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Wisconsin Energy Earnings Fall

They top estimates.

Wisconsin Energy

(WEC) - Get WEC Energy Group Inc Report

said fourth-quarter earnings fell 2% from a year ago but beat estimates.

The energy major earned $91 million, or 77 cents a share, from continuing operations, compared with $84.5 million, or 71 cents a share, a year ago. On that basis, analysts polled by Thomson First Call were expecting earnings of $88.65 million, or 71 cents a share.

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Fourth-quarter revenue rose 20%, to $1.13 billion. Analysts were estimating revenue of $992 million for the quarter.

Contining earnings rose mainly due to higher revenue, which were driven by electricity demand. Profits in the most recent quarter were hit by cost of a nuclear refueling outage. The company's new gas-fired generating facility at Port Washington contributed to the fourth-quarter revenue.

"Despite unprecedented volatility in the fuel markets, we delivered higher customer satisfaction and solid financial results. We also made significant progress on our Power the Future plan, bringing our first natural gas unit at Port Washington on line in July and starting construction on two major new coal units at our site in Oak Creek.", the company said.

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