Warmer-than-normal weather during the quarter weighed on customers’ need for electricity to keep themselves warm during the colder months.
WEC Energy’s net income fell to $507.5 million for the three months ended March 31 from $565.9 million a year earlier.
However, peers Southern Co (SO.N) and DTE Energy Co (DTE.N), which reported first-quarter results last week, managed to beat profit estimates on higher prices and lower costs.
While WEC Energy experienced “one of the mildest winters in history”, it expects the weather to assume its normal course for the rest of the year.
The company reaffirmed its full-year earnings forecast of $4.58 per share to $4.62 per share.
WEC Energy, which serves 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota, reported revenue of $2.89 billion, down $20.0 million from a year earlier.
Analysts on average estimated the revenue at $2.86 billion, according to Refinitiv data.
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