WEC Energy Group Reports First-Quarter Results

WEC Energy Group has reported net income of $565.9 million, or $1.79 per share, for the first quarter of 2022, up from $510.1 million, or $1.61 per share, for last year's first quarter. Consolidated revenues totaled $2.9 billion, up $216.7 million from the first quarter a year ago.

"A colder than normal winter, a strong economy and the performance of our infrastructure segment were the major factors driving our first-quarter results," said Gale Klappa, Executive Chairman. "The year is off to a solid start as we continue to focus on the fundamentals of our business."

For the quarter, natural gas deliveries in Wisconsin, excluding natural gas used for power generation, rose by 9.3 percent compared to the first quarter of 2021. On a weather-normal basis, natural gas deliveries were 3.6 percent higher.

Retail deliveries of electricity, excluding the iron ore mine in Michigan's Upper Peninsula, increased by 2.2 percent in the first quarter of 2022 compared to the first quarter of last year. Residential electricity use rose by 1.3 percent.

Electricity consumption by small commercial and industrial customers was 3.8 percent higher. Electricity use by large commercial and industrial customers, excluding the iron ore mine, rose by 1.4 percent. On a weather-normal basis, retail deliveries of electricity, excluding the iron ore mine, grew by 0.7 percent.

In light of its strong performance, the company is raising its earnings guidance for 2022, to a range of $4.34 to $4.38 per share, with an expectation of reaching the top end of the new range. This assumes normal weather for the remainder of the year.

The company had previously announced earnings guidance for 2022 in a range of $4.29 to $4.33 per share.

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