Q2 2024 WEC Energy Group Inc Earnings Call Transcript
Key Points
- WEC Energy Group Inc (WEC) reported second-quarter 2024 earnings of $0.67 per share, exceeding their guidance range of $0.60 to $0.64 per share.
- The company is on track to meet its full-year 2024 earnings guidance of $4.80 to $4.90 per share.
- Significant economic development in the I-94 corridor between Milwaukee and Chicago, including major investments from companies like WestRock and Microsoft.
- WEC Energy Group Inc (WEC) is progressing on its largest five-year investment plan, totaling $23.7 billion for efficiency, sustainability, and growth.
- The company continues to make strides in reducing greenhouse gas emissions, having retired nearly 2,500 megawatts of older fossil fuel generation since 2018.
- Second-quarter earnings were $0.25 lower compared to the same period in 2023, primarily due to higher O&M, fuel, depreciation, and interest expenses.
- Higher storm costs and the absence of a land sale benefit that was present in Q2 2023 negatively impacted O&M expenses.
- The Delilah I solar project has been delayed to the end of the year due to a weather event, impacting the company's infrastructure segment.
- Regulatory uncertainties in Illinois, including appeals and ongoing dockets, could impact future capital allocation and project approvals.
- The company has experienced a shift in revenue recognition patterns at Peoples Gas, concentrating base revenues more in the first and fourth quarters, which affects quarterly earnings distribution.
Good afternoon, and welcome to the WEC Energy Group's conference call for second-quarter 2024 results. (Operator Instructions) In conjunction with this call, a package of detailed financial information is posted on wecenergygroup.com. A replay will be available approximately two hours after the conclusion of this call.
Before the conference call begins, please note that all statements in the presentation, other than historical facts are forward-looking statements that involve risks and uncertainties that are subject to change at any time. Such statements are based on management's expectations at the time they are made.
In addition to the assumptions and other factors referred to in connection with the statements, factors described in WEC Energy Group's latest Form 10-K and subsequent reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those contemplated. During the discussions, referenced earnings per share will be based on diluted earnings per share unless otherwise noted.
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