WEC Energy (WEC) Q3 Earnings Top Estimates, Revenues Miss
Zacks Investment Research | Nov 06, 2019 10:18PM ET
WEC Energy Group (NYSE:WEC) delivered third-quarter 2019 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 73 cents by 1.4%. The bottom line was flat on a year-over-year basis.
Revenues
Total revenues of $1,608 million missed the Zacks Consensus Estimate of $1,665 million by 3.4%. Also, the figure declined from $1,643.7 million reported in the year-ago quarter.
Highlights of the Release
Residential use of electricity in the third quarter fell 3.8% year over year. Electricity consumption by small commercial and industrial customers declined 3.4% year on year. Electricity utilized by large commercial and industrial customers fell 4.3% on a year-over-year basis. Excluding iron ore mines, electricity utilized by large commercial and industrial customers declined 5.6%. Demand for electricity was affected by milder-than-normal weather in service territories. Moreover, destructive July storms that included nine tornadoes made extensive damage to the company’s distribution network.
WEC Energy witnessed an increase in customer base in the reported quarter. At the end of September 2019, the company had an additional 10,000 electric and 21,000 natural gas customers compared with the year-ago quarter’s level.
Total operating expenses dipped 3.3% year over year to $1,297.1 million.
Operating income in the reported quarter rose 2.7% from the prior-year quarter’s tally to $310.9 million.
Total interest expenses in the reported quarter rose 12.3% from the prior-year quarter’s figure to $125.8 million.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
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