WEC Energy Group WEC reported fourth-quarter 2024 earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. However, the bottom line increased 30% from the year-ago quarter’s $1.10.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

WEC’s Revenues

Operating revenues of $2.28 billion missed the Zacks Consensus Estimate of $2.6 billion by around 12.1%. The top line increased 2.7% from $2.22 billion recorded in the year-ago quarter.

Full-year 2024 revenues totaled $8.6 billion, down 3.3% from last year’s recorded figure of $8.89 billion.

Highlights of WEC’s Earnings Release

Electricity consumption by small commercial and industrial customers increased 0.7% in 2024. The same for large commercial and industrial customers, excluding the iron ore mine, increased 0.1% year over year.

On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, during 2024 increased 0.1%.

Total electric sales volume for the quarter was 10,566.4 thousand megawatt-hours, up 0.4% year over year.

Total operating expenses were $1.69 billion, down 10% from the year-ago level of $1.88 billion. This was due to lower cost of sales and a decrease in other operation and maintenance expenses.

Operating income totaled $590.9 million, up 73.1% from $341.4 million recorded in the year-ago quarter.

The company incurred an interest expense of $211.9 million, up 9.5% from the prior-year level of $193.5 million.

WEC’s Financial Position

As of Dec. 31, 2024, WEC had cash and cash equivalents of $9.8 million compared with $42.9 million as of Dec. 31, 2023.

As of Dec. 31, 2024, the company had a long-term debt of $17.2 billion compared with $15.4 billion as of Dec. 31, 2023.

Net cash provided by operating activities during 2024 was $3.21 billion compared with $3.02 billion in the year-ago period.

WEC’s Guidance

WEC reaffirmed its 2025 earnings projection in the range of $5.17-$5.27 per share. The Zacks Consensus Estimate for the metric is pegged at $5.23 per share, higher than the midpoint of the company’s guided range.

WEC Energy expects to invest $28 billion in the 2025-2029 period.

WEC’s Zacks Rank

The company 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

IDACORP IDA is scheduled to report fourth-quarter results on Feb. 20, before market open. The Zacks Consensus Estimate for earnings is pegged at 63 cents per share, which suggests a year-over-year increase of 3.3%.

IDA’s long-term (three to five years) earnings growth rate is 8.35%. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.42 per share, which implies a year-over-year improvement of 5.5%.

Alliant Energy LNT is slated to report fourth-quarter results on Feb. 20, after market close. The Zacks Consensus Estimate for earnings is pegged at 68 cents per share.

LNT’s long-term earnings growth rate is 6.75%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $1.20 billion.

Pinnacle West Capital Corporation PNW is scheduled to report fourth-quarter results on Feb. 25, before market open. The Zacks Consensus Estimate for earnings is pegged at a loss of 15 cents per share.

PNW’s long-term earnings growth rate is 5.58%. The Zacks Consensus Estimate for 2024 earnings is pinned at $5.13 per share, which implies a year-over-year improvement of 16.3%.

 

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

WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report

Pinnacle West Capital Corporation (PNW) : Free Stock Analysis Report

IDACORP, Inc. (IDA) : Free Stock Analysis Report

Alliant Energy Corporation (LNT) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research