WEC Energy Group, Inc. (WEC) has reported 8.23 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $194.70 million, or $0.61 a share in the quarter, compared with $179.90 million, or $0.57 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $194.40 million, or $0.61 a share compared with $197.80 million or $0.62 a share, a year ago. Revenue during the quarter grew 6.21 percent to $1,963 million from $1,848.30 million in the previous year period. Total expenses were 81.57 percent of quarterly revenues, up from 79.43 percent for the same period last year. That has resulted in a contraction of 214 basis points in operating margin to 18.43 percent.
Operating income for the quarter was $361.70 million, compared with $380.20 million in the previous year period.
"Our 2016 results reflect the positive impact from the Integrys acquisition," said Allen Leverett, president and chief executive officer. "Along with contributing to our strong financial performance, our employees helped lead the way as the company achieved successes in customer satisfaction, safety and network reliability."
Operating cash flow improves significantlyWEC Energy Group, Inc. has generated cash of $2,103.50 million from operating activities during the year, up 62.61 percent or $809.90 million, when compared with the last year. The company has spent $1,270.10 million cash to meet investing activities during the year as against cash outgo of $2,517.50 million in the last year. It has incurred net capital expenditure of $1,257.40 million on net basis during the year, up 1.62 percent or $20.10 million from year ago.
The company has spent $845.70 million cash to carry out financing activities during the year as against cash inflow of $1,211.80 million in the last year period.
Cash and cash equivalents stood at $37.50 million as on Dec. 31, 2016, down 24.70 percent or $12.30 million from $49.80 million on Dec. 31, 2015.
Working capital remains negative
Working capital of WEC Energy Group, Inc. was negative $262.90 million on Dec. 31, 2016 compared with negative $502.20 million on Dec. 31, 2015. Current ratio was at 0.89 as on Dec. 31, 2016, up from 0.81 on Dec. 31, 2015.
Debt comes down marginally
WEC Energy Group, Inc. has recorded a decline in total debt over the last one year. It stood at $10,175.60 million as on Dec. 31, 2016, down 1.94 percent or $201.20 million from $10,376.80 million on Dec. 31, 2015. Total debt was 33.78 percent of total assets as on Dec. 31, 2016, compared with 35.35 percent on Dec. 31, 2015. Debt to equity ratio was at 1.14 as on Dec. 31, 2016, down from 1.19 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 3.53 for the quarter from 3.55 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
