FX.co ★ WEC Energy Group Q1 Income Rises, Beats estimates

WEC Energy Group (WEC) announced an increase in profits for its first quarter compared to the same time last year, outdoing estimations from the Street.

The company reported earnings of $622.3 million, or $1.97 per share, representing a rise from last year's first quarter earnings of $507.5 million, or $1.61 per share.

On average, analysts projected the company's profit to hit $1.92 per share, according to data compiled by Thomson Reuters. It should be noted that these estimates usually exclude any special items.

However, the company experienced a 7.3% decrease in revenue for the quarter, falling to $2.68 billion from last year's $2.89 billion.

To provide a snapshot of WEC Energy Group's earnings calculated under GAAP:

- First-quarter Earnings: $622.3 million, up from $507.5 million last year

- First-quarter EPS: $1.97, increased from $1.61 last year

- First-quarter Revenue: $2.68 billion, down from $2.89 billion last year

As for the full year, the EPS guidance is anticipated to be between $4.80 and $4.90.