On February 4, 2025, WEC Energy Group Inc (WEC, Financial) released its 8-K filing detailing its financial performance for the fourth quarter and full year of 2024. The company, a leading utility provider serving electric and gas customers across Illinois, Michigan, Minnesota, and Wisconsin, reported a net income of $1.5 billion, or $4.83 per share, for the year 2024. This marks an increase from the previous year's earnings of $1.3 billion, or $4.22 per share.

Quarterly and Annual Financial Performance

For the fourth quarter of 2024, WEC Energy Group reported a net income of $453.5 million, or $1.43 per share, aligning with analyst estimates. This is a significant increase from the $218.5 million, or 69 cents per share, reported in the same quarter of 2023. The company's full-year adjusted earnings per share, excluding certain charges, rose to $4.88, surpassing the analyst estimate of $4.86.

Despite a decrease in consolidated revenues to $8.6 billion from $8.9 billion in 2023, the company managed to deliver solid results. This performance is crucial for WEC Energy Group as it navigates regulatory challenges, including disallowed capital expenditures by the Illinois Commerce Commission (ICC), which impacted earnings by 6 cents per share in 2024.

Operational Highlights and Challenges

WEC Energy Group's operational performance was marked by a slight increase in retail electricity deliveries, up by 0.5% for the year, excluding the iron ore mine in Michigan. However, natural gas deliveries in Wisconsin saw a decline of 2.9%. The company continues to face challenges from regulatory disallowances, which have affected its financial results in both 2023 and 2024.

“We delivered another year of solid results on virtually every meaningful measure — from customer satisfaction, to financial performance to steady execution of our capital plan,” said Scott Lauber, president and CEO.

Financial Achievements and Industry Context

WEC Energy Group's financial achievements are significant in the regulated utilities industry, where stable earnings and dividends are highly valued. The company declared a quarterly cash dividend of 89.25 cents per share, marking a 6.9% increase over the previous rate and continuing its 22-year streak of dividend growth. This is a testament to its commitment to enhancing shareholder value.

Key Financial Metrics

Analysis and Outlook

WEC Energy Group's performance in 2024 reflects its ability to maintain profitability despite regulatory hurdles. The company's focus on operational efficiency and customer satisfaction has been pivotal in achieving these results. Looking ahead, WEC Energy Group has reaffirmed its earnings guidance for 2025, projecting growth in earnings per share to a range of $5.17 to $5.27, indicating a positive outlook for the future.

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Explore the complete 8-K earnings release (here) from WEC Energy Group Inc for further details.