WEC Energy Q1 2020 Earnings Report

Net income increased despite lower revenues due to mild winter temperatures and an economic downturn related to COVID-19.

Key Takeaways

WEC Energy Group reported a rise in first-quarter earnings per share, despite a decrease in consolidated revenues, as mild winter temperatures and the economic downturn impacted results.

Net income for the first quarter of 2020 was $452.5 million, or $1.43 per share, compared to $420.1 million, or $1.33 per share, for the first quarter of 2019.

Consolidated revenues totaled $2.1 billion, down $268.8 million from the previous year's first quarter.

Natural gas deliveries in Wisconsin decreased by 10.6 percent compared to the first quarter of 2019.

The company is reaffirming its earnings guidance for 2020 in the range of $3.71 to $3.75 per share.

Total Revenue

$2.11B

Previous year: $2.38B