WEC Energy Group posts 2024 results

Core Viewpoint - WEC Energy Group reported strong financial performance for 2024, with net income increasing to $1.5 billion, or$ 4.83 per share, compared to $1.3 billion, or$ 4.22 per share, in 2023 [1][2]. Financial Performance - Full-year 2024 earnings included a charge of 6 cents per share related to capital expenditures disallowed by the Illinois Commerce Commission (ICC), while 2023 included a non-cash charge of 41 cents per share [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]. - For Q4 2024, net income was $453.5 million, or$ 1.43 per share, compared to $218.5 million, or 69 cents per share, in Q4 2023 [3]. - Consolidated revenues for the full year were$ 8.6 billion, down $293.1 million from 2023 [3]. Operational Highlights - Retail electricity deliveries, excluding the iron ore mine, increased by 0.5% in 2024 [4]. - Electricity consumption by small commercial and industrial customers rose by 0.7%, while large commercial and industrial customers saw a 0.1% increase [5]. - Residential electricity use also increased by 0.5% [6]. - Natural gas deliveries in Wisconsin decreased by 2.9%, with a weather-normal basis showing a 0.1% decline [7]. Future Outlook - The company reaffirmed its earnings guidance for 2025, expecting earnings in the range of$ 5.17 to $5.27 per share, representing a growth of 7.6% from the midpoint of 2024's adjusted guidance [8]. - A quarterly cash dividend of 89.25 cents per share was declared, marking a 6.9% increase over the previous rate, continuing a 22-year trend of increasing dividends [9]. Company Overview - WEC Energy Group serves approximately 4.7 million customers across Wisconsin, Illinois, Michigan, and Minnesota [18]. - The company operates several principal utilities and has a growing fleet of renewable generation facilities [19][20].