For the three months ended September 30, 2024, Wisconsin Electric Power Company reported operating revenues of $1,079.3 million, a decrease from $1,103.1 million in the same period of 2023. Despite the decline in revenue, total operating expenses also fell to $758.0 million from $792.2 million, resulting in an increase in operating income to $321.3 million, up from $310.9 million year-over-year. Net income for the quarter rose to $169.7 million, compared to $163.8 million in the prior year, with net income attributed to common shareholders increasing to $169.4 million from $163.5 million.
For the nine months ended September 30, 2024, the company reported operating revenues of $3,020.1 million, down from $3,095.3 million in 2023. Operating expenses for this period decreased to $2,210.8 million from $2,282.9 million, leading to a slight decline in operating income to $809.3 million, compared to $812.4 million in the previous year. Net income for the nine-month period was $389.6 million, down from $397.7 million in 2023, with net income attributed to common shareholders decreasing to $388.7 million from $396.8 million.
As of September 30, 2024, Wisconsin Electric Power Company reported cash and cash equivalents of $253.4 million, a significant increase from $6.1 million at the end of 2023. Total assets rose to $16,847.2 million, compared to $15,841.4 million at December 31, 2023. Common shareholders' equity also increased to $5,262.3 million from $5,053.1 million during the same period.
In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $1,004.1 million, up from $809.0 million in 2023. However, net cash used in investing activities increased to $(1,081.8) million from $(873.9) million in the previous year. Conversely, net cash provided by financing activities saw a substantial rise to $327.2 million, compared to $28.2 million in 2023.
About WISCONSIN ELECTRIC POWER CO
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