By Amanda Durish Cook
WEC Energy Group reported net income of $179.3 million for the fourth quarter of 2015, up 48% over 2014’s pre-Integrys merger earnings of $121.4 million.
The boost to earnings per share were less dramatic, increasing to $0.57/share from $0.53/share.
The Milwaukee-based company announced Wednesday that total earnings for 2015 were $638.5 million, compared to 2014’s net of $588.3 million. However, earnings per share for the year were $2.34, down from 2014’s $2.59.
WEC reported fourth-quarter revenue of $1.85 billion. When adjusted to exclude the $780 million of revenue from Integrys operations, Wisconsin Energy revenues were $1.07 billion in the fourth quarter, in comparison to 2014’s last three months, which brought in $1.23 billion.
Dividends per share, on the other hand, increased to $0.46/share in 2015 surpassing 2014’s $0.39/share for the fourth quarter. Total dividends for 2015 were $1.74/share outstripping 2014’s $1.56/share.
The company said daily average temperatures in the fourth quarter of 2015 were 26% warmer than in 2014. We Energies, the company’s utility subsidiary, experienced a 7.5% decline in residential electricity use from 2014’s fourth quarter, and total gas sales were down 13.9% for the quarter.
“We delivered solid results in the final quarter of 2015 despite record warmth that limited customer demand for heating throughout December,” said CEO Gale Klappa, who announced last month that he would retire in May. He called 2015 a “year of achievement” for WEC, noting the June 29 completion of the Integrys Energy Group acquisition. He also cited the company’s recognition by PA Consulting as the most reliable utility in the Midwest for the fifth year in a row.
The acquisition was “a major step that created the leading utility system in the Midwest, serving more than 4 million customers,” Klappa said. “Since the close of the acquisition, we’ve made significant progress in focusing our six operating utilities on world-class reliability, customer satisfaction and financial discipline.”
