WEC Energy(US:WEC) ZACKSยท2024-08-01 12:35Earnings Performance - WEC Energy Group reported second-quarter 2024 earnings of 67 cents per share, exceeding the Zacks Consensus Estimate of 64 cents by 4.7%, but down 27.2% from 92 cents per share in the same quarter last year [1] - Operating revenues were $1.77 billion, missing the Zacks Consensus Estimate of $1.86 billion by approximately 4.8%, and declined 3.3% from $1.83 billion in the year-ago quarter [2] Operational Highlights - Electricity consumption by small commercial and industrial customers increased by 0.3% in the second quarter, while large commercial and industrial customers, excluding the iron ore mine, saw a decrease of 0.1% year-over-year [3] - Total electric sales volume for the quarter was 10,375 thousand megawatt-hours, reflecting a year-over-year increase of 3.4% [3] Expenses and Income - Total operating expenses were $1.41 billion, up 0.2% from $1.4 billion in the year-ago quarter, attributed to high other operation and maintenance costs [4] - Operating income totaled $364.8 million, down 14.2% from $425.3 million in the previous year [4] - Interest expense increased to $200.6 million, up 12.3% from $178.7 million in the prior-year quarter [4] Financial Position - As of June 30, 2024, WEC had cash and cash equivalents of $224 million, a significant increase from $42.9 million as of December 31, 2023 [5] - Long-term debt rose to $16.9 billion from $15.5 billion as of December 31, 2023 [5] - Net cash provided by operating activities during the first half of 2024 was $1.9 billion, compared to $1.75 billion in the same period last year [5] Guidance - WEC reaffirmed its 2024 earnings projection in the range of $4.80-$4.90 per share, with the Zacks Consensus Estimate at $4.88 per share, higher than the midpoint of the company's guidance [6] - The company plans to invest $23.7 billion in the 2024-2028 period [6]