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WEC Energy's (WEC) Q3 Earnings Surpass, 2020 EPS View Up
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WEC Energy Group (WEC - Free Report) delivered third-quarter 2020 earnings per share of 84 cents, which beat the Zacks Consensus Estimate of 76 cents by 10.5%. The bottom line also improved 13.5% from the year-ago quarter’s 74 cents per share. This year-over-year outperformance was led by operational efficiency, the warmer-than-normal weather along with reopening of economic activities.
Revenues
Total revenues of $1,651 million missed the Zacks Consensus Estimate of $1,681 million by 1.8%. However, the top line improved 2.7% from $1,608 million in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
Residential use of electricity in the third quarter rose 7.1% year over year. Electricity consumption by small commercial and industrial customers declined 2.5% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines dipped 5.4% on a year-over-year basis. On a weather adjusted basis, retail deliveries of electricity excluding the iron ore mine slid 1.5%.
Total natural gas volume declined 6.4% in the third quarter.
Total operating expenses for the third quarter amounted to $1,280.8 million, down 1.3% from the year ago quarter’s $1,297.1 million.
Operating income came in at $370.2 million, increasing 19.1% from the prior-year period’s $310.9 million.
At the end of the third quarter of 2020, the company was serving additional 11,000 electric and 32,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Sep 30, 2020, WEC Energy had cash and cash equivalents of $13.1 million compared with $37.5 million as of Dec 31, 2019.
As of Sep 30, 2020, the company had long-term debt of $11,652.5 million compared with $11,211 million on Dec 31, 2019.
The company’s net cash provided by operating activities at the end of the first nine months of 2020 was $1,949.7 million compared with $1,840.7 million at the end of the comparable period of 2019.
Capital expenditure at the end of the first nine months of this year was $1,618.7 million compared with $1,511.5 million at the end of the year-ago period.
2020 Guidance
The company narrowed full-year earnings per share projection to the range of $3.74-$3.76 from the prior expectation of $3.71-$3.75. The upper end of this current guided range is in line with the Zacks Consensus Estimate.
Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
NiSource Inc (NI - Free Report) delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
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WEC Energy's (WEC) Q3 Earnings Surpass, 2020 EPS View Up
WEC Energy Group (WEC - Free Report) delivered third-quarter 2020 earnings per share of 84 cents, which beat the Zacks Consensus Estimate of 76 cents by 10.5%. The bottom line also improved 13.5% from the year-ago quarter’s 74 cents per share. This year-over-year outperformance was led by operational efficiency, the warmer-than-normal weather along with reopening of economic activities.
Revenues
Total revenues of $1,651 million missed the Zacks Consensus Estimate of $1,681 million by 1.8%. However, the top line improved 2.7% from $1,608 million 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
Residential use of electricity in the third quarter rose 7.1% year over year. Electricity consumption by small commercial and industrial customers declined 2.5% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines dipped 5.4% on a year-over-year basis. On a weather adjusted basis, retail deliveries of electricity excluding the iron ore mine slid 1.5%.
Total natural gas volume declined 6.4% in the third quarter.
Total operating expenses for the third quarter amounted to $1,280.8 million, down 1.3% from the year ago quarter’s $1,297.1 million.
Operating income came in at $370.2 million, increasing 19.1% from the prior-year period’s $310.9 million.
At the end of the third quarter of 2020, the company was serving additional 11,000 electric and 32,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Sep 30, 2020, WEC Energy had cash and cash equivalents of $13.1 million compared with $37.5 million as of Dec 31, 2019.
As of Sep 30, 2020, the company had long-term debt of $11,652.5 million compared with $11,211 million on Dec 31, 2019.
The company’s net cash provided by operating activities at the end of the first nine months of 2020 was $1,949.7 million compared with $1,840.7 million at the end of the comparable period of 2019.
Capital expenditure at the end of the first nine months of this year was $1,618.7 million compared with $1,511.5 million at the end of the year-ago period.
2020 Guidance
The company narrowed full-year earnings per share projection to the range of $3.74-$3.76 from the prior expectation of $3.71-$3.75. The upper end of this current guided range is in line with the Zacks Consensus Estimate.
Zacks Rank
WEC Energy has a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
Pinnacle West Capital Corporation’s (PNW - Free Report) adjusted earnings per share of $3.07 in the third quarter of 2020 beat the Zacks Consensus Estimate of $2.98 by 3%.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2020 operating earnings of $1.14 per share, surpassing the Zacks Consensus Estimate of $1.08 by 5.6%.
NiSource Inc (NI - Free Report) delivered net operating earnings of 9 cents per share in third-quarter 2020, which surpassed the Zacks Consensus Estimate of 2 cents by 85.7%.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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