WASHINGTON (dpa-AFX) - Wisconsin Energy Corp. (WEC) Tuesday reported higher earnings for the first quarter on the back of a revenue growth, which the firm largely attributed to cold winter temperatures during the period compared to warmer than normal conditions last year. Earnings per share were higher than analyst estimates. The company further backed its earnings guidance for 2013.
For the quarter, the company posted net earnings of $176.6 million, up from $172.1 million last year. On a per share basis earnings were $0.76 versus $0.74 a year earlier.
Eleven analysts, on average, polled by Thomson Reuters estimated earnings per share of $0.71 for the quarter. Analyst estimates typically exclude one-time items.
Operating revenue for the three months was $1.275 billion, up from $1.191 billion last year. Consensus estimate for revenue was $1.26 billion for the quarter.
Looking forward, the firm said it still sees earnings per share in the range of $2.38 to $2.48 for the calendar year 2013. Analysts are currently looking for earnings per share of $2.43 for the period.
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