WEC Energy Group Inc ( (WEC) ) has released its Q3 earnings. Here is a breakdown of the information WEC Energy Group Inc presented to its investors.
WEC Energy Group Inc., headquartered in Milwaukee, is a leading energy company in the United States, providing electricity and gas services to millions of customers across Wisconsin, Illinois, Michigan, and Minnesota. The company is known for its extensive utility operations and investment in renewable energy.
In its latest earnings report, WEC Energy Group announced a third-quarter net income of $240.1 million, or 76 cents per share, compared to $316.0 million, or $1.00 per share, in the same period last year. Despite facing challenges, such as a charge related to disallowed capital expenditures, the company maintained a solid performance.
Key financial highlights of the report include adjusted earnings of 82 cents per share for the third quarter, and $3.45 per share for the first nine months of 2024. Although revenues declined to $6.3 billion for the first nine months, the company demonstrated resilience through strategic focus on financial discipline and customer satisfaction. Electricity consumption rose slightly among residential and small commercial customers, with retail deliveries up by 0.7 percent, excluding certain industrial factors.
Looking ahead, WEC Energy Group remains optimistic, affirming its 2024 earnings guidance range of $4.74 to $4.84 per share on a GAAP basis, and $4.80 to $4.90 on an adjusted basis. The company continues to focus on operational efficiency and enhancing value for both customers and stockholders, aiming for a robust finish to the year.
