalization and
Liabilities $14,619.8 $14,769.4
========= =========
WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30
------------------------
2014 2013
---- ----
(Millions of Dollars)
Operating Activities
Net income $340.6 $295.6
Reconciliation to cash
Depreciation
and
amortization 206.5 197.7
Deferred income
taxes and
investment tax
credits, net 188.0 143.1
Working capital
and other (13.8) 45.1
----- ----
Cash Provided
by Operating
Activities 721.3 681.5
Investing Activities
Capital
expenditures (305.5) (307.3)
Investment in
transmission
affiliate (7.9) (5.2)
Other, net 0.5 (24.1)
--- -----
Cash Used in
Investing
Activities (312.9) (336.6)
Financing Activities
Common stock
repurchased
under benefit
plans, net (21.1) (40.3)
Common stock
repurchased
under
repurchase
plan (18.6) (54.7)
Dividends paid
on common
stock (176.0) (155.6)
Change in debt,
net (188.4) (119.2)
Other, net 3.1 10.3
--- ----
Cash Used in
Financing
Activities (401.0) (359.5)
------ ------
Change in Cash 7.4 (14.6)
Cash at
Beginning of
Period 26.0 35.6
Cash at End of
Period $33.4 $21.0
===== =====
SOURCE Wisconsin Energy Corporation
