WEC Energy Q1 2023 Earnings Report

WEC Energy Group's financial performance declined in the first quarter of 2023 compared to the previous year.

Key Takeaways

WEC Energy Group reported a decrease in net income and earnings per share for the first quarter of 2023, with net income at $507.5 million and EPS at $1.61, compared to $565.9 million and $1.79 respectively in the first quarter of 2022. Consolidated revenues also saw a slight decrease, totaling $2.9 billion. The company reaffirms its 2023 annual earnings guidance of $4.58 to $4.62 per share.

Net income decreased to $507.5 million, or $1.61 per share, from $565.9 million, or $1.79 per share, in the first quarter of 2022.

Consolidated revenues totaled $2.9 billion, a decrease of $20.0 million from the previous year.

Natural gas deliveries in Wisconsin fell by 10.5 percent, and retail deliveries of electricity decreased by 4.4 percent.

The company reaffirmed its 2023 annual earnings guidance of $4.58 to $4.62 per share, assuming normal weather conditions.

Total Revenue

$2.89B

Previous year: $2.91B