WEC Energy(WEC) ZACKS·2025-02-06 13:31Core Insights - WEC Energy Group reported fourth-quarter 2024 earnings of $1.43 per share, slightly missing the Zacks Consensus Estimate of $1.44, but showing a 30% increase from $1.10 in the same quarter last year [1] - Operating revenues for the quarter were $2.28 billion, falling short of the Zacks Consensus Estimate of $2.6 billion by approximately 12.1%, but reflecting a 2.7% increase from $2.22 billion in the previous year [2] - Full-year 2024 revenues totaled $8.6 billion, down 3.3% from $8.89 billion in 2023 [2] Revenue and Consumption - Electricity consumption by small commercial and industrial customers rose by 0.7% in 2024, while large commercial and industrial customers, excluding the iron ore mine, saw a 0.1% increase year over year [3] - Total electric sales volume for the quarter was 10,566.4 thousand megawatt-hours, up 0.4% year over year [3] Expenses and Income - Total operating expenses were $1.69 billion, a decrease of 10% from $1.88 billion in the previous year, attributed to lower cost of sales and reduced operation and maintenance expenses [4] - Operating income reached $590.9 million, marking a 73.1% increase from $341.4 million in the year-ago quarter [4] - Interest expense was $211.9 million, up 9.5% from $193.5 million in the prior year [4] Financial Position - As of December 31, 2024, WEC had cash and cash equivalents of $9.8 million, down from $42.9 million a year earlier [5] - Long-term debt increased to $17.2 billion from $15.4 billion as of December 31, 2023 [5] - Net cash provided by operating activities during 2024 was $3.21 billion, compared to $3.02 billion in the previous year [5] Guidance - WEC reaffirmed its 2025 earnings projection in the range of $5.17-$5.27 per share, with the Zacks Consensus Estimate at $5.23 per share, higher than the midpoint of the company's guidance [6] - The company plans to invest $28 billion in the period from 2025 to 2029 [6]