WEC Energy (WEC) Tops Q2 EPS by 6c, Beats on Revenues

WEC Energy (NYSE: WEC) reported Q2 EPS of $0.73, $0.06 better than the analyst estimate of $0.67. Revenue for the quarter came in at $1.67 billion versus the consensus estimate of $1.6 billion.

"Our earnings were bolstered by effective cost controls, stronger natural gas sales during a cool spring and a warm start to summer that drove electricity use above our forecast,\" said Gale Klappa, Chairman and Chief Executive Officer. \"In addition, a stronger economy across the region resulted in slightly higher demand for energy from our industrial customers."

Electricity use by large commercial and industrial customers – excluding the iron ore mine – was up 1.1 percent during the second quarter of 2018 compared to the same period last year. "This marks the third consecutive quarter that we've seen demand growth from this customer group," Klappa added.

GUIDANCE:

WEC Energy sees FY2018 EPS of $3.32.

For earnings history and earnings-related data on WEC Energy (WEC) click here.

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