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Wec Energy Group 8-K Report, Financial Results (Feb 4, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 4, 2025
Period End
February 4, 2025
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 February 4, 2025. Cited figures are marked; the original filing is the authoritative source.

WEC Energy Group, Inc. furnished a press release (Exhibit 99.1) reporting 2024 results.

GAAP net income attributed to common shareholders was $1.5 billiona, or $4.83 per share, compared with $1.3 billion, or $4.22 per share, in 2023. Full-year 2024 results include a 6 cents per share charge related to capital expenditures under the Qualifying Infrastructure Plant rider that the Illinois Commerce Commission disallowed. Excluding that charge, adjusted earnings were $4.88 per share, an increase of 5.4 percent over 2023 adjusted earnings of $4.63 per share.

Consolidated revenues were $8.6 billionb, down $293.1 million from 2023. Fourth-quarter 2024 GAAP net income was $453.5 million, or $1.43 per share, versus $218.5 million, or 69 cents per share, a year earlier. The fourth quarter had no adjustments to GAAP results.

The company reaffirmed its 2025 earnings guidance of $5.17 to $5.27c per share, with a midpoint of $5.22, which the release describes as growth of 7.6 percent from the midpoint of its 2024 adjusted guidance of $4.85 per share. The board declared a quarterly dividend of 89.25 cents per share, a 6.9 percent increase, marking the 22nd consecutive year of higher dividends. Management cited a solid year on customer satisfaction, financial performance and execution of its capital plan.

Retail electricity deliveries excluding the Michigan iron ore mine rose 0.5 percent, while Wisconsin natural gas deliveries excluding power generation fell 2.9 percent. The attached financial statements show 2024 capital expenditures of $2,781.1 milliond, net cash from operating activities of $3,211.8 million, and total assets of $47,363.2 million at year-end.

Long-term debt was $17,178.1 million. The company also spent $462.5 million on the Delilah Solar Energy acquisition and $431.2 million on the Maple Flats Solar Energy Center acquisition during 2024.

02—Key points

Key Highlights

  1. Full-year 2024 GAAP EPS of $4.83, up from $4.22 in 2023, including a 6 cents per share charge tied to ICC-disallowed QIP rider capital expenditures.
  2. Adjusted 2024 EPS of $4.88, a 5.4 percent increase over adjusted 2023 EPS of $4.63.
  3. Fourth-quarter 2024 GAAP EPS of $1.43, compared with 69 cents in the fourth quarter of 2023, which included a non-cash ICC-related impairment.
  4. 2025 EPS guidance of $5.17 to $5.27 reaffirmed, with a midpoint of $5.22, described as 7.6 percent growth from the 2024 adjusted guidance midpoint of $4.85.
  5. Quarterly dividend raised to 89.25 cents per share, a 6.9 percent increase and the 22nd consecutive annual increase.
  6. Consolidated revenues of $8.6 billion, down $293.1 million year over year, while capital expenditures reached $2,781.1 million and two solar acquisitions totaled roughly $894 million.

03—Questions

Frequently Asked Questions

  1. What drove the difference between GAAP and adjusted earnings in 2024?

    The company recorded a charge of 6 cents per share for certain capital expenditures under the Qualifying Infrastructure Plant rider that the Illinois Commerce Commission disallowed. Adjusted earnings exclude this charge, producing adjusted EPS of $4.88 versus GAAP EPS of $4.83. In 2023, the comparable non-cash charge was 41 cents per share.

  2. What is the company's earnings outlook for 2025?

    WEC Energy Group reaffirmed 2025 calendar-year EPS guidance of $5.17 to $5.27 per share, with a midpoint of $5.22. The release states this represents growth of 7.6 percent from the midpoint of the 2024 adjusted guidance of $4.85 per share.

  3. How did revenue and fourth-quarter results change?

    Full-year consolidated revenues were $8.6 billion, down $293.1 million from 2023. Fourth-quarter 2024 GAAP net income attributed to common shareholders was $453.5 million, or $1.43 per share, compared with $218.5 million, or 69 cents per share, in the fourth quarter of 2023.

  4. What is the dividend policy update?

    On January 16, the board declared a quarterly cash dividend of 89.25 cents per share, a 6.9 percent increase over the previous rate. The company describes this as the 22nd consecutive year of higher dividends.

  5. How much is the company investing in its business?

    Capital expenditures were $2,781.1 million in 2024, up from $2,492.9 million in 2023. The company also completed acquisitions of Delilah Solar Energy LLC for $462.5 million net of cash acquired and Maple Flats Solar Energy Center LLC for $431.2 million net of cash acquired.

04—Continue

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