WEC Energy Group (WEC) announced an increase in profits for its first quarter compared to the same time last year, outdoing estimations from the Street.
The company reported earnings of $622.3 million, or $1.97 per share, representing a rise from last year's first quarter earnings of $507.5 million, or $1.61 per share.
On average, analysts projected the company's profit to hit $1.92 per share, according to data compiled by Thomson Reuters. It should be noted that these estimates usually exclude any special items.
However, the company experienced a 7.3% decrease in revenue for the quarter, falling to $2.68 billion from last year's $2.89 billion.
To provide a snapshot of WEC Energy Group's earnings calculated under GAAP:
- First-quarter Earnings: $622.3 million, up from $507.5 million last year
- First-quarter EPS: $1.97, increased from $1.61 last year
- First-quarter Revenue: $2.68 billion, down from $2.89 billion last year
As for the full year, the EPS guidance is anticipated to be between $4.80 and $4.90.
