Integrys reports lower earnings for quarter, year

CHICAGO – Integrys Energy Group, parent company of Wisconsin Public Service Corp., reported lower quarterly and full-year earnings.

The utility holding company said the sale of Integrys Energy Services Inc., higher construction costs for The Peoples Gas Light and Coke Co. in Chicago and lower electric utility revenue resulted in decreased earnings.

For the quarter, adjusted earnings were $66.2 million, or 82 cents per share, down from $73.4 million, or 91 cents per share, the year before. Adjusted earnings for the year were $241.1 million, or $2.99 per share, compared with 2013 earnings of $264.5 million, or $3.30 per share.

Integrys agreed to be acquired by Wisconsin Energy Corp. of Milwaukee in a $9.1 billion deal which the utilities hope to complete by mid-year. The case is before the state Public Service Commission and requires approval from regulators in Illinois, Minnesota and Michigan as well.

Integrys Energy Group owns Wisconsin Public Service Corp. of Green Bay and natural gas distribution companies in Illinois, Minnesota and Michigan. It owns 34 percent of American Transmission Co.