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) Q1 Earnings Beat Estimates, Revenues Miss
Read MoreHide Full Article
WEC Energy Group (WEC - Free Report) delivered first-quarter 2020 adjusted earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.32 by 8.33%. The bottom line increased 7.5% from the year-ago quarter’s tally of $1.33.
Revenues
Total revenues amounted to $2,109 million, which missed the Zacks Consensus Estimate of $2,418 million by 12.7%. The reported figure declined 11.3% from $2,377 million in the year-ago quarter.
Highlights of the Release
Residential use of electricity in the first quarter fell 4.6% year over year. Electricity consumption by small commercial and industrial customers declined 2.6% year on year. Electricity used by large commercial and industrial customers, excluding iron ore mines, dropped 3.1% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, inched down 2%.
Natural gas deliveries in Wisconsin, excluding gas used for power generation, dropped 10.6% from the year-ago quarter’s reported figure. On a weather-normal basis, natural gas deliveries fell 1.1%.
At the end of the first quarter, the company had an additional 10,000 electric and 12,000 natural gas customers compared with the year-ago quarter’s level.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
As of Mar 31, 2020, WEC Energy had cash and cash equivalents of $15.4 million compared with $37.5 million as of Dec 31, 2019.
As of Mar 31, 2019, the company had long-term debt of $3,870 million, compared with $3,769.3 million as of Dec 31, 2019.
The company’s net cash provided by operating activities at the end of the first quarter was $690.5 million compared with $735.7 million at the end of the first quarter of 2019.
Capital expenditure at the end of the quarter was $496.1 million compared with $358.8 million at the end of the year-ago quarter.
Guidance
The company reaffirmed 2020 earnings per share guidance in the range of $3.71-$3.75. The midpoint of the current guidance is $3.73, which is in line with the Zacks Consensus Estimate.
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
Image: Bigstock
WEC Energy (WEC) Q1 Earnings Beat Estimates, Revenues Miss
WEC Energy Group (WEC - Free Report) delivered first-quarter 2020 adjusted earnings per share of $1.43, which beat the Zacks Consensus Estimate of $1.32 by 8.33%. The bottom line increased 7.5% from the year-ago quarter’s tally of $1.33.
Revenues
Total revenues amounted to $2,109 million, which missed the Zacks Consensus Estimate of $2,418 million by 12.7%. The reported figure declined 11.3% from $2,377 million in the year-ago quarter.
Highlights of the Release
Residential use of electricity in the first quarter fell 4.6% year over year. Electricity consumption by small commercial and industrial customers declined 2.6% year on year. Electricity used by large commercial and industrial customers, excluding iron ore mines, dropped 3.1% on a year-over-year basis. On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, inched down 2%.
Natural gas deliveries in Wisconsin, excluding gas used for power generation, dropped 10.6% from the year-ago quarter’s reported figure. On a weather-normal basis, natural gas deliveries fell 1.1%.
At the end of the first quarter, the company had an additional 10,000 electric and 12,000 natural gas customers compared with the year-ago quarter’s level.
WEC Energy Group, Inc. Price, Consensus and EPS Surprise
WEC Energy Group, Inc. price-consensus-eps-surprise-chart | WEC Energy Group, Inc. Quote
Financial Position
As of Mar 31, 2020, WEC Energy had cash and cash equivalents of $15.4 million compared with $37.5 million as of Dec 31, 2019.
As of Mar 31, 2019, the company had long-term debt of $3,870 million, compared with $3,769.3 million as of Dec 31, 2019.
The company’s net cash provided by operating activities at the end of the first quarter was $690.5 million compared with $735.7 million at the end of the first quarter of 2019.
Capital expenditure at the end of the quarter was $496.1 million compared with $358.8 million at the end of the year-ago quarter.
Guidance
The company reaffirmed 2020 earnings per share guidance in the range of $3.71-$3.75. The midpoint of the current guidance is $3.73, which is in line with the Zacks Consensus Estimate.
Zacks Rank
WEC Energy has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%.
NextEra Energy (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2020 adjusted EPS of 86 cents, which surpassed the Zacks Consensus Estimate of 77 cents by 11.7%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>