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WEC Energy (WEC) Q4 Earnings Beat Estimates and Revenues Rise
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WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2021 earnings per share (EPS) of 71 cents, which beat the Zacks Consensus Estimate of 68 cents by 4.41%. The bottom line narrowed 6.6% from the year-ago earnings of 76 cents per share.WEC Energy’s 2021 EPS were $4.11, up 8.44% from $3.79 in 2020.
Revenues
Operating revenues of $2,201.9 million for the fourth quarter of 2021 topped the Zacks Consensus Estimate of $1,855 million by 18.7%. Also, the top line grew 14% from $1,933.4 million in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
In 2021, the residential use of electricity was down 0.6% year over year. Electricity consumption by small commercial and industrial customers increased 4.4% year over year. Electricity used by large commercial and industrial customers, excluding iron ore mines, improved 5.3% on a year-over-year basis.
Natural gas deliveries in Wisconsin, excluding the gas used for power generation, moved up 1.3% in 2021. On a weather-normal basis, natural gas deliveries rose 0.3%.
Total operating expenses for the fourth quarter amounted to $1,875.1 million, up 20% from the year-ago quarter’s $1,562.9 million due to an increase in property taxes by 3.3% along with the higher manufacturing cost.
Financial Position
As of Dec 31, 2021, WEC had cash and cash equivalents of $16.3 million compared with $24.8 million as of Dec 31, 2020.
As of Dec 31, 2021, WEC Energy had long-term debt of $13,523.7 million compared with $11,728.1 million as of Dec 31, 2020.
Net cash provided by operating activities in 2021 was $2,032.7 million compared with $2,196 million in the comparable period of 2020.
Capital expenditure in 2021 was $2,252.8 million compared with $2,238.8 million in the last year.
Guidance
WEC Energy reaffirmed the earnings guidance range for 2022 to $4.29-$4.33 per share. The midpoint of the given range is $4.31 per share, representing growth of 7.5% from the midpoint of original guidance for 2021.Also, the Zacks Consensus Estimate for the same is $4.29, which meets the lower end of the utility’s current guided range.
Duke Energy (DUK - Free Report) is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 95 cents.
Duke Energy’s long-term (three to five years) earnings growth is projected at 5.3%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.59%.
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2021 results on Feb 11. The Zacks Consensus Estimate for earnings is pegged at 90 cents per share.
Dominion’s long-termearnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 7%.
PG&E Corporation (PCG - Free Report) is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 28 cents.
PG&E’s long-term earnings growth is projected at 2.51%. The Zacks Consensus Estimate for PCG’s 2022 EPS indicates year-over-year growth of 8.75%.
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WEC Energy (WEC) Q4 Earnings Beat Estimates and Revenues Rise
WEC Energy Group (WEC - Free Report) delivered fourth-quarter 2021 earnings per share (EPS) of 71 cents, which beat the Zacks Consensus Estimate of 68 cents by 4.41%. The bottom line narrowed 6.6% from the year-ago earnings of 76 cents per share.WEC Energy’s 2021 EPS were $4.11, up 8.44% from $3.79 in 2020.
Revenues
Operating revenues of $2,201.9 million for the fourth quarter of 2021 topped the Zacks Consensus Estimate of $1,855 million by 18.7%. Also, the top line grew 14% from $1,933.4 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
In 2021, the residential use of electricity was down 0.6% year over year. Electricity consumption by small commercial and industrial customers increased 4.4% year over year. Electricity used by large commercial and industrial customers, excluding iron ore mines, improved 5.3% on a year-over-year basis.
Natural gas deliveries in Wisconsin, excluding the gas used for power generation, moved up 1.3% in 2021. On a weather-normal basis, natural gas deliveries rose 0.3%.
Total operating expenses for the fourth quarter amounted to $1,875.1 million, up 20% from the year-ago quarter’s $1,562.9 million due to an increase in property taxes by 3.3% along with the higher manufacturing cost.
Financial Position
As of Dec 31, 2021, WEC had cash and cash equivalents of $16.3 million compared with $24.8 million as of Dec 31, 2020.
As of Dec 31, 2021, WEC Energy had long-term debt of $13,523.7 million compared with $11,728.1 million as of Dec 31, 2020.
Net cash provided by operating activities in 2021 was $2,032.7 million compared with $2,196 million in the comparable period of 2020.
Capital expenditure in 2021 was $2,252.8 million compared with $2,238.8 million in the last year.
Guidance
WEC Energy reaffirmed the earnings guidance range for 2022 to $4.29-$4.33 per share. The midpoint of the given range is $4.31 per share, representing growth of 7.5% from the midpoint of original guidance for 2021.Also, the Zacks Consensus Estimate for the same is $4.29, which meets the lower end of the utility’s current guided range.
Zacks Rank
WEC Energy currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Duke Energy (DUK - Free Report) is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 95 cents.
Duke Energy’s long-term (three to five years) earnings growth is projected at 5.3%. The Zacks Consensus Estimate for DUK’s 2022 EPS indicates year-over-year growth of 4.59%.
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2021 results on Feb 11. The Zacks Consensus Estimate for earnings is pegged at 90 cents per share.
Dominion’s long-termearnings growth is projected at 6.6%. The Zacks Consensus Estimate for D’s 2022 EPS suggests year-over-year growth of 7%.
PG&E Corporation (PCG - Free Report) is set to release fourth-quarter 2021 results on Feb 10. The Zacks Consensus Estimate for EPS is pegged at 28 cents.
PG&E’s long-term earnings growth is projected at 2.51%. The Zacks Consensus Estimate for PCG’s 2022 EPS indicates year-over-year growth of 8.75%.