WASHINGTON (dpa-AFX) - (Updates Outlook)
WEC Energy Group (WEC) announced a profit for its first quarter that increased from the same period last year and beat the Street estimates.
The company's earnings came in at $565.9 million, or $1.79 per share. This compares with $510.1 million, or $1.61 per share, in last year's first quarter.
Analysts on average had expected the company to earn $1.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 8.2% to $2.91 billion from $2.69 billion last year.
Outlook:
WEC Energy raised its full-year earnings outlook on the back of strong first-quarter performance.
The company now sees earnings to be at the top end of the range $4.34-$4.38 per share for the year, up from prior guidance of $4.29 to $4.33 per share.
On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $4.3 per share for the year.
WEC Energy Group earnings at a glance (GAAP) :
-Earnings (Q1): $565.9 Mln. vs. $510.1 Mln. last year. -EPS (Q1): $1.79 vs. $1.61 last year. -Analyst Estimate: $1.67 -Revenue (Q1): $2.91 Bln vs. $2.69 Bln last year.
-Guidance: Full year EPS guidance: $4.34 to $4.38
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