WEC Energy Group Inc

Latest Results (17.12.2024):

Net Income

WEC Energy Group Inc. reported a net income of $240.1 million, or 76 cents per share, for the third quarter of 2024. This is a decrease compared to the net income of $316.0 million, or $1.00 per share, reported in the third quarter of 2023. The decrease in earnings includes a charge of 6 cents per share related to certain capital expenditures disallowed by the Illinois Commerce Commission.

Adjusted Earnings

Excluding the charge related to the disallowed capital expenditures, WEC Energy Group's adjusted earnings for the third quarter of 2024 were 82 cents per share. This represents a decrease of 18 cents per share compared to the adjusted earnings of the third quarter of 2023. The adjusted earnings provide a clearer picture of the company's operating performance by excluding non-recurring charges.

Revenue

For the first nine months of 2024, WEC Energy Group reported consolidated revenues of $6.3 billion. This marks a decrease of $359.8 million compared to the revenues for the same period in 2023. The decline in revenue reflects various factors impacting the company's financial performance over the year.

Electricity Sales

Retail deliveries of electricity, excluding the iron ore mine in Michigan’s Upper Peninsula, increased by 0.7 percent in the third quarter of 2024 compared to the same period last year. Notably, electricity consumption by small commercial and industrial customers rose by 1.0 percent, while residential electricity use increased by 1.3 percent. However, electricity use by large commercial and industrial customers saw a slight decline of 0.2 percent.

Earnings Guidance

WEC Energy Group has affirmed its 2024 earnings guidance range of $4.74 to $4.84 per share on a GAAP basis, and $4.80 to $4.90 per share on an adjusted basis. This guidance assumes normal weather conditions for the remainder of the year. The company remains focused on maintaining financial discipline and enhancing value for its customers and stockholders.