WEC Energy Q1 2024 Earnings Report

WEC Energy Group reported first-quarter results, with net income increasing compared to the previous year, despite a decrease in consolidated revenues.

Key Takeaways

WEC Energy Group reported a rise in net income for Q1 2024, reaching $622.3 million or $1.97 per share, compared to $507.5 million or $1.61 per share in Q1 2023. However, consolidated revenues decreased to $2.7 billion from $2.8881 billion in the same quarter last year.

Net income increased to $622.3 million, or $1.97 per share, up from $507.5 million, or $1.61 per share, in the first quarter of 2023.

Consolidated revenues totaled $2.7 billion, a decrease of $207.9 million compared to the first quarter of the previous year.

The company reaffirms its 2024 earnings guidance of $4.80 to $4.90 per share, assuming normal weather conditions for the remainder of the year.

Natural gas deliveries in Wisconsin, excluding that used for power generation, fell by 5.8 percent compared to the first quarter of 2023.

Total Revenue

$2.68B

Previous year: $2.89B