WASHINGTON (dpa-AFX) - Wisconsin Energy (WEC) posted first quarter profit of $172.1 million or $.74 per share versus $170.9 million or $0.72 per share a year ago.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share. Analysts' estimates typically exclude special items.
Operating Revenues were $1.19 billion, down from $1.33 billion in the prior-year quarter. Analysts expected revenues of $1.28 billion.
The company noted that the warmest first quarter in at least 122 years led to a sharp decline in customer demand for natural gas and lower revenues than the company recorded in the first quarter of 2011.
The impact of unusually warm winter temperatures was offset by stronger recovery of fuel costs for power generation, lower operation and maintenance costs, and the impact of the company's share repurchase program.
'We're pleased with our first quarter results, considering that residential demand for natural gas was down by nearly 24 percent as compared to last year,' said Gale Klappa, chairman, president and chief executive officer.
'The economy across the region continues to strengthen with iron ore mining, heavy equipment manufacturing, and the producers of rubber and plastic products showing gains,' he added.
Further, the company is reaffirming its earnings guidance for calendar year 2012 in the range of $2.24 to $2.29 a share. Analysts expect earnings of $2.27 per share.
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