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Integrys earnings down in fourth quarter

7:24 PM, Mar. 1, 2013  |  Comments
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Integrys Energy Group, parent company of Wisconsin Public Service Corp., reported net earnings of $70.2 million, or 89 cents per share, in the fourth quarter of 2012.

That compares with net earnings of $79.5 million, or $1 per share in the final quarter of 2011.

For the full year, Integrys earned $258.4 million, or $3.26 per share, compared to $227.4 million, or $3.34 per share, in 2011.

The company said lower 2012 fourth-quarter earnings were because of lower wholesale profits at Integrys Energy Services, De Pere, and fuel cost adjustments at Wisconsin Public Service Corp. Those were partially offset by rate increases for natural gas. Weather was not a factor in the quarterly earnings.

"Our nonregulated business was challenged by continued market pressure," said Charlie Schrock, chairman, president and CEO. "All of our businesses established the groundwork for future growth with the pending Fox Energy Center acquisition, progress on our pipeline replacement program in Chicago, and the addition of more than a million new electric customers through the addition of 46 Illinois aggregation municipalities."

Integrys Energy Group is a diversified energy holding company with regulated natural gas and electric utility operations (serving customers in Illinois, Michigan, Minnesota and Wisconsin), an approximately 34-percent equity ownership interest in American Transmission Company and nonregulated energy operations.

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