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

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 31, 2024
Period End
October 31, 2024
Security
WEC
In the record · 2016–202610-K1110-Q338-K260

WEC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 260 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 October 31, 2024. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. filed this Form 8-K on October 31, 2024 to furnish a press release (Exhibit 99.1) reporting its financial results for the quarter and nine months ended September 30, 2024.

For the third quarter of 2024, the company reported net income of $240.1 milliona, or 76 cents per share, compared with $316.0 million, or $1.00 per share, in the third quarter of 2023. The results include a charge of 6 cents per share tied to certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider that the Illinois Commerce Commission disallowed. Excluding that charge, adjusted earnings were 82 cents per share, a decrease of 18 cents per share from the prior-year quarter.

For the first nine months of 2024, GAAP net income was $1.07 billionb, or $3.40 per share, versus $1.11 billion, or $3.52 per share, a year earlier. Adjusted earnings for the nine-month period were $3.45 per share. Consolidated revenues were $6.3 billion for the nine months, down $359.8 million from the prior-year period.

Retail electricity deliveries excluding the iron ore mine rose 0.7 percent in the third quarter, and on a weather-normal basis increased 0.4 percent. The company affirmed its 2024 earnings guidance of $4.74 to $4.84c per share on a GAAP basis and $4.80 to $4.90 per share on an adjusted basis, assuming normal weather for the remainder of the year. Management described the quarter as solid and said the company remains on track for a strong 2024.

02—Key points

Key Highlights

  1. Q3 2024 GAAP net income of $240.1 million, or $0.76 per diluted share, versus $316.0 million, or $1.00 per share, in Q3 2023.
  2. Q3 2024 results include a $0.06 per share charge from Illinois Commerce Commission disallowance of certain QIP rider capital expenditures; adjusted Q3 EPS was $0.82, down $0.18 year over year.
  3. Nine-month 2024 GAAP EPS of $3.40 versus $3.52 in 2023; adjusted nine-month EPS of $3.45.
  4. Consolidated revenues of $6.3 billion for the nine months ended September 30, 2024, down $359.8 million year over year.
  5. Retail electricity deliveries (excluding the iron ore mine) rose 0.7 percent in Q3 2024; residential use rose 1.3 percent and small commercial and industrial use rose 1.0 percent, while large commercial and industrial use fell 0.2 percent.
  6. 2024 earnings guidance affirmed at $4.74 to $4.84 per share GAAP and $4.80 to $4.90 per share adjusted, assuming normal weather for the rest of the year.
  7. Nine-month operating cash flow of $2.63 billion, with capital expenditures of $1.93 billion over the same period.

03—Questions

Frequently Asked Questions

  1. Why did adjusted earnings per share fall year over year in the third quarter?

    Adjusted third-quarter EPS was $0.82 compared with $1.00 in the prior-year quarter, a decrease of $0.18 per share. The filing attributes the charge to capital expenditures under the QIP rider that the Illinois Commerce Commission disallowed. The company states that GAAP results for both periods are otherwise unadjusted, and the release does not itemize the other drivers of the decline.

  2. What is the company's 2024 earnings outlook?

    WEC affirmed its 2024 guidance of $4.74 to $4.84 per share on a GAAP basis and $4.80 to $4.90 per share on an adjusted basis. The guidance assumes normal weather for the remainder of the year.

  3. What was the company's electricity demand trend in the third quarter?

    Retail electricity deliveries, excluding the iron ore mine in Michigan's Upper Peninsula, increased 0.7 percent versus the third quarter of 2023. Weather-normal deliveries rose 0.4 percent. Residential use rose 1.3 percent and small commercial and industrial use rose 1.0 percent, while large commercial and industrial use declined 0.2 percent.

  4. How did revenue and net income trend for the first nine months of 2024?

    Consolidated revenues were $6.3 billion, down $359.8 million from the first nine months of 2023. GAAP net income attributed to common shareholders was $1.07 billion, or $3.40 per share, compared with $1.11 billion, or $3.52 per share, in the prior-year period.

  5. What is the Form 8-K's disclosure content?

    The filing furnishes under Item 2.02 the company's press release announcing third-quarter and nine-month 2024 results as Exhibit 99.1. The exhibit includes unaudited condensed consolidated income statements, balance sheets and cash flow statements, along with non-GAAP reconciliations for adjusted earnings and guidance.

04—Continue

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