Wec Energy Group, Inc. · NYSE:WEC
Wec Energy — Wisconsin Energy — Q1 2014 Earnings Presentation
11 slides from Wec Energy's earnings presentation, Apr 30, 2014
Slide 1: Wisconsin Energy Corporation 2014 First Quarter Earnings
Wisconsin Energy Corporation 2014 First Quarter Earnings Released April 30, 2014 Contents Pages Press Release 1 Income Statements 3 Balance Sheets 4 Statements of Cash Flows 5 Factors Affecting 1st Qtr 6 1st Qtr Revenues and Sales 7 Normalized Retail Electric Sales 8 Cash Flow Information 9 Credit R
Slide 2: Wisconsin Energy posts 2014 first quarter results
From: Brian Manthey (news media) 414-221-4444 brian.manthey@we-energies.com Colleen F. Henderson, CFA (analysts) 414-221-2592 colleen.henderson@wisconsinenergy.com April 30, 2014 Wisconsin Energy posts 2014 first quarter results MILWAUKEE - Wisconsin Energy (NYSE: WEC) today reported net income of $
Slide 3: Press release continued: conference call and company description
On a weather-normalized basis, retail consumption of electricity - excluding the iron ore mines - increased by 1.7 percent. At the end of March, the company was serving approximately 3,200 more electric customers and 6,200 more natural gas customers than a year ago. Earnings per share listed in this
Slide 4: Consolidated Condensed Income Statements (Unaudited)
WISCONSIN ENERGY CORPORATION CONSOLIDATED CONDENSED INCOME STATEMENTS (Unaudited) Three Months Ended March 31 2014 2013 (Millions of Dollars, Except Per Share Amounts) Operating Revenues $ 1,695.0 $ 1,275.2 Operating Expenses Fuel and purchased power 318.6 271.0 Cost of gas sold 591.5 270.1 Other op
Slide 5: Consolidated Condensed Balance Sheets (Unaudited)
WISCONSIN ENERGY CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) March 31, 2014 December 31, 2013 (Millions of Dollars) Assets Property, Plant and Equipment, Net $ 10,941.7 $ 10,906.6 Investments Equity investment in transmission affiliate 409.6 402.7 Other 35.8 36.1 Total Investments
Slide 6: Consolidated Condensed Statements of Cash Flows (Unaudited)
WISCONSIN ENERGY CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31 2014 2013 (Millions of Dollars) Operating Activities Net income $ 207.6 $ 176.6 Reconciliation to cash Depreciation and amortization 103.7 98.2 Deferred income taxes and investment ta
Slide 7: First Quarter 2014 and 2013 Results - Factors Affecting Earnings
Wisconsin Energy Corporation First Quarter 2014 and 2013 Results - Factors Affecting Earnings All Values in Millions Except Earnings per Share 2014 2013 B(W) Operating Income by Segment Significant Factors Utility Energy $ 292.7 $ 230.6 $ 62.1 Weather 32.6 Accounting for Treasury Grant 14.2 O&M 13.0
Slide 8: First Quarter 2014 and 2013 Revenues and Sales
Wisconsin Energy Corporation First Quarter 2014 and 2013 Revenues and Sales Consolidated Revenues - $ Millions 2014 2013 Change Utility Electric $ 885.8 $ 812.3 $ 73.5 Utility Gas 778.0 434.0 344.0 Other 31.2 28.9 2.3 Total Revenues $ 1,695.0 $ 1,275.2 $ 419.8 Weather -- Degree Days (a) Heating (3,2
Slide 9: Normalized Retail Electric Sales
Wisconsin Energy Corporation Normalized Retail Electric Sales (a) Delivery Sales First Quarter Annual (b) 2014 2014 2014 Actual Normalized Budget vs. 2013 vs. 2013 vs. 2013 Actual Normalized Normalized Residential 5.8 % 1.7 % 0.4 % Small Commercial/Industrial 3.8 % 1.8 % 0.3 % Large Commercial/Indus
Slide 10: Cash Flow Information
Wisconsin Energy Corporation Cash Flow Information Three Months Ended March 31, 2014 and 2013 All Values in Millions 2014 2013 EBIT and EBITDA Net Income $ 207.6 $ 176.6 Income Taxes 130.3 100.4 Interest 62.3 65.0 EBIT 400.2 342.0 Depreciation and Amortization 103.7 98.2 EBITDA $ 503.9 $ 440.2 Funds
Slide 11: Credit Ratings
Credit Ratings* S&P Moody's Fitch Wisconsin Energy Corporation Commercial Paper A-2 P-1 F2 Unsecured Senior Debt BBB+ A2 A- Unsecured Junior Notes BBB A3 BBB Wisconsin Electric Commercial Paper A-2 P-1 F1 Unsecured Senior Debt A- A1 A+ Wisconsin Gas Commercial Paper A-1 P-1 F1 Unsecured Senior Debt