WEC Energy Group (WEC - Free Report) reported third-quarter 2018 adjusted earnings of 74 cents, beating the Zacks Consensus Estimate of 71 cents by 4.23%. Earnings improved from the year-ago 68 cents by 8.8% on economic strength, a warmer-than-normal summer and focus on efficiency.
Total revenues amounted to $1,643.7 million, missing the Zacks Consensus Estimate of $1,651 million by 0.4%. Reported revenues were down 0.8% from $1,657.5 million a year ago.
Highlights of the Release
Residential use of electricity in the reported quarter rose 10.2% year over year. Electricity consumption by small commercial and industrial customers increased 5.1%. Electricity used by large commercial and industrial customers, excluding iron ore mines, climbed 3.0%.
WEC Energy's utilities contributed to the customer base in the reported quarter. At the end of September 2018, the company had an additional 11,000 electric and 15,000 natural gas customers compared with the year-ago level.
As of Sep 30, 2018, WEC Energy had cash and cash equivalents of $14.5 million compared with $38.9 million as of Dec 31, 2017.
As of Sep 30, 2018, the company’s long-term debt of $9.1 billion showed a rise of almost 4.3% from the 2017-end level.
The company’s net cash provided by operating activities at the end of the first nine months of 2018 was $2 billion compared with $1.7 billion in the year-ago period.
Capital expenditure at the end of the first nine month of 2018 was $1.5 billion, higher than $1.3 billion in the year-ago period.
The company reaffirmed the 2018 earnings per share guidance at $3.32.
WEC Energy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) posted third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%.
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%.
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