WEC Energy(WEC) - 2024 Q4 - Annual Results

Financial Performance - WEC Energy Group reported net income of $1.5 billion, or$ 4.83 per share, for 2024, compared to $1.3 billion, or$ 4.22 per share, in 2023, reflecting a year-over-year increase of 15.4% in net income[1][2]. - Adjusted earnings for 2024 rose to $4.88 per share, a 5.4% increase from 2023's adjusted earnings of$ 4.63 per share[2][10]. - For Q4 2024, net income was $453.5 million, or$ 1.43 per share, compared to $218.5 million, or$ 0.69 per share, in Q4 2023, marking a significant increase of 107%[3][11]. - Net income for the year ended December 31, 2024, was $1,524.3 million, up 14.5% from$ 1,331.7 million in 2023[27]. - Earnings per share for 2024 were $4.83, an increase from$ 4.22 in 2023, marking a 14.5% growth[23]. Revenue and Deliveries - Consolidated revenues for 2024 were $8.6 billion, down$ 293.1 million from 2023[4]. - Retail electricity deliveries increased by 0.5% in 2024, excluding the iron ore mine in Michigan's Upper Peninsula[4][5]. - Natural gas deliveries in Wisconsin decreased by 2.9% during 2024, with a weather-normal basis showing a decline of 0.1%[6]. - Operating revenues for Q4 2024 were $2,284.2 million, a 3.0% increase from$ 2,217.5 million in Q4 2023[23]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.8925 per share was declared, an increase of 6.9% over the previous rate, marking the 22nd consecutive year of dividend increases[8]. - Dividends paid on common stock increased to$ 1,056.2 million in 2024 from $984.2 million in 2023[27]. Guidance and Future Expectations - The company reaffirmed its earnings guidance for 2025, expecting earnings to be in the range of$ 5.17 to $5.27 per share, representing a growth of 7.6% from the midpoint of 2024's adjusted guidance[7]. Assets and Capital Expenditures - WEC Energy Group has approximately$ 47 billion in assets and is a component of the S&P 500[18]. - Total assets as of December 31, 2024, reached $47,363.2 million, a 7.3% increase from$ 43,939.7 million in 2023[25]. - Capital expenditures for the year were $2,781.1 million, compared to$ 2,492.9 million in 2023, reflecting a 11.6% increase[27]. - The company issued long-term debt amounting to $4,460.9 million in 2024, compared to$ 2,170.0 million in 2023[27]. Customer Base and Shares - The company serves approximately 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota[16]. - The weighted average diluted shares outstanding remained stable at 316.5 million in 2024, compared to 315.9 million in 2023[23]. - Cash and cash equivalents decreased to $9.8 million in 2024 from$ 42.9 million in 2023[25].