WEC Energy Group Reports Third-Quarter Results

WEC Energy Group has reported net income of $302.0 million, or 96 cents per share, for the third quarter of 2022 — up from $290.0 million, or 92 cents per share, in last year's third quarter.

For the first nine months of 2022, the company recorded net income of $1.16 billion, or $3.65 per share, up from $1.08 billion, or $3.40 per share, in the corresponding period a year ago.

Consolidated revenues totaled $7.0 billion for the first nine months of 2022, up $924.9 million over revenues for the first nine months of 2021.

"We delivered another solid quarter, driven by positive results from our infrastructure and transmission segments and a warmer than normal end to the summer," said Gale Klappa, Executive Chairman. "Our focus on the fundamentals, reliability, customer satisfaction, environmental progress and financial discipline, continues to create value for our customers and our stockholders."

Retail deliveries of electricity, excluding the iron ore mine in Michigan's Upper Peninsula, were down by 1.5 percent in the third quarter of 2022, compared to the third quarter last year.

Electricity consumption by small commercial and industrial customers was 1.3 percent lower during the third quarter of 2022. Electricity use by large commercial and industrial customers, excluding the iron ore mine, rose by 1.6 percent. Residential electricity use fell by 4.4 percent.

On a weather-normal basis, retail deliveries of electricity during the third quarter of this year – excluding the iron ore mine — increased by 0.3 percent. The company is narrowing its 2022 earnings guidance to $4.38 to $4.40 per share, with an expectation of reaching the top end of the range. This assumes normal weather for the remainder of the year. Previous guidance was $4.36 to $4.40 per share.

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