WEC Energy Group beats third-quarter profit estimates on lower costs
Oct 31 (Reuters) - Electric Utility firm WEC Energy Group beat third-quarter profit estimates as lower maintenance costs helped offset weak power sales.
The Milwaukee, Wisconsin-based company reported a profit of $1 per share for the quarter that ended Sept 30, ahead of analysts' average estimates of 91 cents, as per LSEG data.
The company, which serves 4.6 million customers in the Upper Midwest states, said it saw lower costs of sales along with lower operating and maintenance costs, helping it reduce the impact of a drop in demand during the quarter.
WEC said electricity usage in its industrial and commercial sector declined by 4.1%, while retail deliveries of power fell 1.3% during the quarter compared to the year earlier.
The company posted revenue of $1.96 billion for the third quarter, compared to analysts' average estimates of $2.03 billion, according to LSEG.
WEC reaffirmed its full-year earnings forecast of $4.58 per share to $4.62 per share on a weather-normalised basis and said it expects to complete the year in the upper half of the range.
Peers CMS Energy and Xcel Energy reported higher profits last week, benefiting from lower operating costs. (Reporting by Kabir Dweit; Editing by Tasim Zahid)
