WEC Energy Group (WEC - Free Report) delivered third-quarter 2021 earnings per share of 92 cents, which beat the Zacks Consensus Estimate of 82 cents by 12.2%. Also, the bottom line improved 9.5% from the year-ago quarter’s 84 cents per share.
Results benefited from economic recovery, operating efficiency and warmer-than-expected weather.
Revenues
Operating revenues of $1,746.5 million topped the Zacks Consensus Estimate of $1,684 million by 3.7%. Also, the top line grew 5.8% from $1,651 million in the year-ago quarter.
Highlights of the Release
In the third quarter of 2021, residential use of electricity rose 0.3% year over year. Electricity consumption by small commercial and industrial customers increased 3.5% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines improved 3.8% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity excluding the iron ore mine went up 2.5%.
Natural gas deliveries in Wisconsin excluding gas used for power generation moved up 1% during the reported quarter. On a weather-normal basis, natural gas deliveries rose 2.5%.
Total operating expenses for the third quarter amounted to $1,356.5 million, up 5.9% from the year-ago quarter’s $1,280.8 million.
Operating income came in at $390 million, increasing 5.3% from the prior-year period’s $370.2 million.
At the end of third-quarter 2021, the company was serving additional 8,000 electric and 15,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Sep 30, 2021, WEC Energy had cash and cash equivalents of $26 million compared with $24.8 million as of Dec 31, 2020.
As of Sep 30, 2021, the company had long-term debt of $12,678.1 million compared with $11,728.1 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first nine months of 2021 was $2,006.7 million compared with $1,949.7 million in the comparable period of 2020.
Capital expenditure in the first three quarters was $1,627.9 million compared with $1,618.7 million in the comparable period of last year.
2021 Guidance
The company lifted its current-year earnings guidance to $4.05-$4.07 per share from the prior range of $4.02-$4.05 with expectation to reach the higher end of the latest projection when results are announced. Also, the Zacks Consensus Estimate for the same is $4.07, which meets the upper end of the utility’s current guided range.
Zacks Rank
WEC Energy has a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
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WEC Energy Group (WEC - Free Report) delivered third-quarter 2021 earnings per share of 92 cents, which beat the Zacks Consensus Estimate of 82 cents by 12.2%. Also, the bottom line improved 9.5% from the year-ago quarter’s 84 cents per share.
Results benefited from economic recovery, operating efficiency and warmer-than-expected weather.
Revenues
Operating revenues of $1,746.5 million topped the Zacks Consensus Estimate of $1,684 million by 3.7%. Also, the top line grew 5.8% from $1,651 million in the year-ago quarter.
Highlights of the Release
In the third quarter of 2021, residential use of electricity rose 0.3% year over year. Electricity consumption by small commercial and industrial customers increased 3.5% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines improved 3.8% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity excluding the iron ore mine went up 2.5%.
Natural gas deliveries in Wisconsin excluding gas used for power generation moved up 1% during the reported quarter. On a weather-normal basis, natural gas deliveries rose 2.5%.
Total operating expenses for the third quarter amounted to $1,356.5 million, up 5.9% from the year-ago quarter’s $1,280.8 million.
Operating income came in at $390 million, increasing 5.3% from the prior-year period’s $370.2 million.
At the end of third-quarter 2021, the company was serving additional 8,000 electric and 15,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Sep 30, 2021, WEC Energy had cash and cash equivalents of $26 million compared with $24.8 million as of Dec 31, 2020.
As of Sep 30, 2021, the company had long-term debt of $12,678.1 million compared with $11,728.1 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first nine months of 2021 was $2,006.7 million compared with $1,949.7 million in the comparable period of 2020.
Capital expenditure in the first three quarters was $1,627.9 million compared with $1,618.7 million in the comparable period of last year.
2021 Guidance
The company lifted its current-year earnings guidance to $4.05-$4.07 per share from the prior range of $4.02-$4.05 with expectation to reach the higher end of the latest projection when results are announced. Also, the Zacks Consensus Estimate for the same is $4.07, which meets the upper end of the utility’s current guided range.
Zacks Rank
WEC Energy has a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Peer Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.
Avangrid, Inc. (AGR - Free Report) reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.
DTE Energy Company (DTE - Free Report) reported a third-quarter 2021 operating EPS of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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