Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Wisconsin Energy posts fourth quarter and full-year results for 2012



     Wisconsin Energy posts fourth quarter and full-year results for 2012

PR Newswire

MILWAUKEE, Jan. 30, 2013

MILWAUKEE, Jan. 30, 2013 /PRNewswire/ -- Wisconsin Energy (NYSE: WEC) today
reported net income from continuing operations of $98.8 million or 43 cents a
share for the fourth quarter of 2012.  This compares with net income from
continuing operations of $114.1 million or 49 cents a share for the fourth
quarter of 2011. 

Fourth quarter 2012 revenues were $1.07 billion, compared with $1.11 billion
in the corresponding quarter a year ago.  For the full year 2012, revenues
were $4.25 billion, compared to $4.49 billion in 2011. 

Net income from continuing operations for the full year totaled $546.3 million
or $2.35 a share -- up from $512.8 million or $2.18 a share in 2011.  Major
factors contributing to the year's strong performance include lower operation
and maintenance expenses, favorable summer weather, and positive recovery of
fuel costs.

For the year, consumption of electricity by small commercial and industrial
customers rose by 0.7 percent.  Residential electricity use grew by 0.5
percent.

Compared to 2011, electricity use by large commercial and industrial customers
dropped by 2.8 percent.  The decline in this customer segment was driven
primarily by a planned outage at a major iron ore mine.  The mine returned to
normal operation in September. 

"Overall, sales to our large commercial and industrial customers came in
better than forecast," said Gale Klappa, chairman, president, and chief
executive.  "Based on customer input, we had expected a decline in sales.  As
the year progressed, however, we saw strength in several sectors -- including
food products, chemical manufacturing, metal fabrication and plastics."

During the year, customer growth continued at a modest pace.  At the end of
December, the company was serving 3,200 more electric customers and 5,800 more
natural gas customers than the previous year. 

"By virtually every meaningful measure, 2012 was an exceptional year for
Wisconsin Energy," noted Klappa.  "We achieved milestones in customer
satisfaction, employee safety and network reliability.  We delivered solid
earnings growth and made significant progress toward a dividend payout that is
more competitive with our peers."

Earnings per share listed in this news release are on a fully diluted basis.

Conference call
A conference call is scheduled for 1:30 p.m. Central time on Jan. 30, 2013. 
The presentation will review 2012 fourth quarter and year-end earnings and
will discuss the company's outlook for the future.  

All interested parties, including stockholders, news media and general public,
are invited to listen to the presentation.  The conference call may be
accessed by dialing 866-439-9410 up to 15 minutes before the call begins. 
International callers may dial 706-643-5658.  The conference ID is 80336760. 
Access also may be gained through the company's website
(wisconsinenergy.com).  Click 'Fourth Quarter, Year-End Earnings Release and
Conference Call' and then click 'Go to webcast.'  In conjunction with this
earnings announcement, Wisconsin Energy will post on its website a package of
detailed financial information on its fourth quarter and year-end
performance.  The materials will be available at 6:30 a.m. Central time on
Jan. 30, 2013.

Replay
A replay will be available on the website and by phone after the
presentation.  Access to the webcast replay will be available on the website
about two hours after the presentation.  Access to a phone replay also will be
available approximately two hours after the presentation and remain accessible
through Feb. 13, 2013.  Domestic callers should dial 855-859-2056. 
International callers should dial 404-537-3406.  The replay conference ID is
80336760.

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 approximately 1.1
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 $14 billion of assets, approximately 4,600 employees and more
than 41,000 stockholders of record.

Tables Follow

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED INCOME STATEMENTS
                        Three Months Ended December 31  Year Ended December 31
                        2012             2011           2012        2011
                        (Millions of Dollars, Except Per Share Amounts)
Operating Revenues      $   1,071.2      $  1,113.2     $ 4,246.4   $ 4,486.4
Operating Expenses
Fuel and purchased      249.7            265.2          1,098.6     1,169.7
power
Cost of gas sold        177.8            195.3          545.8       728.7
Other operation and     317.3            347.5          1,116.1     1,256.8
maintenance
Depreciation and        94.5             84.0           364.2       330.2
amortization
Property and revenue    30.5             28.2           121.4       113.7
taxes
Total Operating         869.8            920.2          3,246.1     3,599.1
Expenses
Operating Income        201.4            193.0          1,000.3     887.3
Equity in Earnings of   16.8             16.1           65.7        62.5
Transmission Affiliate
Other Income and        1.2              19.6           34.8        62.7
Deductions, net
Interest Expense, net   66.9             58.2           248.2       235.8
Income from Continuing
Operations Before       152.5            170.5          852.6       776.7
Income Taxes
Income Tax Expense      53.7             56.4           306.3       263.9
Income from Continuing  98.8             114.1          546.3       512.8
Operations
Income from
Discontinued            —                1.9            —           13.4
Operations, Net of Tax
Net Income              $   98.8         $  116.0       $ 546.3     $ 526.2
Earnings Per Share
(Basic)
Continuing operations   $   0.43         $  0.49        $ 2.37      $ 2.20
Discontinued operations —                0.01           —           0.06
Total Earnings Per      $   0.43         $  0.50        $ 2.37      $ 2.26
Share (Basic)
Earnings Per Share
(Diluted)
Continuing operations   $   0.43         $  0.49        $ 2.35      $ 2.18
Discontinued operations —                0.01           —           0.06
Total Earnings Per      $   0.43         $  0.50        $ 2.35      $ 2.24
Share (Diluted)
Weighted Average Common
Shares Outstanding
(Millions)
Basic                   229.5            230.9          230.2       232.6
Diluted                 231.9            233.6          232.8       235.4
Dividends Per Share of  $   0.30         $  0.26        $ 1.20      $ 1.04
Common Stock

 

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
                                             December 31
                                             2012         2011
                                             (Millions of Dollars)
Assets
Property, Plant and Equipment, Net           $ 10,572.2   $ 10,160.4
Investments
Equity investment in transmission affiliate  378.3        349.7
Other                                        35.5         43.6
Total Investments                            413.8        393.3
Current Assets
Cash and cash equivalents                    35.6         14.1
Restricted cash                              2.7          45.5
Accounts receivable, net                     285.3        349.4
Income taxes receivable                      98.1         155.1
Accrued revenues                             278.1        252.7
Materials, supplies and inventories          360.7        382.0
Prepayments                                  145.5        140.3
Other                                        107.9        87.1
Total Current Assets                         1,313.9      1,426.2
Deferred Charges and Other Assets
Regulatory assets                            1,339.0      1,238.7
Goodwill                                     441.9        441.9
Other                                        204.2        201.6
Total Deferred Charges and Other Assets      1,985.1      1,882.2
Total Assets                                 $ 14,285.0   $ 13,862.1
Capitalization and Liabilities
Capitalization
Common equity                                $ 4,135.1    $ 3,963.3
Preferred stock of subsidiary                30.4         30.4
Long-term debt                               4,453.8      4,614.3
Total Capitalization                         8,619.3      8,608.0
Current Liabilities
Long-term debt due currently                 412.1        32.6
Short-term debt                              394.6        669.9
Accounts payable                             368.4        325.7
Accrued payroll and benefits                 100.9        105.9
Other                                        167.3        230.4
Total Current Liabilities                    1,443.3      1,364.5
Deferred Credits and Other Liabilities
Regulatory liabilities                       866.5        902.0
Deferred income taxes - long-term            2,117.0      1,696.1
Deferred revenue, net                        709.7        754.5
Pension and other benefit obligations        244.0        222.7
Other                                        285.2        314.3
Total Deferred Credits and Other Liabilities 4,222.4      3,889.6
Total Capitalization and Liabilities         $ 14,285.0   $ 13,862.1

WISCONSIN ENERGY CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                                      Year Ended December 31
                                                      2012          2011
                                                      (Millions of Dollars)
Operating Activities
Net income                                            $  546.3      $ 526.2
Reconciliation to cash
Depreciation and amortization                         371.7         336.4
Regulatory amortization in O&M                        60.0          208.0
Contributions to qualified benefit plans              (100.0)       (277.4)
Deferred income taxes and investment tax credits, net 352.2         430.6
Working capital and other                             (56.3)        (230.4)
Cash Provided by Operating Activities                 1,173.9       993.4
Investing Activities
Capital expenditures                                  (707.0)       (830.8)
Investment in transmission affiliate                  (15.7)        (6.6)
Proceeds from asset sales                             8.7           41.5
Change in restricted cash                             42.8          (37.2)
Other, net                                            (58.4)        (59.4)
Cash Used in Investing Activities                     (729.6)       (892.5)
Financing Activities
Common stock issued (repurchased), net                (103.4)       (139.5)
Dividends paid on common stock                        (276.3)       (242.0)
Change in debt, net                                   (43.8)        265.4
Other, net                                            0.7           4.8
Cash Used in Financing Activities                     (422.8)       (111.3)
Change in Cash                                        21.5          (10.4)
Cash at Beginning of Year                             14.1          24.5
Cash at End of Year                                   $  35.6       $ 14.1

 

SOURCE Wisconsin Energy Corporation

Website: http://www.wisconsinenergy.com
Contact: Brian Manthey (news media), +1-414-221-4444,
brian.manthey@we-energies.com, or Colleen F. Henderson, CFA (analysts),
+1-414-221-2592, colleen.henderson@wisconsinenergy.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement