WEC Energy Group Inc.
WEC Energy Group Reports 2023 Full Year and Q4 Financial Results
Summary
WEC Energy Group, Inc. announced its financial results for the full year and fourth quarter of 2023 on February 1, 2024. The company reported a full-year GAAP net income of $1.3 billion, or $4.22 per share, down from $1.4 billion, or $4.45 per share in 2022. Excluding a non-cash charge of 41 cents per share related to Illinois Commerce Commission disallowances, adjusted earnings rose to $4.63 per share, an increase of 4% over 2022. For Q4 2023, GAAP net income was $218.5 million, or 69 cents per share, compared to $252.7 million, or 80 cents per share in Q4 2022. Adjusted earnings for Q4 2023 were $1.10 per share. Consolidated revenues for the full year decreased by $704.4 million to $8.9 billion. WEC Energy Group also declared a quarterly cash dividend of 83.5 cents per share, marking the 21st consecutive year of higher dividends.
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About WEC Energy Group Inc.
WEC Energy Group Inc. is a prominent utility holding company engaging in electric and natural gas distribution and energy services across multiple U.S. states, including Wisconsin and Illinois. Established as a leader in the energy sector, its core function is to provide reliable and cost-effective energy solutions to both residential and commercial customers. The company's operations span electric generation, natural gas distribution, and energy infrastructure development, highlighting its commitment to maintaining a secure and efficient energy grid. WEC Energy Group is recognized for its strategic emphasis on sustainable practices, investing heavily in renewable energy sources such as wind and solar power, thus reducing its carbon footprint and enhancing environmental stewardship. In the broader market, WEC Energy Group Inc. plays a critical role by ensuring energy security and sustainability, pivotal in supporting economic growth and quality of life in the regions it serves. Its widespread utilities influence makes it a key player in regional economic frameworks and in the ongoing transition towards cleaner energy productions.
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