WEC Energy beats profit estimates on lower costs
Aug 1 (Reuters) - WEC Energy Group beat estimates for second-quarter profit on Tuesday, as lower operating costs helped offset decline in energy demand.
The Milwaukee, Wisconsin-based utility firm said electricity use fell across residential, industrial and large commercial sectors in the quarter as higher inflation squeezed demand.
WEC Energy, which serves 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota, reported revenue of $1.83 billion. Analysts on average were expecting $2.17 billion.
Despite lower revenue, quarterly income inched higher from a year earlier due to financial discipline and operating efficiency, the company said.
Profit of 92 cents for the quarter ended June 30, came ahead of estimates of 85 cents, as per Refinitiv data.
WEC Energy reaffirmed its full-year earnings forecast of $4.58 to $4.62 per share, assuming normal weather for the remainder of the year.
Executive Chairman Gale Klappa said the company was "on track for a strong 2023."
(Reporting by Seher Dareen in Bengaluru; Editing by Anil D'Silva)
