WEC Energy Group (WEC) Q4 2024 earnings summary

Executive summary

• Reported 2024 adjusted earnings of $4.88 per share, a 5.4% increase over 2023, despite the warmest winter on record impacting results negatively by $0.25 per share.

• 2024 GAAP net income was $1.5 billion ($4.83/share), up from $1.3 billion ($4.22/share) in 2023.

• Delivered strong operational and financial performance, with customer satisfaction and capital plan execution highlighted.

• 2025 earnings guidance reaffirmed at $5.17-$5.27 per share, targeting a 6.5%-7% long-term EPS CAGR.

• Management emphasized continued focus on customer and shareholder value.

Financial highlights

• 2024 adjusted net income: $1,545.6 million; 2023 adjusted net income: $1,461.5 million.

• 2024 operating income: $2,152.8 million, up from $1,908.0 million in 2023.

• Adjusted EPS for 2024 reached $4.88, near the top end of guidance, with O&M and fuel management initiatives offsetting weather headwinds.

• Utility operations grew $0.06 per share year-over-year, with positive variances from rate base growth, fuel, tax, and other factors offsetting higher depreciation, O&M, and interest expense.

• Dividends per share for 2024: $3.34, up from $3.12 in 2023.

Outlook and guidance

• 2025 full-year EPS guidance reaffirmed at $5.17-$5.27 per share; Q1 2025 projected at $2.13-$2.23 per share.

• Long-term EPS growth target remains 6.5%-7%; midpoint of 2025 guidance represents 7.6% growth from 2024 adjusted guidance midpoint.

• Board declared a quarterly dividend of $0.8925/share, a 6.9% increase, marking 22 consecutive years of dividend growth.

• Weather-normal retail electric sales in Wisconsin expected to grow 0.7% and gas sales 1.9% in 2025.