US-based power and natural gas utility Wisconsin Energy has reported a net income of $100.4 million, or $0.85 per share, for the fourth quarter of 2008, compared to $94.3 million, or $0.80 per share, for the same quarter of 2007.
For the fourth quarter of 2008, the company has reported revenues of $1.2 billion, compared to $1.15 billion for the same period of 2007.
The company has reported a net income of $359.1 million, or $3.03 per share, for the full year 2008, compared to $335.6 million, or $2.84 per share, for the full year 2007.
Wisconsin Energy’s 2008 earnings from continuing operations totaled $359 million or $3.03 per share. In 2007, earnings from continuing operations were $336 million or $2.84 per share.
The company’s retail sales of electricity in 2008 decreased by 2.2 percent as compared with the previous year. Use of electricity by residential customers was down by 1.6 percent in 2008 – in large part because of cool summer weather. Commercial and industrial electric sales declined by 2.5 percent as compared with the prior year — a reflection of the slowdown in the economy.
Gale Klappa, chairman, president and CEO of Wisconsin Energy, said: “I am pleased with our overall performance. From customer satisfaction to network reliability to progress on our Power the Future plan, the company made strides during the year.”
