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WEC Energy Group (WEC) Beats Q4 Earnings & Revenue Estimates

WEC Energy Group WEC delivered fourth-quarter 2022 earnings of 80 cents per share, beating the Zacks Consensus Estimate of 75 cents by 6.7%. The bottom line improved 12.7% from the year-ago quarter’s figure of 71 cents per share.

The year-over-year improvement in earnings was driven by favorable weather, solid growth in the infrastructure and transmission segments and execution of the capital plan, focused on delivering affordable, reliable and clean energy.

Revenues

Operating revenues of $2,558.4 million for the fourth quarter of 2022 topped the Zacks Consensus Estimate of $2,144 million by around 19.3%. Also, WEC Energy’s top line grew 16.2% from $2,201.9 million in the year-ago quarter.

For 2022, the company reported total revenues of $9,597.4 million, compared with $8,316 million in 2021.

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

During 2022, electricity consumption by small commercial and industrial customers increased 0.6% year over year. The electricity used by large commercial and industrial customers, excluding iron ore mines, decreased by 0.5% on a year-over-year basis.

On a weather-normal basis, retail deliveries of electricity in 2022 — excluding the iron ore mine — improved by 0.1%.

Total operating expenses for the fourth quarter amounted to $2,178 million, up 16.2% from the year-ago quarter’s $1,875.1 million due to higher property and revenue taxes as well as the cost of sales.

For the fourth quarter, WEC reported operating income of $380.4 million, up 16.4% from the year-ago quarter’s $326.8 million.

For the fourth quarter, WEC incurred interest expense of $150.2 million, up 32.2% from the year-ago quarter’s $113.6 million.

Financial Position

As of Dec 31, 2022 WEC had cash and cash equivalents of $28.9 million, compared with $16.3 million as of Dec 31, 2021.

As of Dec 31, 2022, WEC Energy had a long-term debt of $14,766.2 million, compared with $13,523.7 million as of Dec 31, 2021.

Net cash provided by operating activities for 2022 was $2,060.7 million, compared with $2,032.7 million in the last year.

The capital expenditure for 2022 was $2,314.9 million, compared with $2,252.8 million in the last year.

Guidance

WEC Energy reaffirmed 2023 earnings guidance in the range of $4.58-$4.62 per share. The midpoint of the new range is $4.60 per share, a cent higher than the Zacks Consensus Estimate of $4.59 per share.

Zacks Rank

WEC Energy currently has a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Duke Energy DUK is scheduled to report fourth-quarter results on Feb 9, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.07 per share, indicating a year-over-year increase of 13.83%.

ONE Gas OGS is slated to report its fourth-quarter results on Feb 22, after market close. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.2 per share, implying a year-over-year increase of 7.14%.

DTE Transfer DTE is slated to report its fourth-quarter results on Feb 23, before market open. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.21 per share, implying a year-over-year increase of 15.24%.

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