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WEC Energy (WEC) Tops Q1 Earnings & Revenue Estimates

WEC Energy Group, Inc. WEC is a diversified holding company and together with its subsidiaries it is engaged in the generation and distribution of electricity in southeastern, east central and northern Wisconsin, as well as in the upper peninsula of Michigan.

The company is currently focused on upgrading its aging distribution systems, strengthening existing infrastructure and converting coal-fired units to natural gas-based facilities.

The economic condition in WEC Energy’s service territories is improving at a steady pace, which has resulted in higher demand from residential as well as industrial and commercial customers. This gradual improvement of economic condition is expected to drive its future growth.

Estimate Trend & Surprise History

Investors should note that the first quarter Zacks Consensus Estimate for earnings of $1.02 per share has decreased by 4.7% in the last 90 days.

Coming to the earnings surprise, WEC Energy Group has surpassed the Zacks Consensus Estimate in three out of the last four quarters, resulting in a positive average surprise of 5.11%.

Zacks Rank: Currently, WEC Energy Group has a Zacks Rank#3 (Hold) but that could change following first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: WEC Energy’s earnings surpassed the earnings estimate. Adjusted earnings per share came in at $1.09, while the Zacks Consensus Estimate stands at $1.02.

Revenue: Revenues of $2,194.8 million beat the Zacks Consensus Estimate of $2,110 million by 4%

Key Stats to Note: At the end of March, WEC Energy served nearly 8,000 more electric customers and nearly 11,000 more natural gas customers compared to a year ago.

Stock Price: It would be interesting to see how the market reacts to the positive earnings surprise during the trading session today.

Check back later for our full write up on this WEC earnings report later!

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