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