Utility WEC Energy beats Q3 profit estimates on higher residential power demand
Oct 31 (Reuters) -WEC Energy WEC.N beat third-quarter profit estimates on Thursday, as the utility firm benefited from an increase in residential power usage during summer months and lower operational costs.
The company provides electricity and gas to nearly 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota.
Hotter-than-usual temperatures in its service areas drove up the usage of cooling appliances such as air conditioners and refrigerators, benefiting utilities such as WEC Energy.
Residential power use rose 1.3% during the quarter and electricity consumption by small commercial and industrial customers rose 1% over the year earlier.
Cost of sales fell 11% to $520.8 million in the third quarter, while total operating expenses were marginally down.
On an adjusted basis, the company earned 82 cents per share for the quarter ended Sept. 30, topping analysts' average estimate of 70 cents per share, according to data compiled by LSEG.
The utility reaffirmed its full-year adjusted profit forecast of $4.80 to $4.90 per share. Analysts were expecting $4.86 per share.
Reporting by Pooja Menon; Editing by Shilpi Majumdar
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