We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you accept our Privacy Policy and Terms of Service, revised from time to time, and you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
WEC Energy Group (WEC - Free Report) delivered second-quarter 2021 earnings per share of 87 cents, which beat the Zacks Consensus Estimate of 79 cents by 10.1%. Also, the bottom line improved 14.5% from the year-ago quarter’s 76 cents per share.
Results benefited from recovering economy, operating efficiency and warmer-than-expected weather in June.
Revenues
Operating revenues of $1,676.2 million topped the Zacks Consensus Estimate of $1,641 million by 2.1%. Also, the top line grew 8.2% from $1,548.7 million in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
In the second quarter of 2021, residential use of electricity fell3% year over year. Electricity consumption by small commercial and industrial customers increased10.4% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines improved 14.8% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity excluding the iron ore mine went up 5.8%.
Natural gas deliveries in Wisconsin excluding gas used for power generation moved down4.9% during the reported quarter. On a weather-normal basis, natural gas deliveries rose 2.5%.
Total operating expenses for the second quarter amounted to $1,307.4 million, up 8.1% from the year-ago quarter’s $1,209.9 million.
Operating income came in at $368.8 million, increasing 8.9% from the prior-year period’s $338.8 million.
At the end of second-quarter 2021, the company was serving additional 4,000 electric and 18,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Jun 30, 2021, WEC Energy had cash and cash equivalents of $35 million compared with $24.8 million as of Dec 31, 2020.
As of Jun 30, 2021, the company had long-term debt of $12,695.7 million compared with $11,728.1 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first six months of 2021 was $1,226.2 million compared with $1,379.6 million in the comparable period of 2020.
Capital expenditure in the first two quarters was $1,010.1 million compared with $1,037.2 million in the comparable period of last year.
2021 Guidance
The company lifted its current-year earnings guidance to $4.02-$4.05 per share from the prior range of $3.99-$4.03 with expectation to reach the higher end of the latest projection. Also, the Zacks Consensus Estimate for the same is $4.04, which is near the upper end of the utility’s current guided range.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
WEC Energy's (WEC) Q2 Earnings Beat Mark, Revenues Rise Y/Y
WEC Energy Group (WEC - Free Report) delivered second-quarter 2021 earnings per share of 87 cents, which beat the Zacks Consensus Estimate of 79 cents by 10.1%. Also, the bottom line improved 14.5% from the year-ago quarter’s 76 cents per share.
Results benefited from recovering economy, operating efficiency and warmer-than-expected weather in June.
Revenues
Operating revenues of $1,676.2 million topped the Zacks Consensus Estimate of $1,641 million by 2.1%. Also, the top line grew 8.2% from $1,548.7 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 the second quarter of 2021, residential use of electricity fell3% year over year. Electricity consumption by small commercial and industrial customers increased10.4% year over year. Electricity used by large commercial and industrial customers excluding iron ore mines improved 14.8% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity excluding the iron ore mine went up 5.8%.
Natural gas deliveries in Wisconsin excluding gas used for power generation moved down4.9% during the reported quarter. On a weather-normal basis, natural gas deliveries rose 2.5%.
Total operating expenses for the second quarter amounted to $1,307.4 million, up 8.1% from the year-ago quarter’s $1,209.9 million.
Operating income came in at $368.8 million, increasing 8.9% from the prior-year period’s $338.8 million.
At the end of second-quarter 2021, the company was serving additional 4,000 electric and 18,000 natural gas customers from the year-ago quarter's levels.
Financial Position
As of Jun 30, 2021, WEC Energy had cash and cash equivalents of $35 million compared with $24.8 million as of Dec 31, 2020.
As of Jun 30, 2021, the company had long-term debt of $12,695.7 million compared with $11,728.1 million on Dec 31, 2020.
The company’s net cash provided by operating activities in the first six months of 2021 was $1,226.2 million compared with $1,379.6 million in the comparable period of 2020.
Capital expenditure in the first two quarters was $1,010.1 million compared with $1,037.2 million in the comparable period of last year.
2021 Guidance
The company lifted its current-year earnings guidance to $4.02-$4.05 per share from the prior range of $3.99-$4.03 with expectation to reach the higher end of the latest projection. Also, the Zacks Consensus Estimate for the same is $4.04, which is near the upper end of the utility’s current guided range.
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
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
FirstEnergy Corporation (FE - Free Report) delivered second-quarter 2021 operating earnings of 59 cents per share, in line with the Zacks Consensus Estimate.
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.