WEC Energy Group posts 2024 results
WEC Energy Group (NYSE: WEC) reported strong financial results for 2024, with GAAP net income reaching $1.5 billion ($4.83 per share), up from $1.3 billion ($4.22 per share) in 2023. Adjusted earnings, excluding ICC disallowance charges, increased 5.4% to $4.88 per share. Fourth quarter 2024 earnings were $453.5 million ($1.43 per share).
Annual consolidated revenues decreased by $293.1 million to $8.6 billion. Retail electricity deliveries saw a modest 0.5% increase, while natural gas deliveries in Wisconsin declined by 2.9%. The company reaffirmed its 2025 earnings guidance of $5.17-$5.27 per share, targeting 7.6% growth. WEC also announced a 6.9% dividend increase to 89.25 cents per share, marking its 22nd consecutive year of dividend growth.
WEC Energy Group (NYSE: WEC) ha riportato risultati finanziari solidi per il 2024, con un reddito netto GAAP che ha raggiunto 1,5 miliardi di dollari (4,83 dollari per azione), in aumento rispetto a 1,3 miliardi di dollari (4,22 dollari per azione) nel 2023. Gli utili rettificati, escludendo le spese di disallowance ICC, sono aumentati del 5,4% a 4,88 dollari per azione. Gli utili del quarto trimestre 2024 sono stati di 453,5 milioni di dollari (1,43 dollari per azione).
I ricavi annuali consolidati sono diminuiti di 293,1 milioni di dollari, toccando 8,6 miliardi di dollari. Le consegne di elettricità al dettaglio hanno visto un modesto aumento dello 0,5%, mentre le consegne di gas naturale in Wisconsin sono calate del 2,9%. L'azienda ha confermato la sua guida sugli utili per il 2025, con previsioni tra 5,17 e 5,27 dollari per azione, mirando a una crescita del 7,6%. WEC ha anche annunciato un aumento del dividendo del 6,9% a 89,25 centesimi per azione, segnando il 22° anno consecutivo di crescita del dividendo.
WEC Energy Group (NYSE: WEC) informó resultados financieros sólidos para 2024, con un ingreso neto GAAP que alcanzó 1.5 mil millones de dólares (4.83 dólares por acción), un aumento respecto a 1.3 mil millones de dólares (4.22 dólares por acción) en 2023. Las ganancias ajustadas, excluyendo los cargos por desautorización ICC, aumentaron un 5.4% a 4.88 dólares por acción. Las ganancias del cuarto trimestre de 2024 fueron de 453.5 millones de dólares (1.43 dólares por acción).
Los ingresos consolidados anuales cayeron en 293.1 millones de dólares, alcanzando 8.6 mil millones de dólares. Las entregas de electricidad minorista experimentaron un modesto aumento del 0.5%, mientras que las entregas de gas natural en Wisconsin disminuyeron un 2.9%. La compañía reafirmó su guía de ganancias para 2025, proyectando entre 5.17 y 5.27 dólares por acción, con un objetivo de crecimiento del 7.6%. WEC también anunció un aumento del dividendo del 6.9% a 89.25 centavos por acción, marcando su vigésimo segundo año consecutivo de crecimiento del dividendo.
WEC 에너지 그룹 (NYSE: WEC)는 2024년 강력한 재무 실적을 보고했으며, GAAP 기준 순이익이 15억 달러 (주당 4.83달러)에 도달했으며, 이는 2023년의 13억 달러 (주당 4.22달러)에서 증가한 수치입니다. ICC 불인정 비용을 제외한 조정 이익은 주당 4.88달러로 5.4% 증가했습니다. 2024년 4분기 이익은 4억 5천 3백만 달러 (주당 1.43달러)였습니다.
연간 연결 수익은 2억 9천 3백만 달러 감소하여 86억 달러에 도달했습니다. 소매 전력 공급은 0.5%의 완만한 증가를 보였으나, 위스콘신의 천연 가스 공급은 2.9% 감소했습니다. 회사는 2025년 주당 5.17~5.27달러의 이익 가이드를 재확인하며 7.6% 성장을 목표로 하고 있습니다. 또한 WEC는 주당 89.25센트로 6.9%의 배당금 인상을 발표하며, 22년 연속 배당금 증가를 기록했습니다.
WEC Energy Group (NYSE: WEC) a annoncé de solides résultats financiers pour 2024, avec un revenu net GAAP atteignant 1,5 milliard de dollars (4,83 dollars par action), en hausse par rapport à 1,3 milliard de dollars (4,22 dollars par action) en 2023. Les bénéfices ajustés, excluant les charges de désapprobation ICC, ont augmenté de 5,4% pour atteindre 4,88 dollars par action. Les bénéfices du quatrième trimestre 2024 s'élevaient à 453,5 millions de dollars (1,43 dollar par action).
Les revenus consolidés annuels ont diminué de 293,1 millions de dollars pour atteindre 8,6 milliards de dollars. Les livraisons d'électricité au détail ont enregistré une légère augmentation de 0,5%, tandis que les livraisons de gaz naturel dans le Wisconsin ont diminué de 2,9%. L'entreprise a réaffirmé ses prévisions de bénéfices pour 2025, allant de 5,17 à 5,27 dollars par action, visant une croissance de 7,6%. WEC a également annoncé une augmentation de dividende de 6,9% à 89,25 cents par action, marquant la 22ème année consécutive d'augmentation des dividendes.
WEC Energy Group (NYSE: WEC) berichtete über starke Finanzergebnisse für 2024, wobei der GAAP-Nettoertrag 1,5 Milliarden Dollar (4,83 Dollar pro Aktie) erreichte, ein Anstieg von 1,3 Milliarden Dollar (4,22 Dollar pro Aktie) im Jahr 2023. Die bereinigten Erträge, exklusive ICC-Abweisungsgebühren, erhöhten sich um 5,4% auf 4,88 Dollar pro Aktie. Die Erträge im vierten Quartal 2024 beliefen sich auf 453,5 Millionen Dollar (1,43 Dollar pro Aktie).
Die konsolidierten Jahresumsätze gingen um 293,1 Millionen Dollar auf 8,6 Milliarden Dollar zurück. Die Einzelhandelsstromlieferungen verzeichneten einen moderaten Anstieg von 0,5%, während die Erdgaslieferungen in Wisconsin um 2,9% zurückgingen. Das Unternehmen bestätigte seine Gewinnerwartungen für 2025 von 5,17 bis 5,27 Dollar pro Aktie und strebt ein Wachstum von 7,6% an. WEC kündigte auch eine Dividendensteigerung von 6,9% auf 89,25 Cent pro Aktie an, was das 22. Jahr in Folge mit einer Dividendensteigerung markiert.
- Net income increased to $1.5 billion in 2024 from $1.3 billion in 2023
- Adjusted earnings per share grew 5.4% to $4.88
- Q4 2024 earnings more than doubled to $453.5 million
- Projected 7.6% earnings growth for 2025
- 6.9% dividend increase announced
- Consolidated revenues declined by $293.1 million
- Natural gas deliveries decreased by 2.9% in Wisconsin
- $25.3 million pre-tax loss from ICC disallowances
Insights
WEC Energy Group's 2024 performance demonstrates robust financial execution despite challenging market conditions. The
Financial Strength & Growth:
- Q4 2024 earnings showed remarkable improvement at
$453.5 million compared to$218.5 million in Q4 2023 - The
6.9% dividend increase maintains the company's position among dividend aristocrats in the utility sector - 2025 guidance of
$5.17-$5.27 per share projects7.6% growth, significantly above industry average
Operational Performance:
- Weather-normalized retail electricity deliveries grew
0.1% , indicating stable underlying demand - Small commercial and industrial customer growth of
0.7% suggests economic resilience in service territories - Natural gas delivery decline of
2.9% was primarily weather-driven, with normalized demand showing only a slight0.1% decrease
The regulatory environment presents both challenges and opportunities. While the ICC disallowances (
Full-year 2024 earnings include a charge of
For the fourth quarter of 2024, WEC Energy Group recorded net income based on GAAP of
Consolidated revenues for the full year were
"We delivered another year of solid results on virtually every meaningful measure — from customer satisfaction, to financial performance to steady execution of our capital plan," said Scott Lauber, president and CEO. "We have significant growth opportunities ahead. And we will continue to focus on enhancing value for our customers and stockholders."
For the full year, retail deliveries of electricity — excluding the iron ore mine in
Electricity consumption by small commercial and industrial customers was 0.7 percent higher during 2024. Electricity use by large commercial and industrial customers — excluding the iron ore mine — increased by 0.1 percent.
Residential electricity use was up by 0.5 percent.
On a weather-normal basis, retail deliveries of electricity during 2024 — excluding the iron ore mine — increased by 0.1 percent.
Natural gas deliveries in
The company reaffirmed its earnings guidance for 2025. Calendar year 2025 earnings are expected to be in a range of
On Jan. 16, the board of directors declared a quarterly cash dividend of
Earnings per share listed in this news release are on a fully diluted basis.
Non-GAAP Earnings Measures
A reconciliation of GAAP net income and earnings per share to adjusted net income and earnings per share is included below for the full year ended Dec. 31, 2024 and 2023, as well as for the fourth quarter of 2023. There were no adjustments to GAAP net income or earnings per share in the fourth quarter of 2024.
2024 Reconciliation
Net Income | ||
(in millions) | 2024 Full Year | |
WEC Energy Group GAAP | $ 1,527.2 | |
Loss related to ICC disallowances pre-tax | 25.3 | |
Tax impact | (6.9) | |
WEC Energy Group adjusted net income | $ 1,545.6 | |
Earnings Per Share | ||
2024 Full Year | ||
WEC Energy Group GAAP | $ 4.83 | |
Net loss related to ICC disallowances | 0.06 | |
WEC Energy Group adjusted earnings per share (1) | $ 4.88 | |
Diluted average shares outstanding (millions) | 316.5 | |
(1) | Note that WEC Energy Group adjusted earnings per share does not add due to rounding. |
2023 Reconciliation
Net Income | ||||
(in millions) | 2023 Full Year | 2023 Q4 | ||
WEC Energy Group GAAP | $ 1,331.7 | $ 218.5 | ||
Impairment related to ICC disallowances pre-tax | 178.9 | 178.9 | ||
Tax impact | (49.1) | (49.1) | ||
WEC Energy Group adjusted net income | $ 1,461.5 | $ 348.3 | ||
Earnings Per Share | ||||
2023 Full Year | 2023 Q4 | |||
WEC Energy Group GAAP | $ 4.22 | $ 0.69 | ||
Impairment related to ICC disallowances | 0.41 | 0.41 | ||
WEC Energy Group adjusted earnings per share | $ 4.63 | $ 1.10 | ||
Diluted averages shares outstanding (millions) | 315.9 | 315.8 | ||
We have provided adjusted earnings (non-GAAP earnings) in this news release as a complement to, and not as an alternative to, reported earnings presented in accordance with GAAP.
For 2024, adjusted earnings exclude a charge related to certain capital expenditures under the QIP Rider that were disallowed by the ICC. For 2023, adjusted earnings exclude a non-cash impairment charge related to certain previously incurred capital costs that were disallowed by the ICC. The ICC's disallowance of costs of this nature is not indicative of WEC Energy Group's operating performance. Therefore, the company believes that the presentation of adjusted earnings is relevant and useful to investors to understand WEC Energy Group's operating performance. Management uses such measures internally to evaluate the company's performance and manage its operations.
Conference call
A conference call is scheduled for 1 p.m. Central time, Tuesday, Feb. 4. The call will review 2024 earnings and the company's outlook for the future.
All interested parties, including stockholders, news media and the general public, are invited to listen. Access the call at 888-330-2443 up to 15 minutes before it begins. The number for international callers is 240-789-2728. The conference ID is 3088105.
Conference call access also is available at wecenergygroup.com. Under 'Webcasts,' select 'Q4 Earnings.' In conjunction with this earnings announcement, WEC Energy Group will post on its website a package of detailed financial information on its 2024 performance. The materials will be available at 6:30 a.m. Central time, Tuesday, Feb. 4.
Replay
A replay will be available on the website and by phone. Access to the webcast replay will be available on the website about two hours after the call. Access to a phone replay also will be available approximately two hours after the call and remain accessible through Feb. 18, 2025. Domestic callers should dial 800-770-2030. International callers should dial 647-362-9199. The replay conference ID is 3088105.
WEC Energy Group (NYSE: WEC), based in
The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in states ranging from
WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 34,000 stockholders of record, 7,000 employees and more than
Forward-looking statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding earnings, earnings growth rates, dividend payments and future results. In some cases, forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology such as "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "intends," "may," "objectives," "plans," "possible," "potential," "projects," "should," "targets," "will" or similar terms or variations of these terms.
Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: general economic conditions, including business and competitive conditions in the company's service territories; timing, resolution and impact of rate cases and other regulatory decisions, including rider reconciliations; the company's ability to continue to successfully integrate the operations of its subsidiaries; availability of the company's generating facilities and/or distribution systems; unanticipated changes in fuel and purchased power costs; key personnel changes; unusual, varying or severe weather conditions; continued industry restructuring and consolidation; continued advances in, and adoption of, new technologies that produce power or reduce power consumption; energy and environmental conservation efforts; electrification initiatives, mandates and other efforts to reduce the use of natural gas; the company's ability to successfully acquire and/or dispose of assets and projects and to execute on its capital plan; terrorist, physical or cyber security threats or attacks and data security breaches; construction risks; labor disruptions; equity and bond market fluctuations; changes in the company's and its subsidiaries' ability to access the capital markets; changes in tax legislation or our ability to use certain tax benefits and carryforwards; changes in and uncertainty around federal, state, and local legislation and regulation, including changes resulting from the new
Tables follow
WEC ENERGY GROUP, INC. | ||||||||
CONSOLIDATED INCOME STATEMENTS (Unaudited) | Three Months Ended | Year Ended | ||||||
December 31 | December 31 | |||||||
(in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Operating revenues | $ 2,284.2 | $ 2,217.5 | $ 8,599.9 | $ 8,893.0 | ||||
Operating expenses | ||||||||
Cost of sales | 738.4 | 761.1 | 2,656.0 | 3,191.2 | ||||
Other operation and maintenance | 539.1 | 553.9 | 2,158.0 | 2,100.5 | ||||
Impairment related to Illinois Commerce Commission disallowances | — | 178.9 | 12.1 | 178.9 | ||||
Depreciation and amortization | 344.0 | 324.5 | 1,354.5 | 1,264.2 | ||||
Property and revenue taxes | 71.8 | 57.7 | 266.5 | 250.2 | ||||
Total operating expenses | 1,693.3 | 1,876.1 | 6,447.1 | 6,985.0 | ||||
Operating income | 590.9 | 341.4 | 2,152.8 | 1,908.0 | ||||
Equity in earnings of transmission affiliates | 69.2 | 45.4 | 207.5 | 177.5 | ||||
Other income, net | 49.5 | 46.8 | 178.2 | 177.7 | ||||
Interest expense | 211.9 | 193.5 | 815.3 | 727.4 | ||||
Gain on debt extinguishments | (16.5) | — | (23.1) | (0.5) | ||||
Other expense | (76.7) | (101.3) | (406.5) | (371.7) | ||||
Income before income taxes | 514.2 | 240.1 | 1,746.3 | 1,536.3 | ||||
Income tax expense | 61.1 | 21.6 | 222.0 | 204.6 | ||||
Net income | 453.1 | 218.5 | 1,524.3 | 1,331.7 | ||||
Preferred stock dividends of subsidiary | 0.3 | 0.3 | 1.2 | 1.2 | ||||
Net loss attributed to noncontrolling interests | 0.7 | 0.3 | 4.1 | 1.2 | ||||
Net income attributed to common shareholders | $ 453.5 | $ 218.5 | $ 1,527.2 | $ 1,331.7 | ||||
Earnings per share | ||||||||
Basic | $ 1.43 | $ 0.69 | $ 4.83 | $ 4.22 | ||||
Diluted | $ 1.43 | $ 0.69 | $ 4.83 | $ 4.22 | ||||
Weighted average common shares outstanding | ||||||||
Basic | 317.1 | 315.4 | 316.2 | 315.4 | ||||
Diluted | 317.5 | 315.8 | 316.5 | 315.9 | ||||
Dividends per share of common stock | $ 0.8350 | $ 0.7800 | $ 3.3400 | $ 3.1200 | ||||
WEC ENERGY GROUP, INC. | ||||
CONSOLIDATED BALANCE SHEETS (Unaudited) | December 31, | December 31, | ||
(in millions, except share and per share amounts) | 2024 | 2023 | ||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ 9.8 | $ 42.9 | ||
Accounts receivable and unbilled revenues, net of reserves of | 1,669.3 | 1,503.2 | ||
Materials, supplies, and inventories | 813.2 | 775.2 | ||
Prepaid taxes | 214.9 | 173.9 | ||
Other prepayments | 82.6 | 76.8 | ||
Other | 121.9 | 223.7 | ||
Current assets | 2,911.7 | 2,795.7 | ||
Long-term assets | ||||
Property, plant, and equipment, net of accumulated depreciation and amortization of | 34,645.4 | 31,581.5 | ||
Regulatory assets (December 31, 2024 and December 31, 2023 include related to WEPCo Environmental Trust Finance I, LLC) | 3,339.7 | 3,249.8 | ||
Equity investment in transmission affiliates | 2,108.9 | 2,005.9 | ||
Goodwill | 3,052.8 | 3,052.8 | ||
Pension and OPEB assets | 968.5 | 870.9 | ||
Other | 336.2 | 383.1 | ||
Long-term assets | 44,451.5 | 41,144.0 | ||
Total assets | $ 47,363.2 | $ 43,939.7 | ||
Liabilities and Equity | ||||
Current liabilities | ||||
Short-term debt | $ 1,116.6 | $ 2,020.9 | ||
Current portion of long-term debt (December 31, 2024 and December 31, 2023 include respectively, related to WEPCo Environmental Trust Finance I, LLC) | 1,729.0 | 1,264.2 | ||
Accounts payable | 1,137.1 | 896.6 | ||
Other | 859.2 | 933.1 | ||
Current liabilities | 4,841.9 | 5,114.8 | ||
Long-term liabilities | ||||
Long-term debt (December 31, 2024 and December 31, 2023 include related to WEPCo Environmental Trust Finance I, LLC) | 17,178.1 | 15,366.9 | ||
Finance lease obligations | 303.3 | 145.9 | ||
Deferred income taxes | 5,514.7 | 4,918.5 | ||
Deferred revenue, net | 334.6 | 356.4 | ||
Regulatory liabilities | 3,958.0 | 3,697.7 | ||
Intangible liabilities | 566.8 | 594.8 | ||
Environmental remediation liabilities | 445.8 | 463.7 | ||
Asset retirement obligations | 580.0 | 374.2 | ||
Other | 838.1 | 835.3 | ||
Long-term liabilities | 29,719.4 | 26,753.4 | ||
Commitments and contingencies | ||||
Common shareholders' equity | ||||
Common stock – shares outstanding, respectively | 3.2 | 3.2 | ||
Additional paid in capital | 4,315.8 | 4,115.9 | ||
Retained earnings | 8,083.8 | 7,612.8 | ||
Accumulated other comprehensive loss | (7.8) | (7.7) | ||
Common shareholders' equity | 12,395.0 | 11,724.2 | ||
Preferred stock of subsidiary | 30.4 | 30.4 | ||
Noncontrolling interests | 376.5 | 316.9 | ||
Total liabilities and equity | $ 47,363.2 | $ 43,939.7 | ||
WEC ENERGY GROUP, INC. | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | Year Ended | |||
December 31 | ||||
(in millions) | 2024 | 2023 | ||
Operating activities | ||||
Net income | $ 1,524.3 | $ 1,331.7 | ||
Reconciliation to cash provided by operating activities | ||||
Depreciation and amortization | 1,354.5 | 1,264.2 | ||
Deferred income taxes and ITCs, net | 529.0 | 219.4 | ||
Impairment related to Illinois Commerce Commission disallowances | 12.1 | 178.9 | ||
Contributions and payments related to pension and OPEB plans | (14.5) | (16.7) | ||
Equity income in transmission affiliates, net of distributions | (57.4) | (33.0) | ||
Net change in transmission regulatory assets and liabilities | (22.8) | 19.8 | ||
Net loss (gain) on disposition of assets | 0.7 | (23.8) | ||
Change in – | ||||
Accounts receivable and unbilled revenues, net | (161.5) | 340.6 | ||
Materials, supplies, and inventories | (38.0) | 41.9 | ||
Collateral on deposit | 84.3 | 22.1 | ||
Other current assets | (75.4) | 36.3 | ||
Accounts payable | 99.7 | (254.0) | ||
Other current liabilities | 11.6 | 47.5 | ||
Other, net | (34.8) | (156.5) | ||
Net cash provided by operating activities | 3,211.8 | 3,018.4 | ||
Investing activities | ||||
Capital expenditures | (2,781.1) | (2,492.9) | ||
Acquisition of Delilah Solar Energy LLC, net of cash acquired of | (462.5) | — | ||
Acquisition of Maple Flats Solar Energy Center LLC, net of cash acquired of | (431.2) | — | ||
Acquisition of West Riverside Energy Center | (97.9) | (95.3) | ||
Acquisition of Red Barn Wind Park | (2.1) | (143.8) | ||
Acquisition of Whitewater Cogeneration Facility | — | (76.0) | ||
Acquisition of Sapphire Sky Wind Energy LLC, net of cash acquired of | — | (442.6) | ||
Acquisition of Samson I Solar Energy Center LLC, net of cash acquired of | — | (257.3) | ||
Capital contributions to transmission affiliates | (45.5) | (63.7) | ||
Proceeds from the sale of assets | 1.7 | 32.8 | ||
Insurance proceeds received for property damage | 6.0 | 2.5 | ||
Other, net | 10.1 | (21.9) | ||
Net cash used in investing activities | (3,802.5) | (3,558.2) | ||
Financing activities | ||||
Exercise of stock options | 23.7 | 6.3 | ||
Issuance of common stock, net | 163.4 | — | ||
Purchase of common stock | (3.2) | (16.6) | ||
Dividends paid on common stock | (1,056.2) | (984.2) | ||
Issuance of long-term debt | 4,460.9 | 2,170.0 | ||
Retirement of long-term debt | (2,138.0) | (1,005.4) | ||
Change in commercial paper | (902.8) | 373.7 | ||
Purchase of additional ownership interest in Samson I Solar Energy Center LLC from noncontrolling interest | (28.1) | — | ||
Payments for debt extinguishment and issuance costs | (45.9) | (14.2) | ||
Other, net | (6.1) | (6.8) | ||
Net cash provided by financing activities | 467.7 | 522.8 | ||
Net change in cash, cash equivalents, and restricted cash | (123.0) | (17.0) | ||
Cash, cash equivalents, and restricted cash at beginning of year | 165.2 | 182.2 | ||
Cash, cash equivalents, and restricted cash at end of year | $ 42.2 | $ 165.2 | ||
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SOURCE WEC Energy Group
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