MILWAUKEE (WTAQ) - The owner of Wisconsin’s largest electric utility had a 13 percent drop in its net income during the final quarter of last year.
Wisconsin Energy, the parent firm of We Energies, reported a net income of almost $99 million from October through December. That was down from $114 million at the same time a year ago.
Earnings dropped from 49 cents a share to 43. Utility sales were down by almost 4 percent, to just over $1 billion.
Still, Wisconsin Energy made a profit for the full year – due mainly to hot summer weather and lower operating and maintenance costs.
Profits for 2012 jumped by 6.5 percent, to $546 million. The net gain for stockholders during the year was 18 cents a share.
We Energies froze its electric rates for all of last year. They went up at the start of January.