Wisconsin Energy announces plan to raise quarterly dividend
MILWAUKEE, Dec. 6, 2012
MILWAUKEE, Dec. 6, 2012 /PRNewswire/ --The board of directors of Wisconsin
Energy Corporation (NYSE: WEC) today announced that it is planning to raise
the quarterly dividend to 34 cents a share on the company's common stock in
the first quarter of 2013. This would represent an increase of 4 cents a
share over the current quarterly rate.
The directors expect to declare the new dividend at their regularly scheduled
meeting in January. The dividend – which would be equivalent to an annual rate
of $1.36 a share – is expected to be payable March 1, 2013, to stockholders of
record on Feb. 14, 2013.
"We're continuing to target a dividend payout ratio of 60 percent of earnings
in 2014 as we strive to make our dividend policy more competitive with our
peers across the utility industry," said Gale Klappa, chairman, president and
chief executive officer. "The board's plan for 2013 would mark a significant
step toward that goal."
The company also reaffirmed that it expects 2012 earnings to be in a range of
$2.31 to $2.33 a share.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the
nation's premier energy companies, serving more than 1.1 million electric
customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million
natural gas customers in Wisconsin. The company's principal utility is We
Energies. The company's other major subsidiary, We Power, designs, builds and
owns electric generating plants.
Wisconsin Energy Corporation (wisconsinenergy.com), a component of the
S&P 500, has nearly $14billion of assets, approximately 4,600 employees and
over 43,000 registered stockholders.
Certain statements contained in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. These statements are
based upon management's current expectations and are subject to risks and
uncertainties that could cause our actual results to differ materially from
those contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements include, among
other things, statements concerning management's expectations and projections
regarding earnings, dividend payouts and increases and other matters. In some
cases, forward-looking statements may be identified by reference to a future
period or periods or by the use of forward-looking terminology such as
"anticipates," "believes," "estimates," "expects," "forecasts," "guidance,"
"intends," "may," "objectives," "plans" "possible," "potential," "projects,"
"should," "targets" or similar terms or variations of these terms.
Actual results may differ materially from those set forth in forward-looking
statements. In addition to the assumptions and other factors referred to
specifically in connection with these statements, factors that could cause
actual results to differ materially from those contemplated in any
forward-looking statements include, but are not limited to: general economic
conditions; business, competitive and regulatory conditions in the
deregulating and consolidating energy industry, in general, and, in
particular, in the company's service territories; timing, resolution and
impact of pending and future rate cases and other regulatory decisions;
availability of the company's generating facilities; varying weather
conditions; catastrophic weather-related or terrorism-related damage;
cyber-security threats; unanticipated changes in purchased power costs;
unanticipated changes in coal or natural gas prices and supply and
transportation availability; the ability to recover fuel and purchased power
costs; nonperformance by purchased power or natural gas suppliers under
existing contracts; environmental incidents; key personnel changes; inflation
rates; customer growth and declines; customer business conditions, including
demand for their products and services; energy conservation efforts;
construction risks, including those associated with the construction of new
environmental controls and renewable generation; adverse interpretation or
enforcement of permit conditions by permitting agencies; restrictions imposed
by financing arrangements and regulatory requirements on the ability of the
company's subsidiaries to transfer funds to it in the form of cash dividends,
loans or advances; current and future litigation, regulatory investigations,
proceedings or inquiries, including Federal Energy Regulatory Commission
matters and Internal Revenue Service audits and other tax matters; the impact
of recent and future federal, state and local legislative and regulatory
changes; equity and bond market fluctuations and events in the global credit
markets that may affect the availability and cost of capital; the investment
performance of the company's pension and other post-retirement benefit trusts;
the financial performance of the American Transmission Company; the effect of
accounting pronouncements issued periodically by standard setting bodies;
foreign, governmental, economic, political and currency risks; and other
factors described under the heading "Factors Affecting Results, Liquidity and
Capital Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings "Cautionary
Statement Regarding Forward-Looking Information" and "Risk Factors" contained
in the company's Form 10-K for the year ended Dec. 31, 2011 and in subsequent
reports filed with the Securities and Exchange Commission.
The company expressly disclaims any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Wisconsin Energy Corporation
Contact: Brian Manthey, news media, +1-414-221-4444,
firstname.lastname@example.org; Colleen F. Henderson, CFA, analysts,
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