By The Business Journal of Milwaukee

Wisconsin Energy Corp. said Thursday that increased demand for electricity across all customer groups in the second quarter drove net income from continuing operations to $87.5 million, or 74 cents a share, up from $63 million, or 53 cents a share, for the second quarter of 2009.

The Milwaukee owner of branded power utility We Energies said its second-quarter performance was aided by a ⿿return to normal weather⿝ as well as additional income from its Power the Future plan, driven by its $1.2 billion investment in its Oak Creek generating unit.

Second-quarter revenue for Wisconsin Energy (NYSE: WEC) was $891 million, up from $836 million for the same period a year ago.

For the first six months of 2010, the companyâ¿¿s net income from continuing operations was $216.5 million, or $1.83 per share, compared with $204.4 million, or $1.73 per share, for the first six months of 2009.

Continuing results exclude the operations of Edison Sault Electric Co., which was sold in May and is reported as discontinued operations.

⿿We⿿re clearly seeing growth in the region, and over the past three months, stronger economic activity has been evident across virtually every sector of our customer base,⿝ said Gale Klappa, Wisconsin Energy⿿s chairman, president and CEO.

Klappa said the companyâ¿¿s revised guidance for 2010 is in the range of $3.70 to $3.75 per share from continuing operations.

Copyright 2010 American City Business Journals
Copyright 2010