Oct. 29--Wisconsin Energy (WEC) reported on Thursday that net income dropped 23% in the third quarter.

Net income was $59 million or 50 cents a share, compared with net income of $77 million or 64 cents a share in the previous period last year.

Through nine months, net income was $264 million, or $2.24 a share, compared with $258 million or $2.18 a share.

Gale Klappa, Wisconsin Energy's chairman, president and CEO, said the third-quarter results reflected the impact of a cool summer and the recession, especially among manufacturing customers.

"Despite these factors, we posted solid financial results in the first nine months of the year through effective cost reductions and productivity gains," Klappa said.

Klappa said the company's earnings guidance for the year remains in the range of $3.05 to $3.15 a share.

Wisconsin Energy, based in Milwaukee, operates WE Energies and Edison Sault Electric. The company also operates We Power, a subsidiary, which designs, builds and owns electric generating plants.

The utility serves more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin.

The company said total sales of electricity declined by nearly 14.2% in the third quarter, driven in part by the cool summer and minimal demand for air conditioning.

Third quarter revenues were $822 million. That compares with revenue of $852 for the comparable period last year.

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