WEC Energy Group (WEC - Free Report) reported second-quarter 2018 adjusted earnings of 73 cents, beating the Zacks Consensus Estimate of 66 cents by 10.6%. Earnings also improved from the year-ago 63 cents by 15.8%. Earnings benefited from effective cost control, stronger natural gas sales and favorable economic conditions, which drove demand for energy from industrial customers.
WEC Energy’s total revenues amounted to $1,672.5 million, beating the Zacks Consensus Estimate of $1,610 million by 4%. Reported revenues were up 2.5% from $1,631.5 million in the year-ago quarter.
Highlights of the Release
Residential consumption of electricity in the reported quarter was up 4.5% year over year. Electricity utilized by small commercial and industrial customers also rose 3.4% year over year. Electricity used by large commercial and industrial customers, excluding iron ore mines, improved 1.1%.
WEC Energy's utilities contributed to the customer base in the reported quarter. At the end of June 2018, the company had an additional 10,000 electric and 15,000 natural gas customers compared with the year-ago level.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise