WEC Energy(WEC)2024-07-31 11:28Financial Performance - For the first six months of 2024, WEC Energy Group recorded net income of $833.6 million, or $2.64 per share, compared to $797.2 million, or $2.52 per share, in the same period last year, representing a 4.4% increase in earnings per share [1]. - Consolidated revenues for the first half of 2024 totaled $4.5 billion, down $265.9 million from $4.718 billion in the first half of 2023, indicating a decline of approximately 5.6% [8]. - Operating income for the second quarter of 2024 was $364.8 million, down from $425.3 million in Q2 2023, reflecting a decrease of approximately 14.2% [20]. - WEC Energy Group reported net income of $211.3 million, or 67 cents per share, for Q2 2024, down from $289.7 million, or 92 cents per share, in Q2 2023 [40]. - The company reaffirmed its 2024 earnings guidance of $4.80 to $4.90 per share, assuming normal weather conditions for the remainder of the year [5]. Expenses and Liabilities - Total operating expenses for the first half of 2024 were $3.274 billion, down from $3.623 billion in the same period last year, a reduction of about 9.6% [20]. - WEC Energy Group's long-term liabilities increased to $28,696.2 million as of June 30, 2024, from $26,753.4 million as of December 31, 2023, representing a rise of 7.2% [38]. - The company reported a decrease in accounts receivable and unbilled revenues, net, amounting to $254.2 million for the six months ended June 30, 2024, down from $529.5 million in the prior year [36]. - WEC Energy Group's total current liabilities decreased to $3,491.6 million as of June 30, 2024, from $5,114.8 million as of December 31, 2023, a reduction of 31.7% [34]. Customer and Market Insights - The company serves approximately 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota, maintaining its position as a leading energy provider [27]. - Retail electricity deliveries, excluding the iron ore mine, increased by 0.5% in Q2 2024 compared to Q2 2023, while residential electricity use rose by 1.4% [2][3]. - The company reported a 0.3% increase in electricity consumption by small commercial and industrial customers, while large commercial and industrial customers saw a decline of 0.1% [9]. Cash Flow and Investments - Cash and cash equivalents increased to $224.0 million as of June 30, 2024, compared to $42.9 million at the end of 2023 [32]. - The company achieved net cash provided by operating activities of $1,901.0 million for the six months ended June 30, 2024, compared to $1,754.3 million for the same period in 2023, reflecting an increase of 8.4% [36]. - Capital expenditures for the six months ended June 30, 2024, were $1,138.4 million, up from $1,073.7 million in the same period of 2023, indicating a growth of 6.0% [36]. - WEC Energy Group's cash, cash equivalents, and restricted cash at the end of the period were $302.9 million, compared to $140.1 million at the end of the previous year, showing a significant increase [36]. Strategic Focus - The company emphasized a focus on financial discipline, customer satisfaction, and operating efficiency as key strategies for a strong 2024 [41]. - The company made significant acquisitions, including the West Riverside Energy Center for $98.2 million and other renewable energy facilities, contributing to its market expansion strategy [36]. - WEC Energy Group's deferred income taxes increased to $5,265.4 million as of June 30, 2024, from $4,918.5 million as of December 31, 2023, reflecting a growth of 7.1% [38].