Wisconsin Energy 1Q profit rise on higher heat demand

MILWAUKEE—Electric and natural gas utility Wisconsin Energy Corp. on Tuesday said its first-quarter profit jumped 22 percent, as especially cold winter weather boosted heating demand.

For the quarter ended March 31, Wisconsin Energy earned $123.2 million, or $1.04 per share, compared with $100.9 million, or 85 cents per share, for the same quarter in 2007.

The prior-year period included a loss of $200,000 in discontinued operations.

Revenue rose 10 percent to $1.43 billion from $1.3 billion in the 2007 period.

The results came in well ahead of Wall Street predictions. Analysts polled by Thomson Financial expected a profit of 85 cents per share on $1.27 billion in revenue.

Wisconsin Energy said a cold, snowy winter drove electric and natural gas usage higher across Wisconsin and the Upper Peninsula of Michigan.

Total retail sales of electricity rose 2 percent.

Consumption of electricity by residential customers increased 2.8 percent, while electricity use by large commercial customers grew 2.1 percent and usage by small commercial customers rose 1.3 percent.

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