We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
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 (WEC) Q4 Earnings Beat Estimates and Revenues Rise
Read MoreHide Full Article
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%.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
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%.