WEC Energy (WEC) Q4 Earnings Match Estimates, Sales Lag
WEC Energy Group WEC reported fourth-quarter 2023 earnings of $1.10 per share, on par with the Zacks Consensus Estimate. The bottom line improved by 37.5% from the year-ago quarter’s figure of 80 cents.
WEC reported earnings of $4.63 for 2023 compared with $4.45 per share in 2022, which reflects a year-over-year increase of 4%.
Revenues
Operating revenues of $2.21 billion missed the Zacks Consensus Estimate of $2.66 billion by 16.9%. The top line also declined by 13.33% from $2.55 billion recorded in the year-ago quarter.
WEC reported total revenues of $8.9 billion for 2023 compared with $9.6 billion in 2022, which reflects a year-over-year decline of 7.29%.
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 was 1.1% lower during 2023. Electricity use by large commercial and industrial customers, excluding the iron ore mine, declined by 3.2% on a year-over-year basis.
On a weather-normal basis, retail deliveries of electricity during 2023, excluding the iron ore mine, were down by 1% during the same time frame.
Total electric sales volumes for the quarter were 10,524 thousand megawatt-hours, up 7% year over year.
Total operating expenses were $1.87 billion, down 13.8% from the year-ago quarter’s level of $2.17 billion due to the lower cost of sales.
Operating income totaled $341.4 million, down 10.25% from the year-ago quarter’s recorded number of $380.4 million.
The company incurred an interest expense of $193.5 million, up 28.8% from the prior-year quarter’s level of $150.2 million.
Financial Position
As of Dec 31, 2023, WEC had cash and cash equivalents of $42.9 million compared with $28.9 million as of Dec 31, 2022.
As of Dec 31, 2023, the company had a long-term debt of $15.5 billion compared with $14.76 billion as of Dec 31, 2022.
Cash flow from operating activities in 2023 was $3.01 billion compared with $2.06 billion in 2022.
Guidance
WEC Energy Group expects to increase the capital plan by $300 million in the 2024-2028 time frame to further strengthen its energy infrastructure and electric delivery. The company now expects to invest $23.7 billion in the aforesaid time period.
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
PNM Resources PNM will report fourth-quarter results on Feb 6 before market open. The Zacks Consensus Estimate for earnings is pegged at 15 cents per share.
The Zacks Consensus Estimate for PNM’s 2024 earnings is pegged at $2.75 per share, implying a year-over-year decline of 1.43%.
Alliant LNT will report fourth-quarter results on Feb 15 after market close. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, calling for a year-over-year increase of 19.57%.
The Zacks Consensus Estimate for LNT’s 2024 earnings is pegged at $3.08 per share, implying year-over-year growth of 7.14%.
FirstEnergy FE to report fourth-quarter results on Feb 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 60 cents per share, suggesting a year-over-year rise of 20%.
The Zacks Consensus Estimate for FE’s 2024 earnings is pegged at $2.66 per share, implying a year-over-year increase of 4.25%.
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
FirstEnergy Corporation (FE) : Free Stock Analysis Report
WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report
Alliant Energy Corporation (LNT) : Free Stock Analysis Report
PNM Resources, Inc. (PNM) : Free Stock Analysis Report
