WEC Energy reports mixed first-quarter results, reiterates FY24 guidance

MILWAUKEE – WEC Energy Group (NYSE: ) reported first-quarter financial results, with adjusted earnings per share (EPS) beating analysts' expectations but revenue falling short of expectations. The company reported first-quarter earnings of $1.97 per share, $0.06 above analysts' expectations of $1.91. However, revenue for the quarter was $2.68 billion, missing the consensus estimate of $2.93 billion.

Compared with the same period 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 the increase in net income, the company's consolidated revenue fell by $207.9 million from last year's first quarter.

WEC Energy Executive Chairman Gale Klappa cited financial discipline, operational efficiency and customer satisfaction as key factors during “the warmest winter in Wisconsin's history.” He expressed confidence in delivering strong results in the new year, in line with the company's 2024 guidance.

The company also reiterated its full-year 2024 profit guidance, projecting earnings per share in the range of $4.80 to $4.90, assuming normal weather for the remainder of the year. The guidance is consistent with the company's focus on maintaining financial discipline and operational efficiency.

WEC Energy's power deliveries in Wisconsin, excluding power used for generation, fell 5.8% from the first quarter of 2023. 0.3% per year. The electricity consumption of small industrial and commercial users increased slightly by 0.7%, while the electricity consumption of large industrial and commercial users except iron ore decreased by 0.7%. Residential electricity consumption also fell by 1.1%.

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The company's primary utilities serve 4.7 million customers in Wisconsin, Illinois, Michigan and Minnesota and remain one of the nation's leading energy companies. Despite mixed first-quarter results, WEC Energy Group's commitment to its financial and operational targets points to a stable outlook for the remainder of the year.

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