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WEC Energy delivers mixed first quarter, reaffirms FY24 guidance

EditorRachael Rajan
Published 05/01/2024, 09:00 AM
© Reuters.

MILWAUKEE - WEC Energy Group (NYSE:WEC) announced its first quarter financial results, surpassing analyst expectations for adjusted earnings per share (EPS) but falling short on revenue. The company reported a Q1 EPS of $1.97, which was $0.06 higher than the analyst estimate of $1.91. However, revenue for the quarter was $2.68 billion, missing the consensus estimate of $2.93 billion.

Compared to the same quarter last year, WEC Energy's net income increased from $507.5 million, or $1.61 per share, to $622.3 million, or $1.97 per share. Despite this increase in net income, the company's consolidated revenues saw a decrease of $207.9 million from the first quarter a year ago.

Gale Klappa, executive chairman of WEC Energy, attributed the financial discipline, operating efficiency, and customer satisfaction as key factors during what he described as "the warmest winter in Wisconsin history." He expressed confidence in delivering another year of strong results, in line with the company's guidance for 2024.

The company also reaffirmed its full-year 2024 earnings guidance, projecting an EPS range of $4.80 to $4.90, assuming normal weather for the remainder of the year. This guidance aligns with the company's focus on maintaining financial discipline and operational efficiency.

WEC Energy's natural gas deliveries in Wisconsin, excluding those used for power generation, fell by 5.8 percent compared to the first quarter of 2023. Retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula, decreased by 0.3 percent from the first quarter of the previous year. While electricity consumption by small commercial and industrial customers increased slightly by 0.7 percent, usage by large commercial and industrial customers, excluding the iron ore mine, declined by 0.7 percent. Residential electricity use also saw a decline of 1.1 percent.

The company's principal utilities serve 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota, and it remains one of the nation's leading energy companies. Despite the mixed results in the first quarter, WEC Energy Group's commitment to its financial and operational goals suggests a stable outlook for the remainder of the year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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