WEC Energy beats fourth-quarter profit estimates on lower operating expenses
Feb 1 (Reuters) - WEC Energy beat quarterly profit estimates on Thursday, as the company benefited from lower operating expenses.
The Milwaukee, Wisconsin-based utility reported total operating expenses of $1.88 billion in the fourth quarter, compared to $2.18 billion last year, primarily due to lower cost of sales.
Its sales costs were down by about 38%, to $761.1 million in the quarter.
Peer Xcel Energy posted a rise in profit in the fourth quarter last week, also benefiting from lower operating costs.
WEC reported adjusted income of $1.10 per share, beating analysts' average estimate of $1.08 per share, according to LSEG data.
"We delivered another year of strong results in 2023, despite an historically warm start to the year,” said WEC Energy executive chairman Gale Klappa.
Revenue for the fourth quarter fell 13.3% from a year earlier, to $2.22 billion, missing analysts' average estimate of $2.97 billion, according to LSEG data.
WEC Energy said its net income stood at $218.5 million, or 69 cents per share, in the quarter ended December 31, compared with $252.7 million, or 80 cents per share, in the year-ago quarter.
The company, which has 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota, increased its five-year capital plan by $300 million, to $23.7 billion. (Reporting by Roshia Sabu in Bengaluru; Editing by Pooja Desai)
