Electric sales were up slightly – driven in part by customer growth. The company also benefited from effective cost controls and favorable recovery of fuel costs.
Residential use of electricity grew by 1 percent in this year’s third quarter. Usage by residential customers was up 3.6 percent in the first nine months of 2007.
Consumption of electricity by small commercial and industrial customers was up 1.6 percent and 2.9 percent, respectively, in the third quarter and first nine months of 2007.
Electricity use by large commercial and industrial customers was up 2 percent in the third quarter and relatively even compared to the first nine months of 2006.
Third quarter 2007 revenues from continuing operations were $882 million. In the corresponding period last year, revenues from continuing operations were $840 million.
“We posted solid financial results in the first nine months of this year,” said Gale Klappa, Wisconsin Energy’s chairman, president and chief executive officer. “And our focus remains on delivering value with high levels of customer satisfaction and world-class reliability at competitive prices.”
Earnings per share listed in this news release are on a fully diluted basis.
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Conference Call
A conference call is scheduled for 1 p.m. Central time on Tuesday, Oct. 30, 2007. The presentation will review 2007 third quarter earnings and discuss the company’s outlook for the future.
All interested parties, including stockholders, the news media and the general public, are invited to listen to the presentation. The conference call may be accessed by dialing 800-289-0528 up to 15 minutes before the call begins. International callers may dial 913-312-1264. The confirmation code is 2491038. Access also may be gained through the company’s Web site (www.wisconsinenergy.com) by clicking on the icon for the “Third Quarter Earnings Release and Conference Call” and selecting “webcast audio.” In conjunction with this earnings announcement, Wisconsin Energy will post on its Web site a package of detailed financial information on its third quarter performance. The materials will be available at 7:30 a.m. Central time on Oct. 30. An archive of the presentation will be available on the Web site after the call. A replay of the audio presentation will be available through Nov. 6, 2007. Domestic callers should dial 888-203-1112. International callers should dial 719-457-0820. The replay confirmation code is 2491038.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan’s Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company’s principal utilities are We Energies and
Wisconsin Energy Corporation (www.wisconsinenergy.com) has more than $11 billion of assets, 5,000 employees and approximately 52,000 stockholders of record.
