WEC Energy Group (WEC - Free Report) is a diversified holding company, engaged in the generation and distribution of electricity in southeastern, east central and northern Wisconsin, as well as in the upper peninsula of Michigan. The company provides electricity and natural gas to 4.4 million customers across four states through its customer facing brands.
The company is currently focusing on upgrading its aging distribution systems, strengthening existing infrastructure and converting coal-fired units to natural gas-based facilities.
Post completion of the acquisition of the acquisition of Integrys Energy, the company has a 60.3% ownership interest in ATC.
Estimate Trend & Surprise History
Investors should note that the third quarter Zacks Consensus Estimate for earnings of 60 cents per share has increased by 5.3% in the last 30 days.
Coming to the earnings surprise, WEC Energy Group has surpassed the Zacks Consensus Estimate in the last three out of four quarters, resulting in a positive average surprise of 3.47%.
Zacks Rank: Currently, WEC Energy Group has a Zacks Rank #2 (Buy) but that could change following the third quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: Wisconsin Energy’s earnings were ahead of the earnings estimate. Adjusted earnings per share came in at 69 cents, beating the Zacks Consensus Estimate of 60 cents by 15%.
Revenue: Revenues of $1,713 million marginally missed the Zacks Consensus Estimate of $1,719 million.
Key Stats to Note: At the end of third quarter 2016, Wisconsin Energy Group served around 38,000 more customers from the prior-year level.
Stock Price: It would be interesting to see how the market reacts to the positive earnings surprise during the trading session today.
Check back later for our full write up on this WEC earnings report later!
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