Advertisement
UK markets close in 1 minute
  • FTSE 100

    7,963.42
    +31.44 (+0.40%)
     
  • FTSE 250

    19,900.20
    +89.54 (+0.45%)
     
  • AIM

    744.03
    +1.92 (+0.26%)
     
  • GBP/EUR

    1.1701
    +0.0032 (+0.27%)
     
  • GBP/USD

    1.2641
    +0.0003 (+0.03%)
     
  • Bitcoin GBP

    56,075.60
    +1,423.46 (+2.60%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,252.58
    +4.09 (+0.08%)
     
  • DOW

    39,779.61
    +19.53 (+0.05%)
     
  • CRUDE OIL

    82.62
    +1.27 (+1.56%)
     
  • GOLD FUTURES

    2,236.20
    +23.50 (+1.06%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,493.16
    +16.07 (+0.09%)
     
  • CAC 40

    8,210.35
    +5.54 (+0.07%)
     

WEC Energy (WEC) Beats Q2 Earnings Estimates, Ups 2022 View

WEC Energy Group WEC delivered second-quarter 2022 earnings per share (EPS) of 91 cents, which beat the Zacks Consensus Estimate of 86 cents by 5.8%. The bottom line improved by 4.6% from the year-ago earnings of 87 cents per share. Second-quarter earnings were ahead of our estimates of 88 cents per share.

Revenues

Operating revenues of $2,127.9 million for the second quarter of 2022 topped the Zacks Consensus Estimate of $1,742 million by 22.2%. Also, WEC Energy’s top line grew 26.9% from $1,676.2 million in the year-ago quarter. . Second-quarter revenues were ahead of our estimates of $1,780.6 million.

WEC Energy Group, Inc. Price, Consensus and EPS Surprise

WEC Energy Group, Inc. Price, Consensus and EPS Surprise
WEC Energy Group, Inc. Price, Consensus and EPS Surprise

WEC Energy Group, Inc. price-consensus-eps-surprise-chart | WEC Energy Group, Inc. Quote

Highlights of the Release

In the second quarter, the residential use of electricity rose 0.1% year over year. The electricity consumption by small commercial and industrial customers increased 0.7% year over year. The electricity used by large commercial and industrial customers, excluding iron ore mines, decreased by 2% on a year-over-year basis.

On a weather-normal basis, the retail deliveries of electricity in the second quarter, excluding the iron ore mine, increased by 0.3%.

Total operating expenses for the second quarter amounted to $1,719.7 million, up 31.5% from the year-ago quarter’s $1,307.4 million, due to an increase in property taxes and operating and maintenance expenses along with higher manufacturing costs.

Financial Position

As of Jun 30, 2022, WEC had cash and cash equivalents of $30.3 million compared with $16.3 million as of Dec 31, 2021.

As of Jun 30, 2022, WEC Energy had long-term debt of $13,523.4 million compared with $13,523.7 million as of Dec 31, 2021.

Net cash provided by operating activities for the first six months of 2022 was $1,762.6 million compared with $1,226.2 million in the year-ago period.

The capital expenditure in the first half of 2022 was $1,028.8 million compared with $1,010.1 million in the year-ago period.

Guidance

WEC Energy raised the earnings guidance range for 2022 to the $4.36-$4.40 per share band compared with the previously announced earnings guidance for 2022 in the range of $4.34-$4.38 per share. The midpoint of the new range is $4.38 per share, suggesting growth of 0.4% from the midpoint of the previously guided range. The Zacks Consensus Estimate for the same is $4.37, which is lower than the midpoint of the utility’s current guided range.

Zacks Rank

WEC Energy currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

PNM Resources PNM is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. PNM Resources’ long-term earnings growth is currently pegged at 5%.

Alliant Energy Corp. LNT is slated to report second-quarter 2022 earnings on Aug 4 after market close. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 58 cents. Alliant Energy’s long-term earnings growth is currently pegged at 5.7%.

Hawaiian Electric Industries HE is scheduled to announce first-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
WEC Energy Group, Inc. (WEC) : Free Stock Analysis Report
 
Hawaiian Electric Industries, Inc. (HE) : Free Stock Analysis Report
 
Alliant Energy Corporation (LNT) : Free Stock Analysis Report
 
PNM Resources, Inc. (PNM) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research