WEC Energy Group Reports 2024 Net Income Jump

By Tamara Parker • Tuesday, February 04 15:28 • Permanent Link

WEC Energy Group (NYSE: WEC) has reported its financial results for the full year of 2024, showcasing a notable increase in net income based on Generally Accepted Accounting Principles (GAAP). The company's net income for 2024 amounted to $1.5 billion, or $4.83 per share, compared to $1.3 billion, or $4.22 per share, for the previous year.

It's worth noting that the full-year 2024 earnings include a charge of 6 cents per share related to certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider that were disallowed by the Illinois Commerce Commission (ICC). In contrast, the full-year 2023 earnings included a non-cash charge of 41 cents per share related to previous capital investments that were disallowed by the ICC.

Excluding these charges, WEC Energy Group's adjusted earnings for 2024 rose to $4.88 per share, representing a 5.4% increase over the 2023 adjusted earnings of $4.63 per share.

For the fourth quarter of 2024, WEC Energy Group recorded net income based on GAAP of $453.5 million, or $1.43 per share, compared to earnings of $218.5 million, or 69 cents per share, for the fourth quarter of 2023. Excluding the non-cash charge, WEC Energy Group's adjusted earnings for the fourth quarter of 2023 totaled $1.10 per share.

Consolidated revenues for the full year were reported at $8.6 billion, down $293.1 million from revenues in 2023.

Moreover, WEC Energy Group reaffirmed its earnings guidance for 2025, with earnings expected to be in the range of $5.17 to $5.27 per share. The midpoint of this range represents a growth of 7.6% from the midpoint of the company’s 2024 adjusted guidance of $4.85 per share.

Additionally, the company declared a quarterly cash dividend of 89.25 cents per share on its common stock, marking a 6.9% increase over the previous dividend rate. This marks the 22nd consecutive year that WEC Energy Group has rewarded its shareholders with higher dividends.

As a result of these announcements, the company's shares have moved -0.6% on the market, and are now trading at a price of $99.85. For more information, read the company's full 8-K submission here.

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