WEC Energy Group, Inc. (NYSE:WEC) Q3 2019 Earnings Conference Call - Final Transcript
Nov 06, 2019 • 02:00 pm ET
Good afternoon and welcome to WEC Energy Group's conference call for third quarter 2019 results. This call is being recorded for rebroadcast, and all participants are in a listen-only mode at this time. Before the conference call begins, I remind you that all statements in the presentation, other than historical facts, are forward-looking statements that involve risks and uncertainties that are subject to change at any time.
Such statements are based on management's expectations at the time they are made. In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group's latest Form 10-K and subsequent reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those contemplated.
During the discussions referenced, earnings per share will be based on diluted earnings per share, unless otherwise noted. After the presentation, the conference will be open to analysts for questions and answers. In conjunction with this call, a package of detailed financial information is posted at WECEnergyGroup.com. A replay will be available approximately two hours after the conclusion of this call. And now it's my pleasure to introduce Gale Klappa, Executive Chairman of WEC Energy Group.
Gale E. Klappa
Good afternoon everyone. Thank you for joining us today as we review our third quarter 2019 results. First, as always, I'd like to introduce the members of our management team who are here with me today. We have Kevin Fletcher, President and CEO; Scott Lauber, our Chief Financial Officer; Bill Guc, Controller; Peggy Kelsey, Executive Vice President and General Counsel, and Beth Straka, Senior Vice President of Corporate Communications and Investor Relations.
I'm also pleased to introduce Tony Reese, our new treasurer. Tony joined our Finance Group back in 2006 and most recently he served as the Controller for our Illinois Utilities. Welcome, Tony.
Gale E. Klappa
Now as you saw from our news release this morning, we reported third quarter earnings of $0.74 a share. During the quarter, we continued our focus on financial discipline and operating efficiency. That focus which is embedded deeply in our culture helped us deliver solid results, despite severe July storms that caused extensive damage to our system.
Rebuild, repair and recovery from nine tornadoes and 120-mile an hour straight line winds resulted in a drag of $0.03 a share for the quarter. Also during the summer quarter, temperatures were slightly above normal but milder than the third quarter last year. So, when you shake it up and put it all together, we're pleased with the consistency of the company's financial and operating performance.
Scott will provide you with more details on the quarter in just a few minutes, but first, let's take a quick look at the economic conditions here in Wisconsin. Unemployment remains at or near record lows in the state and we continue to see positive news on the economic development front as well. For example, Foxconn announced plans to begin construction on its high-performance computing center later this year as it builds