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Wec Energy Group 8-K Report, Financial Results (Jul 31, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 31, 2024
Period End
July 31, 2024
Security
WEC
In the record · 2016–202610-K1110-Q338-K261

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 261 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’20Oct ’20
  2. Leadership change8-K · Oct ’22Oct ’22
  3. Material agreement8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 31, 2024. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. filed this Form 8-K on July 31, 2024 under Item 2.02 (Results of Operations and Financial Condition) to furnish its press release reporting results for the quarter and six months ended June 30, 2024.

For the second quarter, net income attributed to common shareholders was $211.3 milliona, or 67 cents per share, compared with $289.7 million, or 92 cents per share, in the second quarter of 2023. For the first six months of 2024, net income attributed to common shareholders was $833.6 million, or $2.64 per share, up from $797.2 million, or $2.52 per share, a year earlier. Consolidated revenues for the first half totaled $4.5 billion, down $265.9 million from the first half of 2023.

The company stated that despite the warmest winter on record, it is delivering solid results and is firmly on track for a strong 2024, and it reaffirmed its 2024 earnings guidance of $4.80 to $4.90b per share, assuming normal weather for the rest of the year. Retail electricity deliveries excluding the Michigan iron ore mine rose 0.5 percent in the second quarter, while weather-normal deliveries decreased 0.3 percent. Residential electricity use rose 1.4 percent.

The balance sheet shows total assets of $44.58 billionc at June 30, 2024, up from $43.94 billion at December 31, 2023, with long-term debt rising to $16.91 billion from $15.51 billion and short-term debt falling to $761.3 million from $2,020.9 million. Six-month operating cash flow was $1,901.0 million, compared with $1,754.3 million a year earlier, while capital expenditures were $1,138.4 million.

02—Key points

Key Highlights

  1. Q2 2024 net income attributed to common shareholders was $211.3 million, or 67 cents per share, versus $289.7 million, or 92 cents per share, in Q2 2023.
  2. First-half 2024 net income attributed to common shareholders was $833.6 million, or $2.64 per share, up from $797.2 million, or $2.52 per share, in the first half of 2023.
  3. 2024 earnings guidance of $4.80 to $4.90 per share was reaffirmed, assuming normal weather for the remainder of the year.
  4. Consolidated revenues for the first six months totaled $4.5 billion, down $265.9 million from the first half of 2023.
  5. Retail electricity deliveries excluding the iron ore mine rose 0.5 percent in Q2 2024, but decreased 0.3 percent on a weather-normal basis.
  6. Long-term debt increased to $16.91 billion at June 30, 2024 from $15.51 billion at December 31, 2023, while short-term debt fell to $761.3 million from $2,020.9 million.
  7. Capital expenditures were $1,138.4 million for the first six months of 2024, and operating cash flow was $1,901.0 million.

03—Questions

Frequently Asked Questions

  1. Why did second-quarter net income decline compared with last year?

    Net income attributed to common shareholders fell to $211.3 million, or 67 cents per share, from $289.7 million, or 92 cents per share, in Q2 2023. The filing's income statement shows Q2 2024 operating revenues of $1,772.0 million versus $1,830.0 million a year earlier, and interest expense rose to $200.6 million from $178.7 million, while operating income decreased to $364.8 million from $425.3 million.

  2. Is WEC Energy Group still expecting its full-year 2024 earnings target?

    Yes. The company reaffirmed its 2024 earnings guidance of $4.80 to $4.90 per share. This assumes normal weather for the remainder of the year. The press release states the company is firmly on track for a strong 2024.

  3. How did the weather affect the quarter?

    Management said results were delivered despite the warmest winter on record. The press release notes that retail electricity deliveries excluding the iron ore mine rose 0.5 percent in Q2 2024, while on a weather-normal basis they decreased 0.3 percent.

  4. How did the company's debt position change in the first half of 2024?

    Long-term debt increased to $16,907.8 million at June 30, 2024 from $15,512.8 million at December 31, 2023, and issuance of long-term debt totaled $2,074.2 million in the six months. Short-term debt decreased to $761.3 million from $2,020.9 million, and commercial paper changes were a use of $1,260.4 million.

  5. Where can investors find more detailed financial information on the quarter?

    The company stated it would post on its website a package of detailed financial information on its second-quarter performance, available at 6:30 a.m. Central time on July 31, 2024, and held a conference call at 1 p.m. Central time that day to review results and outlook.

04—Continue

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