By Zacks Equity Research | Zacks – Tue, Apr 30, 2013 4:20 PM EDT
Wisconsin Energy Corporation (WEC) posted first-quarter 2013 net operating earnings of 76 cents per share, beating the Zacks Consensus Estimate by 5 cents. The 2 cent year-over-year rise in earnings was primarily driven by higher earnings at the company’s We Power operations, positive impacts from the share repurchase program, and increase in electricity consumption by the residential, small commercial as well as industrial customers.
Wisconsin Energy reported total revenue of $1,275.2 million, beating the Zacks Consensus Estimate by $25.2 million. On a year-over-year basis, revenues increased 7.1% on higher demand for natural gas in winter.
Total operating expenses increased 6.6% year over year to $954.2 million due to a rise in cost of goods sold, and higher fuel and purchased power costs, other operation and maintenance costs and depreciation and amortization expenses.
However, this increase in operating expenses was more than offset by higher revenues. Operating margin was 25.2% compared with 24.8% a year-ago.