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Dec 31, 2023
WEC Energy Q4 2023 Earnings Report
WEC Energy Group's net income for Q4 2023 was $218.5 million, or 69 cents per share.
Key Takeaways
WEC Energy Group reported Q4 2023 net income of $218.5 million, or 69 cents per share, compared to $252.7 million, or 80 cents per share, for Q4 2022. Adjusted earnings for the fourth quarter of 2023 totaled $1.10 per share. The full year 2023 earnings include a non-cash charge of 41 cents per share related to previous capital investments that were disallowed by the Illinois Commerce Commission.
WEC Energy Group posted net income of $218.5 million, or 69 cents per share, for the fourth quarter of 2023.
Adjusted earnings for Q4 2023 were $1.10 per share, excluding a non-cash charge.
Full-year 2023 earnings included a 41-cent per share non-cash charge related to Illinois Commerce Commission disallowances.
The board of directors declared a quarterly cash dividend of 83.5 cents per share, a 7 percent increase over the previous rate.
WEC Energy
WEC Energy
Forward Guidance
WEC Energy Group has significant growth opportunities and will continue to compound value with a focus on reliability, customer satisfaction, financial discipline, and environmental stewardship.
Positive Outlook
- Significant growth opportunities ahead.
- Focus on reliability.
- Focus on customer satisfaction.
- Focus on financial discipline.
- Focus on environmental stewardship.
Challenges Ahead
- Historically warm start to the year.
- Disappointing regulatory decision in Illinois.
- Retail deliveries of electricity, excluding the iron ore mine in Michigan’s Upper Peninsula, were down by 2.6 percent for the full year.
- Natural gas deliveries in Wisconsin, excluding natural gas used for power generation, decreased by 9.1 percent during 2023.
- Consolidated revenues for the full year were down $704.4 million from revenues in 2022.