WEC Energy Group Q1 net income $507.5M ($1.61/sh) vs $565.9M ($1.79/sh) YoY; reaffirms FY guidance

WEC ENERGY GROUP, INC.

Net income $507.5M ($1.61 diluted EPS), down from $565.9M ($1.79) in Q1 2022.
Consolidated revenues $2.9B, down $20M YoY due to mild winter.
Natural gas deliveries in WI fell 10.5% (weather-normal -1.0%); retail electricity down 4.4% (weather-normal -1.9%).
Company reaffirms 2023 annual EPS guidance of $4.58-$4.62, assuming normal weather.
CEO Gale Klappa cites mildest winters in history as primary headwind.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WEC ENERGY GROUP, INC. reported quarter ended March 31, 2023 results: revenue $2.9 billion, net income $507.5 million, or $1.61 per share, EPS $1.61 per share. Guidance reaffirmed.

Period: quarter ended March 31, 2023
Revenue: $2.9 billion
Net income: $507.5 million, or $1.61 per share
EPS: $1.61 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

WEC Energy Group (NYSE: WEC) today reported net income of $507.5 million, or $1.61 per share, for the first quarter of 2023 – down from $565.9 million, or $1.79 per share, in last year's first quarter. Consolidated revenues totaled $2.9 billion, down $20.0 million from the first quarter a year ago.

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Source: SEC EDGAR

accession 0000107815-23-000142

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