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) Q2 Earnings Top Estimates, Revenues Lag
Read MoreHide Full Article
WEC Energy Group (WEC - Free Report) reported second-quarter 2024 earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 4.7%. However, the bottom line declined 27.2% from the year-ago quarter’s 92 cents per share.
Revenues
Operating revenues of $1.77 billion missed the Zacks Consensus Estimate of $1.86 billion by around 4.8%. The top line also declined 3.3% from $1.83 billion recorded in the year-ago quarter.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
Electricity consumption by small commercial and industrial customers increased 0.3% in the second quarter. The same for large commercial and industrial customers, excluding the iron ore mine, decreased 0.1% on a year-over-year basis.
On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, declined 0.3%.
Total electric sales volume for the quarter was 10,375 thousand megawatt-hours, up 3.4% year over year.
Total operating expenses were $1.41 billion, up 0.2% from the year-ago quarter’s level of $1.4 billion. This was due to high other operation and maintenance.
Operating income totaled $364.8 million, down 14.2% from $425.3 million recorded in the year-ago quarter.
The company incurred an interest expense of $200.6 million, up 12.3% from the prior-year quarter’s level of $178.7 million.
Financial Position
As of Jun 30, 2024, WEC had cash and cash equivalents of $224 million compared with $42.9 million as of Dec 31, 2023.
As of Jun 30, 2024, the company had a long-term debt of $16.9 billion compared with $15.5 billion as of Dec 31, 2023.
Net cash provided by operating activities during the first six months of 2024 was $1.9 billion compared with $1.75 billion in the year-ago period.
Guidance
WEC reaffirmed its 2024 earnings projection in the range of $4.80-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.88 per share, higher than the midpoint of the company’s guided range.
WEC Energy Group expects to invest $23.7 billion in the 2024-2028 period.
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for second-quarter earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report third-quarter fiscal 2024 results on Aug 7, after market close. The Zacks Consensus Estimate for fiscal third-quarter earnings is pegged at $1.05 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 3.3% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
WEC Energy (WEC) Q2 Earnings Top Estimates, Revenues Lag
WEC Energy Group (WEC - Free Report) reported second-quarter 2024 earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 4.7%. However, the bottom line declined 27.2% from the year-ago quarter’s 92 cents per share.
Revenues
Operating revenues of $1.77 billion missed the Zacks Consensus Estimate of $1.86 billion by around 4.8%. The top line also declined 3.3% from $1.83 billion recorded 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
Electricity consumption by small commercial and industrial customers increased 0.3% in the second quarter. The same for large commercial and industrial customers, excluding the iron ore mine, decreased 0.1% on a year-over-year basis.
On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, declined 0.3%.
Total electric sales volume for the quarter was 10,375 thousand megawatt-hours, up 3.4% year over year.
Total operating expenses were $1.41 billion, up 0.2% from the year-ago quarter’s level of $1.4 billion. This was due to high other operation and maintenance.
Operating income totaled $364.8 million, down 14.2% from $425.3 million recorded in the year-ago quarter.
The company incurred an interest expense of $200.6 million, up 12.3% from the prior-year quarter’s level of $178.7 million.
Financial Position
As of Jun 30, 2024, WEC had cash and cash equivalents of $224 million compared with $42.9 million as of Dec 31, 2023.
As of Jun 30, 2024, the company had a long-term debt of $16.9 billion compared with $15.5 billion as of Dec 31, 2023.
Net cash provided by operating activities during the first six months of 2024 was $1.9 billion compared with $1.75 billion in the year-ago period.
Guidance
WEC reaffirmed its 2024 earnings projection in the range of $4.80-$4.90 per share. The Zacks Consensus Estimate for the same is pegged at $4.88 per share, higher than the midpoint of the company’s guided range.
WEC Energy Group expects to invest $23.7 billion in the 2024-2028 period.
Zacks Rank
WEC Energy currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
ONE Gas, Inc. (OGS - Free Report) is slated to report second-quarter 2024 results on Aug 5, after market close. The Zacks Consensus Estimate for second-quarter earnings is pegged at 49 cents per share.
OGS’ long-term (three to five years) earnings growth rate is 5%. It delivered an average earnings surprise of 0.9% in the last four quarters.
Atmos Energy Corporation (ATO - Free Report) is slated to report third-quarter fiscal 2024 results on Aug 7, after market close. The Zacks Consensus Estimate for fiscal third-quarter earnings is pegged at $1.05 per share.
ATO’s long-term earnings growth rate is 7%. It delivered an average earnings surprise of 3.3% in the last four quarters.
NRG Energy, Inc. (NRG - Free Report) is scheduled to report second-quarter results on Aug 8, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.30 per share.
NRG delivered an average earnings surprise of 4.2% in the past four quarters. The Zacks Consensus Estimate for 2024 earnings is pinned at $6.61 per share.