WEC Energy Group Inc. (WEC) has reported a 3 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $356.90 million, or $1.12 a share in the quarter, compared with $346.50 million, or $1.09 a share for the same period last year. Revenue during the quarter grew 5 percent to $2,304.50 million from $2,194.80 million in the previous year period. Gross margin for the quarter contracted 262 basis points over the previous year period to 59.16 percent. Total expenses were 73.21 percent of quarterly revenues, up from 73.15 percent for the same period last year. That has resulted in a contraction of 6 basis points in operating margin to 26.79 percent.
Operating income for the quarter was $617.30 million, compared with $589.30 million in the previous year period.
"Our continued focus on financial discipline and operating efficiencies contributed to a solid first quarter," said Allen Leverett, chief executive officer.
Operating cash flow improves marginally
WEC Energy Group Inc. has generated cash of $714.60 million from operating activities during the quarter, up 2.69 percent or $18.70 million, when compared with the last year period. The company has spent $325.60 million cash to meet investing activities during the quarter as against cash outgo of $188.40 million in the last year period. It has incurred capital expenditure of $316.60 million on net basis during the quarter, up 54.06 percent or $111.10 million from year ago period.
The company has spent $380.80 million cash to carry out financing activities during the quarter as against cash outgo of $522.60 million in the last year period.
Cash and cash equivalents stood at $45.70 million as on Mar. 31, 2017, up 31.70 percent or $11 million from $34.70 million on Mar. 31, 2016.
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