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WEC Energy (WEC) Q1 Earnings Top Estimates, Revenues Lag
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WEC Energy Group (WEC - Free Report) reported first-quarter 2024 earnings of $1.97 per share, which beat the Zacks Consensus Estimate of $1.89 by 4.2%. The bottom line also improved 22.4% from the year-ago quarter’s figure of $1.61 per share.
Revenues
Operating revenues of $2.68 billion missed the Zacks Consensus Estimate of $3.07 billion by around 12.6%. The top line also declined 7.2% from $2.89 billion recorded in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
Electricity consumption by small commercial and industrial customers increased 0.7%. The same for large commercial and industrial customers, excluding the iron ore mine, decreased 0.7% on a year-over-year basis.
On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, declined 0.2% during the same time frame.
Total electric sales volume for the quarter was 10,517.1 thousand megawatt-hours, up 0.6% year over year.
Total operating expenses were $1.87 billion, down 15.7% from the year-ago quarter’s level of $2.22 billion. This was due to the lower cost of sales.
Operating income totaled $813.4 million, up 21.5% from $669.3 million recorded in the year-ago quarter.
The company incurred an interest expense of $192 million, up 11.5% from the prior-year quarter’s level of $172.2 million.
Financial Position
As of Mar 31, 2024, WEC had cash and cash equivalents of $38.9 million compared with $42.9 million as of Dec 31, 2023.
As of Mar 31, 2024, the company had a long-term debt of $15.4 billion compared with $15.5 billion as of Dec 31, 2023.
Net cash provided by operating activities during the first three months of 2024 was $863.6 million compared with $796.1 million in the year-ago period.
Guidance
WEC reaffirmed its 2024 earnings projection in the range of $4.80-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.87 per share, higher than the midpoint of the company’s guided range.
WEC Energy Group expects to invest $23.7 billion in the 2024-2028 period.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for fiscal second-quarter earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.
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WEC Energy (WEC) Q1 Earnings Top Estimates, Revenues Lag
WEC Energy Group (WEC - Free Report) reported first-quarter 2024 earnings of $1.97 per share, which beat the Zacks Consensus Estimate of $1.89 by 4.2%. The bottom line also improved 22.4% from the year-ago quarter’s figure of $1.61 per share.
Revenues
Operating revenues of $2.68 billion missed the Zacks Consensus Estimate of $3.07 billion by around 12.6%. The top line also declined 7.2% from $2.89 billion recorded in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
WEC Energy Group, Inc. price-consensus-eps-surprise-chart | WEC Energy Group, Inc. Quote
Highlights of the Release
Electricity consumption by small commercial and industrial customers increased 0.7%. The same for large commercial and industrial customers, excluding the iron ore mine, decreased 0.7% on a year-over-year basis.
On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, declined 0.2% during the same time frame.
Total electric sales volume for the quarter was 10,517.1 thousand megawatt-hours, up 0.6% year over year.
Total operating expenses were $1.87 billion, down 15.7% from the year-ago quarter’s level of $2.22 billion. This was due to the lower cost of sales.
Operating income totaled $813.4 million, up 21.5% from $669.3 million recorded in the year-ago quarter.
The company incurred an interest expense of $192 million, up 11.5% from the prior-year quarter’s level of $172.2 million.
Financial Position
As of Mar 31, 2024, WEC had cash and cash equivalents of $38.9 million compared with $42.9 million as of Dec 31, 2023.
As of Mar 31, 2024, the company had a long-term debt of $15.4 billion compared with $15.5 billion as of Dec 31, 2023.
Net cash provided by operating activities during the first three months of 2024 was $863.6 million compared with $796.1 million in the year-ago period.
Guidance
WEC reaffirmed its 2024 earnings projection in the range of $4.80-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.87 per share, higher than the midpoint of the company’s guided range.
WEC Energy Group expects to invest $23.7 billion in the 2024-2028 period.
Zacks Rank
WEC Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NRG Energy, Inc. (NRG - Free Report) is scheduled to report first-quarter results on May 7, before market open. The Zacks Consensus Estimate for first-quarter earnings is pegged at 51 cents per share.
NRG delivered an average earnings surprise of 6.4% in the last four quarters. The Zacks Consensus Estimate for 2024 earnings is pegged at $5.36 per share.
ONE Gas, Inc. (OGS - Free Report) is slated to report first-quarter 2024 results on May 6, after market close. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.78 per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 1.2% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report second-quarter fiscal 2024 results on May 8, after market close. The Zacks Consensus Estimate for fiscal second-quarter earnings is pegged at $2.62 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 1.2% in the last four quarters.