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) Beats Earnings & Revenue Estimates in 2Q
Read MoreHide Full Article
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 59 cents by 6.8% and the year-ago figure of 57 cents by 10.5%.
Revenues
WEC Energy’s total revenue amounted to $1,631.5 million, beating the Zacks Consensus Estimate of $1,592 million by 2.5%. Reported revenues also surpassed the year-ago figure of $1,602 million by 1.8%.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
Residential consumption of electricity in the first half of 2017 was down 1.1% year over year. Electricity utilized by small commercial and industrial customers also dropped 1% year over year. Electricity used by large commercial and industrial customers, excluding the iron ore mines in Michigan's Upper Peninsula, declined 0.5%.
Total operating expenses in the quarter under review was $1,269.3 million compared with $1,269.9 million.
Operating income in the reported quarter was $ 362.2 million, up 9.1% from $332.1 million a year ago.
The company’s interest expenses in the second quarter increased 1.8% year over year to $101.9 million.
WEC Energy's utilities expanded the customer base in the reported quarter. At the end of second-quarter 2017, the company had an additional 9,000 electric and 13,000 natural gas customers compared with the year-ago quarter.
Financial Position
As of Jun 30, 2017, WEC Energy had cash and cash equivalents of $36.5 million compared with $37.5 million as of Dec 31, 2016.
As of Jun 30, 2017, WEC Energy’s long-term debts of $8.8 billion, decreased almost 3.9% from the 2016-end level.
In the first half of 2016, cash flow from operating activities was $1,268.0 million, marginally higher than $1,224.1 million in the year-ago period.
WEC Energy’s capital expenditure in the first half of 2016 was $790.0 million, 26.1% higher than the comparable year-ago period.
Guidance
The company reaffirmed its 2017 earnings guidance in the range of $3.06 to $3.12, with the expectation of closing the year in the upper end of the range.
Here are a few companies in the utility sector that have the right combination of elements to post an earnings beat this quarter.
Allete, Inc. (ALE - Free Report) has an Earnings ESP of +5.36% and holds a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 2.
Pattern Energy Group Inc. has an Earnings ESP of +23.08% and carries a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 4.
The AES Corporation (AES - Free Report) has an Earnings ESP of +20.00% and holds a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 8.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
WEC Energy (WEC) Beats Earnings & Revenue Estimates in 2Q
WEC Energy Group (WEC - Free Report) reported second-quarter 2017 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 59 cents by 6.8% and the year-ago figure of 57 cents by 10.5%.
Revenues
WEC Energy’s total revenue amounted to $1,631.5 million, beating the Zacks Consensus Estimate of $1,592 million by 2.5%. Reported revenues also surpassed the year-ago figure of $1,602 million by 1.8%.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
WEC Energy Group, Inc. Price, Consensus and EPS Surprise | WEC Energy Group, Inc. Quote
Highlights of the Release
Residential consumption of electricity in the first half of 2017 was down 1.1% year over year. Electricity utilized by small commercial and industrial customers also dropped 1% year over year. Electricity used by large commercial and industrial customers, excluding the iron ore mines in Michigan's Upper Peninsula, declined 0.5%.
Total operating expenses in the quarter under review was $1,269.3 million compared with $1,269.9 million.
Operating income in the reported quarter was $ 362.2 million, up 9.1% from $332.1 million a year ago.
The company’s interest expenses in the second quarter increased 1.8% year over year to $101.9 million.
WEC Energy's utilities expanded the customer base in the reported quarter. At the end of second-quarter 2017, the company had an additional 9,000 electric and 13,000 natural gas customers compared with the year-ago quarter.
Financial Position
As of Jun 30, 2017, WEC Energy had cash and cash equivalents of $36.5 million compared with $37.5 million as of Dec 31, 2016.
As of Jun 30, 2017, WEC Energy’s long-term debts of $8.8 billion, decreased almost 3.9% from the 2016-end level.
In the first half of 2016, cash flow from operating activities was $1,268.0 million, marginally higher than $1,224.1 million in the year-ago period.
WEC Energy’s capital expenditure in the first half of 2016 was $790.0 million, 26.1% higher than the comparable year-ago period.
Guidance
The company reaffirmed its 2017 earnings guidance in the range of $3.06 to $3.12, with the expectation of closing the year in the upper end of the range.
Zacks Rank
WEC Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Here are a few companies in the utility sector that have the right combination of elements to post an earnings beat this quarter.
Allete, Inc. (ALE - Free Report) has an Earnings ESP of +5.36% and holds a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 2.
Pattern Energy Group Inc. has an Earnings ESP of +23.08% and carries a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 4.
The AES Corporation (AES - Free Report) has an Earnings ESP of +20.00% and holds a Zacks Rank #2. It is slated to report second-quarter 2017 results on Aug 8.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>