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Wednesday, October 29, 2008

Lower demand lowers Wisconsin Energy profits

From an Associated Press article posted on INO.com News:

(AP:MILWAUKEE) Electric and natural gas utility Wisconsin Energy Corp. said Wednesday its third-quarter profit fell 7 percent as cool summer weather lowered demand for air conditioning.

For the quarter ended Sept. 30, Wisconsin Energy earned $77.5 million, or 65 cents per share, compared with $82.9 million, or 70 cents per share, for the same quarter in 2007.

Earnings from continuing operations _ which excludes results from businesses that have been, or are in the process of being sold _ totaled $77 million, or 65 cents per share, compared with $83.1 million, or 71 cents per share, in the year-ago quarter.

Revenue declined 3 percent to $852.5 million from $881.5 million in the 2007 period.

On average, analysts polled by Thomson Reuters expected a more modest profit of 55 cents per share, on $892.8 million in revenue.

Wisconsin Energy said residential use of electricity fell 5 percent in the quarter from a year ago. Among small commercial and industrial customers, consumption was off by 1.4 percent, while use among large commercial and industrial customers was down 3.5 percent versus a year ago.

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