WEC Energy Group posts first quarter results

MILWAUKEE, May 3, 2016 /PRNewswire/ -- WEC Energy Group Inc. (NYSE: WEC) recorded net income based on generally accepted accounting principles (GAAP) of $346.2 million or $1.09 per share for the first quarter of 2016. WEC Energy Group was formed on June 29, 2015 when Wisconsin Energy completed the acquisition of Integrys.

WEC Energy's earnings per share for the first quarter, excluding acquisition costs, increased by 19 cents a share, from 90 cents in the first quarter of 2015 to $1.09 in the first quarter of 2016. First quarter results in 2016 include the positive impact from the Integrys acquisition.

"We delivered solid results – particularly in light of the mild winter temperatures that reduced demand for electricity and natural gas across the Midwest," said Allen Leverett, chief executive officer. 

Consolidated revenue for the first quarter of 2016 totaled $2.19 billion, compared to $1.39 billion in the first quarter of 2015. The increase was driven by the addition of $980 million of revenue from Integrys.

"Our focus on financial discipline, world-class reliability, and customer satisfaction continues to deliver tangible benefits to our customers and stockholders," Leverett said.

At the end of March, our Wisconsin utilities were serving approximately 8,000 more electric customers and nearly 11,000 more natural gas customers compared to a year ago. Our natural gas utilities in Illinois, Michigan, and Minnesota added nearly 16,000 customers in the past year. The increase in natural gas customers includes approximately 10,000 customers from the acquisition of a natural gas distribution area in Minnesota from Alliant Energy in April of 2015.

Retail sales of electricity for Wisconsin Electric Power Company and Wisconsin Public Service Corporation – excluding the iron ore mines in Michigan's Upper Peninsula – decreased by 1.6% from last year's first quarter. Residential use of electricity was down by 4.2 percent. Consumption of electricity by small commercial and industrial customers declined by 0.2 percent. 

Electricity use by large commercial and industrial customers – excluding the iron ore mines – declined by 0.8 percent. 

On a weather normal basis, retail sales of electricity – excluding the iron ore mines – were down slightly – by 0.2 percent – compared to the first quarter of 2015.

Earnings per share listed in this news release are on a fully diluted basis.

Conference call

A conference call is scheduled at 1 p.m. Central time, May 3. The presentation will review 2016 first-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 84472597.

Access also may be gained through the company's website (wecenergygroup.com).  Select 'First Quarter Earnings Release and Conference Call' and then select 'Webcast'.  In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its first quarter performance. The materials will be available at 6:30 a.m. Central time, May 3.

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 May 16, 2016.  Domestic callers should dial 855-859-2056. International callers should dial 404-537-3406. The replay conference ID is 84472597.

Non-GAAP earnings measures

We have provided adjusted earnings (non-GAAP earnings) in this press release as a complement to, and not as an alternative to, reported earnings presented in accordance with GAAP. The excluded items are not indicative of the company's operating performance. Therefore, we believe that the presentation of adjusted earnings is relevant and useful to investors to understand WEC Energy Group's operating performance. Management uses such measures internally to evaluate the company's performance and manage its operations.

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.4 million customers in Wisconsin, Illinois, Michigan, and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, and Minnesota Energy Resources. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.

WEC Energy Group (wecenergygroup.com), a component of the S&P 500, has approximately $29 billion of assets, 8,500 employees and 55,000 stockholders of record.

Tables follow

SOURCE WEC Energy Group Inc.

Related Links

http://www.wecenergygroup.com