WEC Energy Group WEC delivered fourth-quarter 2018 adjusted earnings of 65 cents, which beat the Zacks Consensus Estimate of 64 cents by 1.56%. The bottom line declined from the year-ago quarter’s tally of 71 cents by 8.4%.
In 2018, the company generated earnings of $3.34 per share compared with adjusted earnings of $3.14 per share in 2017.
Total revenues amounted to $2,076.8 million, beating the Zacks Consensus Estimate of $1,931 million by 7.5%. Reported revenues were up from $2,055 million in the year-ago quarter.
The company generated $7,679.5 million revenues in 2018, up 0.4% from $7,648.5 million in 2017.
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 use of electricity in 2018 rose 5.3% year over year. Electricity consumption by small commercial and industrial customers increased 2%. Electricity used by large commercial and industrial customers, excluding iron ore mines, moved up 1%.
WEC Energy's utilities contributed to the customer base in the reported quarter. At the end of 2018, the company had an additional 11,000 electric and 19,000 natural gas customers compared with the year-ago quarter’s level.
As of Dec 31, 2018, WEC Energy had cash and cash equivalents of $84.5 million compared with $38.9 million as of Dec 31, 2017.
As of Dec 31, 2018, the company had long-term debt of $10 billion, up almost 14.2% from 2017-end level.
The company’s net cash provided by operating activities at the end of 2018 was $2.4 billion compared with $2 billion in the year-ago period.
Capital expenditure at the end of 2018 was $2.1 billion, up from $1.9 billion a year ago.
The company announced 2019 earnings per share guidance in the range of $3.48–$3.52. The projection is in line with long-term objective of achieving earnings growth rate of 5-7% on an annual basis.
WEC Energy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
NextEra Energy, Inc NEE delivered fourth-quarter 2018 adjusted earnings of $1.49 per share, which lagged the Zacks Consensus Estimate of $1.51 by 1.3%.
American Electric Power Co., Inc AEP reported fourth-quarter 2018 operating EPS of 72 cents, in line with the Zacks Consensus Estimate.
Xcel Energy Inc XEL posted fourth-quarter 2018 operating earnings of 42 cents per share, in line with the Zacks Consensus Estimate.
3 Medical Stocks to Buy Now
The greatest discovery in this century of biology is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating revenue, and cures for a variety of deadly diseases are in the pipeline.
So are big potential profits for early investors. Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it.
See them today for free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
American Electric Power Company, Inc. (AEP) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
Xcel Energy Inc. (XEL) : Free Stock Analysis Report
WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report
To read this article on Zacks.com click here.