MILWAUKEE, WI (STL.News) WEC Energy Group (NYSE: WEC) today reported net income of $452.5 million, or $1.43 per share, for the first quarter of 2020 – up from $420.1 million, or $1.33 per share, for the first quarter of 2019.
Consolidated revenues totaled $2.1 billion, down $268.8 million from last year’s first quarter.
“We delivered another solid quarter, despite mild winter temperatures and an economic downturn that began in late March as businesses closed to slow the spread of COVID-19,” said Gale Klappa, executive chairman. “In the months ahead, we will continue to focus on employee safety and on executing the fundamentals of our business – world-class reliability, customer satisfaction and financial discipline.” He added, “Our team is experienced and resilient. I’m confident we’ll shine through the challenges ahead.”
For the quarter, natural gas deliveries in Wisconsin – excluding natural gas used for power generation – fell by 10.6 percent compared to the first quarter of 2019. On a weather-normal basis, natural gas deliveries were 1.1 percent lower.
Retail deliveries of electricity – excluding the iron ore mine in Michigan’s Upper Peninsula – decreased by 3.4 percent in the first quarter of 2020 compared to the first quarter last year.
Residential electricity use declined by 4.6 percent. Electricity consumption by small commercial and industrial customers was 2.6 percent lower.
Electricity use by large commercial and industrial customers – excluding the iron ore mine – fell by 3.1 percent.
On a weather-normal basis, retail deliveries of electricity – excluding the iron ore mine – fell by 2 percent.
At the end of March, WEC Energy Group utilities were serving approximately 10,000 more electric and 12,000 more natural gas customers compared to the same time a year ago.
The company is reaffirming its earnings guidance for 2020 in the range of $3.71 to $3.75 per share.
Earnings per share listed in this news release are on a fully diluted basis.
NOTE: this is NOT the complete release.